In a recent e-Naira sensitization forum held at the University of Abuja, the Central Bank of Nigeria (CBN) clarified that its digital currency, the e-Naira, was not introduced as a competitor to the digital cash services offered by commercial banks. Mr. Joseph Angaye, Deputy Director of the CBN, emphasized that the e-Naira aims to enhance the existing financial and payment system infrastructure, address challenges, and complement the services provided by banks and other service providers.
Angaye stated, “e-Naira is not meant to replace the Nigerian Naira or the existing payment system infrastructure we already have. It was introduced to deepen the financial system, especially the payment system, and to address the challenges we observed. We are not introducing it to compete with banks or other service providers, but rather to provide a platform that they can leverage to offer more efficient services.”
The e-Naira is expected to promote financial inclusion, reduce congestion in the infrastructure, and minimize downtime associated with multiple interfaces required for initiating and completing transactions. Additionally, the digital currency will enable the provision of services currently unavailable in the Nigerian system, such as facilitating payments even in the absence of network connectivity.
During the forum, Angaye highlighted the CBN’s efforts to promote e-Naira adoption in tertiary institutions across the nation, with the goal of establishing an environment where the digital currency becomes the preferred option for transactions. He stated, “We have been engaging with several universities, and we are starting from Abuja. We have visited universities in all the geopolitical zones of the country to discuss the e-Naira and collaborate with them to ensure its adoption for financial transactions, particularly revenue collection and payments.”
Angaye also mentioned the progress made since the e-Naira’s inauguration almost two years ago, noting that significant milestones have been achieved and further developments have been implemented based on feedback from various stakeholders. The CBN is committed to continuously improving the functionality and usability of the e-Naira.
In response to the CBN’s efforts, Prof. Aisha Maikudi, Deputy Vice Chancellor of the University of Abuja, expressed the university’s readiness to collaborate with the CBN in educating students and the general public about the e-Naira initiative. The partnership aims to raise awareness and promote the adoption of the digital currency among the university community and beyond.
With the CBN’s ongoing initiatives and collaborations, the e-Naira is expected to play a significant role in advancing Nigeria’s financial system and fostering a more inclusive and efficient payment ecosystem.
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