Central Bank of Nigeria (CBN), yesterday, urged Nigerians to embrace eNaira, saying it is like the physical currency and also a legal tender of the Federal Republic of Nigeria. The apex bank noted that eNaira is under its direct liability.
Speaking during a sensitisation meeting organised by CBN with students of Benson Idahosa University (BIU) in Benin City, Branch Controller of the bank in Benin, Michael Mgbeze, said the eNaira is the digital equivalent of cash Naira.
Mgbeze said the eNaira would make a significant difference to Nigeria and Nigerians, particularly in improving availability and usability of CBN money. He noted that other benefits of eNaira include reducing the cost of processing cash and supporting a resilient payment ecosystem that encourages financial inclusion.
Mgbeze added that the eNaira is targeted at increasing revenue and tax collection, as well as facilitate Diaspora remittance and improving efficiency of cross-border payments and cost reduction, while enabling direct welfare disbursement to citizens. He said Nigeria has one of the most advanced payment systems in the world, making it a benchmark for payment systems in sub-Saharan Africa and globally.
The CBN Benin branch Controller said: “With innovation comes a new risk and challenges for integrity, reliability and stability of our financial system. However, these were considerations taken into account in the design of the eNaira.
“Furthermore, the CBN desires to partner with key stakeholders like institutions of higher learning such as BIU and other members of the public.
“This is to deepen adoption of the eNaira as payment system on which products and services are rendered, as well as a medium of exchange and transactions settlement.
“It is the bank’s expectation that the eNaira would provide a platform on which the digital economy agenda is driven.”
He noted that the Central Bank Digital Currency (CBDC) offers potential benefits in line with the apex bank’s overall objective of driving a more cashless and inclusive economy.
In his remarks, Acting Vice Chancellor, BIU, Prof. Johnson Oyedeji, appreciated the CBN for the awareness, and assured of the institution’s support in promoting the use of eNaira and other digital payment platforms.