The CBN intensifies its effort to increase the adoption of the eNaira and urges Nigerians to embrace the initiative.
The Central bank of Nigeria has continued its sensitisation and enlightenment campaign for the eNaira. The apex hank had previously revealed that the flagship digital currency was set for an upgrade that would ensure greater adoption.
According to reports, the CBN’s latest effort urged Nigerians within the business community to embrace its eNaira initiative. The apex bank alluded to the numerous benefits they stand to gain, including foolproof transactions, flexibility, accessibility and no hidden charges.
Accordingly, Goodwin Okafor, the CBN Asaba branch controller highlighted these benefits while speaking at the event held in Ogbeogonogo Market in Asaba. He emphasized the need to use digital assets rather than Bitcoin. He said,
“Unlike the Bitcoin, e-Naira is still part of of CBN. The money will not disappear but with Bitcoin, the money can disappear any time.”
Furthermore, Okafor claims that the public has nothing to fear from the digital financial platform. He said the platform is run according to international standards, while the eNaira will considerably encourage financial inclusion. These sentiments have been backed by leading international agencies who say the eNaira is the foremost retail CBDC globally.
Also speaking at the event, Aminu Bizi, an e-Naira consultant with the CBN, elaborated on the financial initiative’s merits. He stated that Nigeria was a forerunner in Africa when it came to electronic banking, with other countries like Uganda learning from her. Bizi listed a number of benefits of the digital financial platform for transactions, including rapid and flexible processing, accessibility, security, and free-of-charge services. He said,
“The e-Naira has come to stay. Why do you need cash if the onion seller, akara seller, chemist man or Keke/Okada operator have e-Naira account. Do you need to go to POS and cash money while ordinary Keke (tricycle) man can receive N50 via transfer? We are planning to meet with the union of Keke operators to sensitise them and give them a bar code. You have your e-Naira, before you even get down, you scan the Keke scanner bar code and you pay him his fare of N50 or N100.”
Despite the CBN’s effort shows that the Nigerian government are doing their utmost best to push the growth of its digital currency. Nonetheless, the general populace is yet to warm up to the eNaira with Bitcoin preferred by them.
Although a good move, the CBN may need to look for a way to allow its Bitcoin loving citizens to use the eNaira to access cryptocurrencies. This will speed up its adoption while allowing both types of digital currencies to coexist.
Do you think the ongoing sensitization campaign will cause an increase in eNaira adoption in Nigeria? Let us know your thoughts in the comments below.
Chris is a crypto enthusiast and a firm believer in the blockchain’s ability to create a new financial paradigm. Through writing, Chris hopes to expose the intricacies of this disruptive technology and how it is beneficial to Africans and developing countries. He aims to give readers a rational and unbiased outlook of the industry by equipping them with the necessary information to make enlightened investment decisions.
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