CBN sensitises public on eNaira, other initiatives

Kayode Tokede with News Agency

The Central Bank of Nigeria (CBN) on Thursday commenced a two-day public sensitisation on its newly launched digital currency, also known as eNaira and other initiatives in Abia.

CBN Director, Corporate Communications,  Mr. Osita Nwanusobi said the sensitisation fair was to engage the public and enlighten them on the eNaira and other monetary policies of the apex bank.

The News Agency of Nigeria (NAN) reports that the programme which was jointly held virtually in Abia and Ebonyi, had participants across different sectors of the economy.

He also said that the programme was to create awareness on various interventions of the CBN and how the people could access them.

A representative of the eNaira project, Mr. Abul-Jalil Yusuf in his presentation said the digital currency would promote payment system.

He said that the CBN digital currency would improve financial inclusion, increase remittance and ensure a more effective monetary policy.

According to him, it will eliminate third parties, thereby contributing to efficient and low-cost transactions, among others.

Yusuf explained that eNaira was different from cryptocurrency, being a legal tender and a liability of the CBN, unlike cryptocurrency which is a private business that cannot be relied on.

He said that with the launch of the eNaira on Oct. 25, Nigeria became the first country in Africa and one of the seven countries in the world to have done so.

Earlier, CBN Branch Controller, Umuahia, Mr. Onyeka Ogbu  and his counterpart in Ebonyi, Mr. Christopher Adayi, in their separate remarks, said the participation of the South-East in CBN initiatives had remained low.

They urged the people to take advantage of various economic initiatives and policies of the bank to enhance their growth and well-being.

CBN enlightened the participants on its other initiatives, including the Payment System, Real Sector Fiancing, Financial Inclusion, Consumer Rights among others.