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We want to develop a reliable payment system in Nigeria – CBN
Deployed the first Central Bank Digital Currency in Africa, the e-Naira which is facilitating our goal of ensuring greater financial inclusion…
Godwin Emefiele, governor of the Central Bank of Nigeria, has reaffirmed his commitment to developing a reliable payment system in Nigeria.
During the All-Financial Institutions Football Competition, which was held in Gombe and supported by the Nigeria Football Federation, Emefiele made this known.
The Securities and Exchange Commission FC was defeated 1-0 by the FIRS, with ThankGod Ikeagwu’s goal coming in the 20th minute.
The CBN governor stated that his administration would continue to address financial inclusion from the ground up through the representation of Gombe branch controller Shehu Goringo.
He said, “Let me use the opportunity of this final to reiterate our dedication to building a robust payment system in Nigeria and ensuring greater financial inclusion, particularly at the grassroots. It is in this vein that the CBN, in October 2021, deployed the first Central Bank Digital Currency in Africa, the e-Naira which is facilitating our goal of ensuring greater financial inclusion through the adoption of digital channels and providing a reliable channel for remittance inflows into the country.”
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He said, “A key focus of the CBN is also supporting the growth of the digital economy. Since the launch of the eNaira, we have recorded more than 840,000 downloads with over N4 billion worth of transactions. The eNaira will ensure that even Nigerians in the most remote areas conduct financial transactions using their digital devices at very little or no cost.
“As part of the CBN’s effort to further integrate and broaden the usage of the eNaira, it was assigned an Unstructured Supplementary Service Data code, enabling payments by simply dialing “997# on a mobile phone,” he said.
Emefiele continued by stating that the redesign of the naira was intended to lower the cost of cash management.
He said, “Next week, President Buhari will be launching a new series of N200, N500, and N1,000 banknotes. The decision to redesign the naira is aimed at reducing the cost of cash management. reducing the volume of cash in circulation; disrupting counterfeiting activities and enhancing the adoption of digital/electronic transaction channels.
“With the launch of the new N200, N500, and N1,000 series, the existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be a legal tender.”