Cashless Policy: CBN Intensifies Call For Adoption Of e-Naira

The Central Bank of Nigeria (CBN) has urged stakeholders and institutions to embrace and promote the e-Naira policy both as a payment system and a medium of exchange, in its bid to ensure that the cashless policy is fully implemented in Nigeria.

It regretted that the majority of people are not using the e-Naira platform even though it started in 2021.

The Akwa Ibom Branch Controller of CBN, Mercy Itohan Ogbomonpaul, made the appeal at the office of the University of Uyo Vice Chancellor during the introduction of the e-naira platform campaign and sensitisation to staff and students of the university.

Ogbomonpaul, who was represented by the Assistant Director, CBN, Elder Isang Agbomi Enya, explained that the e-naira will aid monetary policy decisions and address some deficiencies seen in the use of physical cash.

The CBN Controller explained that the security of the e-Naira was sure as it makes it more difficult for individuals or organizations to indulge in fraud.

“The e-Naira is expected to help us to be at par with what other countries are doing. The unfolding trend now is that we use e-payment rather than physical cash. It is the semblance of the Naira that we could use in transactions rather than physical cash because the Naira, as we know, is very difficult and costly to replace.

“The e-Naira would help us to handle those deficiencies that are noticed and experienced in the use of cash. The e-Naira would also help us in our policy-making, in terms of monetary policy decisions, because decisions are made based on information we have.

“If we are all on the e-Naira platform, the central bank would be able to ascertain how much has been transacted in the e-Naira platform and able to make policy decisions for our monetary policy in the country.”

Ogbomonpaul noted that other countries have gone beyond the physical cash payment and are now using e-payment, but Nigeria is still behind, saying, “we want to ensure that everybody is able to do a business transaction without necessarily looking for cash in view of the cost of managing cash.”

Responding, UNIUYO VC, Prof. Nyaudoh Ndaeyo, said the institution was happy to be a part of the initiative and would partner with CBN on the e-Naira initiative.

Ndaeyo, who stated that the University was also willing to partner with the CBN in the area of agriculture, encouraged the apex bank to go beyond the shores of the university into the communities to sensitize people on the e-Naira.