E-naira will help in making monetary policy decisions – CBN

The Central Bank of Nigeria (CBN) has said that the e-naira will help in policymaking, as decisions are made based on available information. The CBN Controller for Uyo Branch, Mrs Mercy Ogbomonpaul, stated this while meeting with the Vice-Chancellor of the University of Uyo, Prof. Nyaudoh Ndaeyo, in Uyo.

Ogbomonpaul called for collaboration with the University of Uyo to sensitize the institution’s staff and students on the usage of the e-naira policy in daily business transactions. She said that the e-naira will help to improve financial inclusion, reduce the cost of doing business, and boost economic growth.

“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 make policy decisions for our monetary policy in the country,” she said.

The CBN has been criticized for its slow roll-out of the e-naira. However, the CBN has said that it is committed to making the e-naira a success.

The branch controller added that the e-naira would make the payment system more viable and bring more people into the system.

The need to embrace monetary policy decisions

Ogbomonpaul encouraged Nigerians to support the policy while being represented by Assistant Director, CBN, Mr Isang Enya. She explained that the goal of the sensitization event was to inform and motivate the university community to use the system.

According to her, the e-naira platform was offered to the nation in 2021 for use by the populace in their daily transactions. She also said Nigeria is the seventh country to use the e-naira; he added that other nations have moved past utilizing actual cash and are now using the e-payment system.

• “We are here to partner with you on the e-naira; globally, the economy is now going e-payment and not cash payment as it is known in our environment.
• “The Central Bank in its wisdom, in line with best practices, adopted the e-naira platform.
• “The e-naira is expected to help us to be on par with what other countries are doing; the unfolding trend now is that we use e-payment rather than physical cash,” she said.

According to her, e-naira is an initiative of the Central Bank that will work at par with the physical cash.

Ogbomonpaul said the e-naira could be used in transactions rather than physical cash, adding that it would help in handling the deficiencies noticed and experienced in the use of cash.

• She said, “It is simple, it is easy and will allow the government to get its revenues in terms of payment very easily.”

However, the vice chancellor applauded the Central Bank for introducing the e-naira into the nation’s payment system and urged everyone to use it.

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