Market News

By Dayo Johnson, Akure

The Central Bank of Nigeria ( CBN) weekend explained that the E- naira was introduced to reduce the physical cash in transactions and promote the adoption of digital payments.

The Acting Branch Manager of the bank, Mr Samuel Giwa, said this at the palace of the Deji of Akureland, Oba Aladetoyinbo Adedelusi, during an advocacy on usage of eNaira platform, a digital currency.

Giwa said that ” that the policy, would increase financial inclusion, reduce corruption and money laundering, and improve the efficiency of the financial system.

According to him, the new digital currency called eNaira will improve the way Nigerians conduct transactions.

“The eNaira 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, efficient, and more secure.

“The eNaira has indeed become a critical part of the Nigerian financial ecosystem, and an alternate channel.

“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,” he stated.

The acting branch manager said that as a people-focused central bank, the regulatory bank understood the current challenges associated with the implementation of the currency redesign policy, the CBN was currently making efforts to address them.

“However, to provide succour, we urge the people of Akure and Ondo State general to download the e naira

Speed Wallet for easy payment for goods and services, as well as have convenient access to banking services,”

Giwa implored all to be advocates of the eNaira and encourage others to explore
possibilities of the new digital currency.

Giwa thanked the monarch for providing an atmosphere for the bank to educate and sensitize traders and people of the state on the cashless policy.

A representative of the Deposit Monetary Banks, Mr Victory Otoba, explained that digital payments would reduce the risk of theft and loss and as well make it easier to track and monitor transactions.

Otoba said that with the platform, individuals and businesses could access financial services even if they didn’t not have a traditional bank account.

Responding, the monarch Oba Aladelusi applauded all the alternative means of economic transactions introduced by the CBN.

Oba Aladelusi asked CBN and deposit banks to ensure that was reliable and efficient infrastructure to make the policy endeared to Nigerians and hitch-free.

He said that Nigeria could not afford to be stagnant but advance with the rest of the world in digital banking, saying however, the policy must not cause more hardship for the populace.