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.