The Central Bank of Nigeria (CBN) said that the e-naira will assist in policy making on financial decisions as decisions are made based on available information. The Director of CBN, Uyo Branch, Mrs. Mercy Ogbomonpaul said this while talking to the Vice Chancellor of the University of Uyo, Prof. Nyaudoh Ndaeyo, in Uyo. Ogbomonpaul called for collaboration with the University of Uyo to sensitize the staff and students on the use of e-naira policy in daily transactions. The need to adopt monetary policy decisions Ogbomonpaul, the Deputy Director General of the CBN, represented by Mr. Isang Enya, urged Nigerians to embrace this policy. He said that this publicity program is to educate the university about the process and to encourage them to be familiar with it.
She said that the e-naira system was launched in the country in 2021 for citizens to use it for their daily activities. Ogbomonpaul said that Nigeria is the seventh country to introduce central bank digital currency (CBDC), adding that other countries have moved away from physical payments and are now using electronic payment systems.According to him, e-naira is an initiative of the Central Bank to work with ordinary currency. Ogbomonpaul said that the e-naira can be used for business rather than cash, adding that it will help to address the shortcomings seen in the experience and use of cash.In response, Ndaeyo said the company is happy to participate in the initiative and that they will collaborate with the CBN on the e-naira policy. Ndaeyo said the university is also ready to work with the CBN in agriculture. He asked the apex bank to go beyond the university, into the country to spread awareness about e-Naira. However, the vice president commended the Central Bank for introducing e-naira into the country's payment system, urging everyone to embrace the system.
“If we are all on the e-naira platform, the Central bank would be able to ascertain how much has been transacted in the e-naira platform and make policy decisions for our monetary policy in the country,” she said. “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 on par with what other countries are doing; the unfolding trend now is that we use e-payment rather than physical cash,” she said. “It is simple, it is easy and will allow the government to get its revenues in terms of payment very easily.”
