The Central Bank of Nigeria (CBN) has sent various teams to different states to undertake awareness campaigns regarding its digital currency, eNaira, in order to encourage the usage of digital payments and discourage physical cash transactions.
The Central Bank of Nigeria (CBN) is urging Nigerians to embrace the eNaira as part of the government’s cashless policy drive.
Sensitization campaign in Rivers
During a two-day sensitization program on eNaira held at the University of Port Harcourt and the Rivers State-owned Ignatius Ajuru University of Education (IAUE), the CBN, in collaboration with Zenith Bank, urged for the adoption of eNaira as an alternative financial transaction method in the country.
The Port Harcourt Branch Controller of CBN, Mr. Maxwell Okorafor, stated that the main objective of the event was to offer comprehensive information to students and the general public about eNaira.
According to him, the introduction of eNaira aims to simplify financial transactions for Nigerians and enhance the country’s economy.
He further clarified that eNaira is cost-effective and offers numerous advantages, such as curbing financial crimes, decreasing money laundering and other forms of financial fraud, as well as ensuring transparency in monetary policies.
Additionally, Okorafor emphasized that the adoption of eNaira will bring about benefits to institutions, particularly in the payment of fees, while also decreasing the cost of policy management.
“We are here to introduce the CBN Cryptocurrency, known as eNaira. eNaira is nothing other than the naira in your palm and in your wallet. Whatever you can do with the money in your pocket and your wallet, you can also do with eNaira.” Okoroafor said.
Read also: CBN, ANAACOP Unveil Agro eNaira Digital Currency, Target 5m Farmers
Kaduna sensitization campaign
In Kaduna, the CBN said the overall pursuit of a cashless economy is one of the reasons it has been aggressively encouraging Nigerians to get on board the eNaira platform and get used to life without physical cash.
Addressing a group of potential agents in the Malali area of Kaduna on the viability of the eNaira, a Deputy Director in the CBN, Mallam Muhammad Hamisu Musa, said that e-Naira is representing the same physical cash they are familiar with irrespective of the fact that the digital currency cannot be touched or felt like its physical counterpart.
“The other important thing you all need to know is that the Central Bank is not a profit making organisation and we are not engaged in giving loans by floating eNaira. Using eNaira does not command bank charges. It is meant to facilitate better and faster transactions and then reduce the issues we are having with physical money like armed robbery, money laundering, kidnapping, fire incidents and so on.
“And you know, with the eNaira, you can pay money exactly as you owe, to the exact amount that the services or products you are purchasing, like you can pay it up to the last kobo. Whereas with physical money that we are used to you cannot do that because people will start looking for change which is difficult to get,” he said.
The apex Bank officials were in Kaduna over a two-day period in the company of its partner agent for the state, Aymaa Global Ventures, which recruited the participants for the sensitisation events.
The team was also at the palace of the District Head of Kawo, Kawo Market and also Central Market, all in Kaduna, on Thursday where hundreds of enthusiastic market women and leaders engaged them in a robust question and answer session.
The highlight of each of the sessions was the fact that all the participants had their eNaira wallets opened for them by the CBN and Aymaa officials.
The CBN is running campaigns at the University of Nigeria
The Central Bank of Nigeria’s (CBN) cashless policy sensitisation programme was recently applauded by the University of Nigeria, Nsukka (UNN).
According to Mr Chika Ugwueze, Assistant Director of Payments System Management Department, CBN, eNaira is the digital equivalent of the physical naira that may be used for all transactions, hence helping the implementation of the cashless policy.
He went on to say that, unlike the old naira, the eNaira cannot be physically held. However, for monetary transactions, both currencies can be used interchangeably.
“We chose UNN for the sensitization seminar because it is one of the country’s oldest premier universities with a large population of students and staff,” he explained.
“eNaira will reduce the risk of theft and loss while also making money transactions easier to track and monitor.”
“In eNaira, you are opening a direct account with CBN, just like you would in a commercial bank, and you can rest assured that your money is safe and in a more secure and efficient financial system.”
“Also, in the event of a commercial bank’s liquidation, payment of money to customers may take longer than necessary or even be lost, whereas in eNaira your money is secure any day, any time as long as Nigeria exists,” he added.