CBN Speaks on Why It Introduced eNaira, Steps up Effort to Boost Cash Supply

CBN Speaks on Why It Introduced eNaira, Steps up Effort to Boost Cash Supply

  • The CBN has once again provided an explanation on the eNaira project amidst the ongoing cash scarcity and the push to boost supply
  • The eNaira was launched in October 2021 and was seen as a game changer in Nigeria's shift to a cashless economy
  • Given the recent massive failure of the naira redesign project, many Nigerians continue to question the essence of the eNaira

The Central Bank of Nigeria (CBN) has clarified that the eNaira was launched to decrease the use of physical cash in transactions and encourage the adoption of digital payment.

Samuel Giwa, the CBN's acting manager of the Akure Branch, gave this explanation when he visited the palace of the Deji of Akureland, Oba Aladetoyinbo Adedelusi.

Punch reports that Giwa's visit was to drum up support for using the eNaira as a platform for business transactions in Ondo.

CBN enaira project
The eNaira was unveiled at the State House by President Muhammadu Buhari on Monday, 25 October 2021. Credit: @cbn
Source: Facebook

Benefits of eNaira

Addressing the crowd, Giwa explained that the e-Naira would improve how Nigerians carry out transactions, increase financial inclusion, reduce corruption and money laundering, and enhance the efficiency of the financial system.

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He emphasised that the e-Naira was not only a currency but also a significant step towards creating a more robust and secure financial ecosystem designed to make transactions easier, more efficient and more secure.

His words:

“The e-Naira has indeed become a critical part of the Nigerian financial ecosystem, and an alternate channel.
“It will not only support the Ondo State economy, but Nigeria as a whole; a symbol of progress and innovation and will pave the way for a more secure and efficient financial system.”

The CBN branch head also stressed that the eNaira would provide succor to the ongoing cash scarcity, as he urged the people of the state to download the eNaira app.

He added:

"Speed Wallet for easy payment for goods and services, as well as have convenient access to banking services.”

Giwa also encouraged Nigerians to promote the use of the eNaira and encourage others to explore its possibilities as a new digital currency, Vanguard reports.

In his response, the Akure monarch praised the CBN for introducing alternative means of economic transactions.

"Zenith *966*60#": Banks release codes for cardless cash withdrawal at ATMs

Meanwhile, in another report, revealed that commercial banks in Nigeria had introduced cardless ATM cash withdrawals.

To collect cash from an ATM without using a card, customers must generate a code on their mobile phones or through their mobile banking app.

The latest innovation in banking technology preaches convenience and comes when Nigerians are battling with cash scarcity.


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