The Central Bank of Nigeria (CBN) has taken its cashless policy sensitisation to the University of Nigeria, Nsukka (UNN) saying that the policy is aimed at reducing the physical cash transactions and creating awareness for the adoption of digital payment.
Speaking in Nsukka on Thursday, during a courtesy visit on the Vice Chancellor of UNN, Prof Charles Igwe, the CBN’s Assistant Director, Payments System Management Department, Abuja, Mr. Chika Ugwueze, said that the visit was to inform the Institution’s management on the 2-day sensitisation seminar that will take place in the university on April 27 and 28.
Ugwueze said that the eNaira is CBN digital currency as well as a digital version of the physical naira that can be used for payment in all transactions which will also help in operating the cashless policy.
“The only difference between the regular naira and eNaira is that you can hold the regular naira in your hand but will not hold eNaira, but at the same time two of them are used to do every money transaction.
“We chose UNN for the sensitisation seminar because it is one of the oldest premier universities in the country that have large population of students and staff,” he said.
Ugwueze explained that the greatest advantage of the eNaira is that it has direct liability with CBN and money in the platform is well secured.
“eNaira will reduce the risk of theft and loss and will as well make it easier to track and monitor money transactions. Just like you open an account in a commercial bank, in eNaira you are opening a direct account with CBN, and be rest assured that your money is safe and in a more secure and efficient financial system.”
“Also, in commercial banks, in the event of liquidation, payment of money to customers at times take longer than necessary or even get lost, but in eNaira your money is secured any day any time as long as Nigeria exists,’’ he said.
Remarking, Prof Igwe who was represented by the Deputy VC Administration, Prof Pat Okpoko commended CBN for choosing UNN for the 2-day eNaira sensitization seminar.
The VC however noted that the country had always had good policies but blamed poor implementation as the reason some of them failed.
He urged the Apex Bank to ensure massive sensitization and education on the new eNaira digital money platform to enable Nigeria understand its functions and features very well, as well as ensure that they implement other policies that would enhance it’s smooth operation.
The seminar has as its theme: “Understanding the workability of the eNaira and its implication on cashless policy.”