Why We Introduced eNaira — CBN

The Central Bank of Nigeria explained that the Central Bank Digital Currency (CBDC) otherwise called eNaira was aimed at decreasing the use of physical cash in transactions.

Its acting manager at the Akure Branch, Samuel Giwa gave this explanation during his visit to the palace of the Deji of Akureland, Oba Aladetoyinbo Adedelusi. A visit call for support for the use of eNaira as a platform for business transactions in Ondo.

Giwa explained that the eNaira was launched to encourage the adoption of digital payment.

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He mentioned to the crowd that 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.

He said:

“The eNaira 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.”

Speaking about the effect of the digital currency on the pending cash crunch nationwide, the CBN branch head maintained that the eNaira would curtail it.

He further charged the people of the state to download the eNaira app which was inaugurated on October 25, 2021.

He added:

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

The Akure monarch during his speech welcomed the idea and further praised the CBN for introducing alternative means of economic transaction.