From Jude Chinedu, Enugu

The Central Bank of Nigeria (CBN) has said that the newly launched eNaira digital currency would promote robust payment system and invariably provide cheap and efficient means of payment in Nigeria.

 It also said that the currency was a step towards helping the Federal Government actualise its drive for a digital economy.

Branch Controller, CBN Enugu Branch, Ch’Edozie Okonjo, stated this at the weekend in a lecture at the 2021 Annual Bankers’ Dinner and Lecture organised by the Enugu State Branch of the Chartered Institute of Bankers of Nigeria (CIBN).

 Okonjo said: “As such, between 2015 and September 2021, about US$900million has been invested in firms run by Nigerian founders. In addition, total transaction volumes using digital channels more than doubled between 2018 and 2020, as volumes rose from 1.3billion to over 3.3billion financial transactions in 2020. Notwithstanding these gains, close to 36 percent of adult Nigerians do not have access to financial services.

 “The eNaira therefore was launched to improve access to finance for individuals and businesses through digital channels to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to households and businesses.  

“The eNaira was aimed at providing a fast, efficient and reliable payment option for households and business; provide a resilient, inclusive, innovative and competitive payment system; foster greater inclusion using digital channels and support cross border payments for businesses.”

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