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The Benefits Of E-naira, As CBN Begins Intensive Sensitisation

The Central Bank of Nigeria has urged Nigerians to embrace the e-naira payment platform and join other countries that have abandoned the traditional cash payment mode of transactions.

Speaking during a courtesy visit on the Vice Chancellor of the University of Uyo, Prof, Nyaudoh Ndaeyo, the Branch Controller of CBN, Uyo, Mercy Ogbomonpaul lamented that though the e-naira platform started since 2021, it has yet to receive wide publicity, acceptance and usage.

Ogbomonpaul who was represented by the Assistant Director, CBN, Isang Agbomi Enya, said its adoption and usage would help in policy making, in terms of monetary policy decisions because decisions are made based on information available.

Ogbonmonpaul stated, “We are here to partner with you on the e-naira. Globally, the economy is now going e-payment and not cash payment as it is known in our environment. The Central Bank, in its wisdom, in line with best practices, adopted the e-naira platform.

“The e-naira is expected to help us to be at par with what other countries are doing. The unfolding trend now is that we use e-payment rather than the physical cash. The e-naira is an initiative of the Central Bank that would work at par with the physical cash.

“It is the semblance of the naira that we could use in transaction rather than the physical cash because the naira as we know is very difficult and is costly to replace.

“The e-naira would help us to handle those deficiencies that are noticed and experienced in the use of cash. The e-naira would also help us in our policy making, in terms of monetary policy decisions, because decisions are made based on information we have.

“If we are all in the e-naira platform, the Central bank would be able to ascertain how much has been transacted in the e-naira platform and able to make policy decisions for our monetary policy in the country,” she stressed.

READ ALSO : Nigeria’s Trade Value Hits N12.05trn Despite Naira Depreciation, Scarcity

Explaining further she insisted that the e-naira system was more viable, simple, and easy to use, adding that it would ease the payment of revenue and was in line with what is tenable in other advanced nations.

“The e-naira would make our payment system more viable and bring in more people into the system. It is simple, it is easy and will allow the government to get its revenues in terms of payment very easily.

“Other countries have gone beyond the physical cash payment and are now using e-payment, and that is why the Central Bank has introduced the initiative to ensure that everybody is able to do a business transaction without necessarily looking for cash in view of the cost of managing cash.

“The initiative allows for tiers of implementation. As little as N20,000 you can key into the tier one system of the enaira. It is not until you have so much money or you have what to do before you can key into the system.

“The system allows for you to enter into the system even without an NIM, which we know is very key in every banking operation. With this initiative, we are going to see a lot of people key into the system,” the controller pointed out.

Responding, Ndaeyo said the institution was happy to be a part of the initiative and would partner with CBN on the e-naira.

The VC who assured that the University is willing to partner with the CBN in the area of agriculture encouraged the apex bank to go “beyond the shores of the University, into the communities to sensitise people on the e-naira.”

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