To ensure the successful implementation of the cashless policy in Nigeria, the Central Bank of Nigeria (CBN) is intensifying its call for stakeholders and institutions to embrace and promote the e-Naira as both a payment system and a medium of exchange.
Despite its launch in 2021, the CBN regrets that a significant portion of the population has yet to utilize the e-Naira platform.
During a campaign and sensitization event held at the University of Uyo, the Akwa Ibom Branch Controller of CBN, Mercy Itohan Ogbomonpaul, appealed to staff and students of the university to adopt the e-Naira platform.
Ogbomonpaul, represented by Assistant Director Isang Agbomi Enya, emphasized that the e-Naira would facilitate monetary policy decisions and address the drawbacks associated with physical cash transactions.
The CBN Controller reassured attendees of the e-Naira’s security, noting that it would be more difficult for individuals or organizations to engage in fraudulent activities.
Ogbomonpaul stated, “By embracing e-Naira, we can align ourselves with other countries where e-payment has replaced physical cash. Instead of relying on physical cash, we can utilize e-Naira as a transactional instrument. This is crucial as the Naira, being costly and challenging to replace, presents significant obstacles.”
“The adoption of e-Naira will help us address the deficiencies observed in cash transactions and aid our policy-making processes, particularly in monetary decisions. Having everyone on the e-Naira platform will allow the central bank to assess the volume of transactions and make informed monetary policy choices.”
Ogbomonpaul highlighted that other countries have progressed beyond physical cash payments and are now predominantly using e-payment systems.
In contrast, Nigeria still lags behind. He emphasized the need to conduct business transactions without relying heavily on cash due to the associated management costs.
In response, Prof. Nyaudoh Ndaeyo, the Vice Chancellor of UNIUYO, expressed the institution’s enthusiasm to support the e-Naira initiative and collaborate with the CBN.
Additionally, Ndaeyo encouraged the apex bank to extend its efforts beyond the university campus and educate communities about the benefits of the e-Naira, further suggesting potential collaboration in the agricultural sector.