CBN urges Ondo residents to use digital currency for usual transactions


Olumide David

The Central Bank of Nigeria, (CBN) has partnered with the Deji of Akure, Oba Aladetoyinbo Aladelusi, and also urge the residents in the state to use the E-naira platform for their transactions.

The CBN said the partnership was to preach the use of cashless transaction channels to residents of Akure and the state at large.

Speaking at Deji’s palace, on Friday, the Acting Branch Manager of Akure Branch of the CBN, Mr Samuel Giwa, said the policy was an initiative of the apex bank with the aim of reducing the physical cash in transactions and promote the adoption of digital payments.

Giwa further explained that the new digital currency called e-Naira, was introduced in 2012, and would increase financial inclusion, reduce corruption and money laundering, and improve the efficiency of the financial system.

He said,“The e-Naira is not just a currency, but an important step towards building a more robust and secure financial ecosystem. It was designed to make transactions easier, faster, efficient, and more secure, in transaction dealings.

“While 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 Manager, noted that the apex bank understood the current challenges associated with the implementation of the currency redesign policy and said the bank was currently making efforts to address them.

“In order to provide succour, we urge the people of Akure and Ondo State in general to download the e-naira speed wallet for easy payment for goods and services, as well as have convenient access to banking services,” he said.

In his remarks, Aladelusi said all the alternative means of economic transactions introduced by the CBN were laudable. He asked the bank and commercial banks to provide reliable and efficient infrastructure to make the policy endeared,  hitch-free, to Nigerians.

According to him,“The cashless policy is okay in writing but the implementing is bad.

“The e-naira has indeed become a critical part of the Nigerian financial ecosystem, and an alternate channel.”