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CBN Encourages Nigerian’s To Embrace E-Naira

eNaira is the name given to the CBN’s first proposed digital currency. The new currency will not replace the physical Naira but will act as a digital representation of it. eNaira is the name given to the CBN’s first proposed digital currency. The new currency will not replace the physical Naira but will act as a digital representation of it.

The Central Bank of Nigeria (CBN) has encouraged Nigerians to embrace the digital currency, saying operation of the currency is safe, easily accessible, digitised and could be accessed through banks and other payment service providers.

CBN’s director, corporate communications department, Osita Nwanisobi, made the call yesterday during the bank’s special day at the 16th Abuja international trade fair in Abuja.

He reaffirmed the bank’s commitment to ensuring stability of the nation’s financial system with a promise to uphold a secure, reliable and financial service delivery to all Nigerians.

He said the bank has put up strong measures to ensure that the Fintech companies involved in the distribution of the currency do not undermine the process.

The CBN had said it would soon formally launch the eNaira for use in Nigeria. Nigeria is the first African country to adopt a digital currency. The eNaira is the digital version of Nigeria’s legal tender with the same value as fiat naira (i.e physical Naira notes).

“The operation of eNaira is safe, easily accessible, digitised and could be accessed through banks and other payment service providers,” Mr Nwanisobi said.

The eNaira is expected to deepen financial inclusion by bringing more people into the financial space, improve access to credit and facilitate cross-border remittances. “I therefore appeal to Nigerians to embrace the eNaira just like our beloved Naira, our pride”, he said.

He said the Central Bank of Nigeria has continued to ensure robust, safe, reliable, credible and efficient payments system in the country through the review of the mobile money operations services, licencing of super agents, shared agent network expansion facility, execution of the NCC and CBN MoU on payment system, among others.

The CBN’s spokesman who took the audience on a tour of the bank’s stand at the trade fair complex, also renewed the call on Nigerians to focus on the production of items which have comparative advantage to grow a nation that is totally self-sufficient.

He reiterated the need for the country to produce what it consumes to enable job creation for the youth and ultimately drive sustainable growth that will make life better for all citizens.

He said faithful implementation of the African Continental Free Trade Area that commenced in January this year provides Nigeria and other member countries with access to a large market, as movement of capital, people, goods and services would become easier within the free trade area.

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