CBN seeks e-Naira onboarding at Lagos Trade Fair

• CBN seeks e-Naira onboarding at Lagos Trade Fair
• CBN: Effects of the New Naira Note on Your Money
• The CBN governor, Godwin Emefiele
• Impact on your Money

Participants at the current Lagos International Trade Fair (LITF) have been urged by the Central Bank of Nigeria (CBN) to make history by becoming one of the more than one million Nigerians to download the e-Naira Speed Wallet.

The director of the central bank’s corporate communications department, Mr. Osita Nwanisobi, took the following stance during the “CBN Special Day” at the LITF: “The world is fast-moving toward a digitized economy, and Nigeria cannot be caught lagging. As a result, the Central Bank of Nigeria launched the eNaira, the first digital currency of its sort in Africa and one of the best in the world.

“While the CBN will continue to improve, hone, and enhance the platform with new features in the near future, the eNaira has logged over 700,000 transactions totaling around N8 billion in its first year,” he continued (October 2022). 33 banks have been fully integrated and are operational on the platform. In addition to the aforementioned accomplishments, the eNaira platform has successfully registered over 3,305 merchants nationwide, and over 1.0 million customers have been Onboarded. I implore you to download your eNaira Speed Wallet and sign up right away if you want to be a part of history.

The payment platform with the tagline “same Naira, more possibilities” aims to increase financial inclusion by supporting Nigeria’s strong, stable, and resilient payment ecosystem, lowering the cost of processing cash, and enabling direct and transparent welfare intervention to citizens, according to Nwanisobi.

“Other benefits derivable from the policy include, but are not limited to, increasing revenue and tax collection; facilitating diaspora remittances and reducing the cost of transaction as well as improving the efficiency of payments.”

CBN: Effects of the New Naira Note on Your Money

Effects of the New Naira Note on Your Money: Nigerians were caught off guard when CBN’s Godwin Emefiele revealed plans to redesign the N200, N500, and N1,000 notes by December 15—just 50 days from today.

In order to increase the effectiveness of monetary policy in containing inflation, the proposed policy change is presented as a way to bring money from outside the banking system into it. Significant banknote hoarding, a lack of crisp, suitable notes, and the growing ease of banknote forgery were a few of the main causes mentioned.

The CBN governor claimed that the measure was done to seize control over the cash that was in use. Additionally, they have secured President Muhammadu Buhari’s consent to issue fresh notes in place of the ones currently in use.

Godwin Emefiele, the CBN governor, reportedly stated: “Statistics show that 85% of the currency in circulation are outside the vaults of our commercial banks. Data indicates that N2.73 trillion out of the N3.23 trillion currency in circulation was outside the vaults of commercial banks across the country.

“In recent years, the CBN has recorded significantly higher rates of counterfeiting, especially the high denominations of N500 and N1000 bank notes,” Emefiele added that it would be more challenging to pay ransom to terrorists and kidnappers due to the redesign of the naira.

Continue Reading: CBN: Effects of the New Naira Note on Your Money