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eNaira circulation has increased to N400 million – CBN
The CBN takes pleasure in the peer-to-peer nature of the e-naira, which is why there are now no fees. She also mentioned how everyone…
As transaction volume increases from above N4 billion to N5 billion, the Central Bank of Nigeria has disclosed that the e-naira circulation has increased to N401.82 million.
The amount of eNaira in circulation is the total amount of eNaira that Nigerians have purchased, largely by converting funds from their bank accounts into the nation’s digital currency.
The details were revealed on Monday by Hajiya Rakiya Mohammed, Director of Information and Technology at the CBN at the 2nd Edition of the Africa Cashless Payment Conference.
She said the CBN takes pleasure in the peer-to-peer nature of the e-naira, which is why there are now no fees. She also mentioned how everyone can get by in the financial system.
“E-naira is easy to onboard, get it, fund it, use it, anyone can be on board with it. In Nigeria, we have had several drivers for IT growth; inclusive payment is a rallying driver for the CBN,” she said.
She pointed out that instant payments, which have undergone a variety of changes, including mobile money rapid payments, are now possible for Nigerians.
READ MORE: CBN injected $11.24bn into the economy to defend the value of the naira
The e-naira, which is the same naira we currently have but in electronic form, is legal tender in Nigeria and has the same exact value as the existing naira, the speaker claimed, has helped to foster digital transformation.
“It is a replica. Basically, they are exactly the same, the digital equivalent of current cash and parity exchange 1:1 with cash,” she said.
She stated that Nigeria was the first country to introduce a central bank digital currency with an operating CBDC and that its goals were financial inclusion. She stated that there are currently 401.82 million in circulation with “over N4 billion” in transaction activity.
It can be used by both banked and unbanked people and is accessible via USSD *997#. You can utilize e-naira for cross-border transactions because we have connected it with telephony, NIBBS quick payments, and money transfer services.
Because the e-naira can be programmed to only be used for the purpose of distributing money for specific events and integrating with the Pan African Exchange system, the CBN identified prospects for a decrease in the cost of cash, an increase in revenue, and direct disbursement to citizens (PAPPS).
According to the CBN, it takes pride in being pair-to-pair. Because of this, there are now no fees, which is good for the economy because it lowers the cost of managing cash payments, which saves Nigerians hundreds of millions of dollars and makes it possible to use environmentally friendly methods.