Use eNaira, Internet Banking as Alternative to Cash Crisis, CBN Tells Nigerians

Use eNaira, Internet Banking as Alternative to Cash Crisis, CBN Tells Nigerians

  • The Central Bank of Nigeria (CBN) has asked Nigerians to explore other alternatives to the current cash crunch
  • Osita Nwanisiobi, CBN’s Director of Communications, stated that the current cash crisis is not to punish any person
  • He said that Nigerians have a variety of options, such as eNaira and Internet banking

The Central Bank of Nigeria has asked Nigerians to explore using eNaira and Internet banking as alternatives to the current cash crunch.

The bank’s Director of Corporate Communications Department, Osita Nwanisiobi, represented by the Director of Capacity Development of the bank, Mohammad Abbah, said this at the recently concluded 44th Kaduna International Trade Fair.

CBN, Cash crisis, New Naira Notes
Governor of the Central Bank of Nigeria, Godwin Emefiele Credit: Bloomberg/Contributor
Source: Getty Images

No one is the target of the naira redesign

The CBN spokesman said the payment infrastructure could handle voluminous transactions across all payment channels.

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He said the new naira approach was not targeted at any person as speculated in some quarters.

Nwanisiobi said:

“The CBN Governor, Godwin Emefiele, has always said that the policy is not targeted at anyone or any group of persons; rather, it derived from the Bank’s in-house analysis to strengthen our macroeconomic fundamentals and better our socio-economic conditions.”

He explained that value promotion is critical to Nigeria’s economic growth and development.

According to the CBN top shot, the apex bank is projected to expand financial inclusion by reducing the number of unbanked population and supporting efforts of security agencies to combat banditry and ransom-taking in the country via the new naira initiative.

CBN lists alternative touchpoints on the website

The Punch reports that Nwanisiobi stated that CBN’s Produce, Add Value, and Export programme is similar to the export-led industrialization plans in South East Asia, which elevated the economic well-being of top Asian countries of Hong Kong, Singapore, South Korea, and Taiwan.

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However, the bank added various financial touchpoints on its website and asked Nigerians to explore them when carrying out transactions.

The bank listed PoS, electronic banking, and Mobile banking, among others, for Nigerians to circumvent the current cash crisis.

Naira Scarcity: CBN moves against PoS agents over high charges, reveals amount banks receive every day reported that the Central Bank of Nigeria on Tuesday, February 7, 2023, said it would withdraw the operating licenses of Point of Sale (PoS) agents found guilty of inflating charges above the CBN rate in Nigeria.

Nigerians reported that PoS operators charge between N1000, N1,500, and N2000 for every N5000 and N10,000 withdrawn by customers and N300 for N1000.

According to CBN’s director of Risk Management, Blaise Ijebor, the bank is working with various state governments to ensure the availability of cash in circulation.


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