Accept e-Naira for business transactions, CBN urges Nigerians

CBN urges tertiary institutions to embrace e-Naira for fees, salaries

The Central Bank of Nigeria (CBN) has urged Nigerians to embrace e-naira, the nation’s digital currency. 

Osita Nwanisobi, the Director of Corporate Communications Department, made the call at the CBN special day at the ongoing Lagos International Trade Fair on Thursday. 

Stressing the benefits of the digital currency, he said, “The e-Naira is expected to deepen financial inclusion by bringing more people into the financial space, support a resilient payment ecosystem, reduce the cost of processing cash, enable direct and transparent welfare intervention to citizens, increase transparency in revenue and tax collections, facilitate diaspora remittances, reduce the cost of financial transactions and improve the efficiency of payments.” 

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Noting that there have been encouraging responses to the launch of the e-Naira, Osita, said, “Today, customers who download the e-Naira Speed Wallet App will be able to create their wallet; fund their e-Naira wallet from their bank account; transfer e-Naira from their wallet to another wallet and make payment for purchases at registered merchant locations. 

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“I, therefore, appeal to Nigerians to embrace the e-Naira just like our physical Naira, our pride.” 

Osita continued: “Furthermore, the CBN has provided policy and financing support for businesses especially the MSMEs through our development finance initiatives because we believe that the continued provision of access to finance to various sectors of the economy will promote inclusive growth and sustainable development. 

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“For the record, these initiatives include the Commercial Agriculture Credit Scheme (CACS); the MSME Development Fund; the Anchor Borrowers’ Programme (ABP); and the Youth Entrepreneurship Development Programme (YEDP).” 

In collaboration with the Bankers’ Committee, we also established the Agribusiness/Small & Medium Enterprises Investment Scheme (AGSMEIS) and the Creative Industry Financing Initiative (CIFI) to provide access to finance for youth in the fashion, music, information technology, and movie production verticals. 


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