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CBN restates benefits of eNaira at women’s programme in UNILAG

*The Central Bank of Nigeria, at the recent Law Ladies’ Day programme at the University of Lagos, highlights the eNaira, its digital currency, offers financial freedom and women financial inclusion,  besides fast transaction time, as well as cross board payment option

Gbenga Kayode | ConsumerConnect

In continuation of the Bank’s consumer education and financial inclusion programme across the country, the Central Bank of Nigeria (CBN) recently intensified the sensitisation drive of eNaira, its digital currency, with women at the Law Ladies Day programme in University of Lagos (UNILAG), Akoka-Yaba, Lagos.

The CBN noted the initiative is to further promote the adoption of eNaira, Nigeria’s Central Bank Digital Currency (CBDC) to women, students, law students, and other Nigerians who gathered for the 2023 Law Ladies’ Day programme in the University.

At the Law Ladies’ Day programme with the theme: “Defying stereotypes: Celebrating the Different Shades of Feminity”, the CBN used the occasion to reach out to students and others in the University community to sensitise them on the benefits and importance of eNaira transactions, and why they should use the channel, agency report said.

Advantages, opportunities of digital currency transactions

Mary Fasheitan, Special Adviser on Payments Systems to the Governor, Central Bank of Nigeria, took fellow women through the importance of eNaira, advantages and opportunities the digital currency offers to the financial community and women in particular.

Fasheitan stated it was high time the Nigerian women embraced eNaira  for transactions in the economy.

The CBN Governor’s aide also stressed the eNaira offers financial freedom and women inclusivity where other financial instruments do not provide.

It offers fast transaction time, cross board payment option and gives women financial inclusion.

“eNaira provides a unique form of money denominated in Naira. “eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.

“It has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money,” said she.

The Bank further observed that the whole world is going digital, hence the CBN is fast responding appropriately to the innovation by introducing a lot of cashless policies.

According to CBN, eNaira is one of the policies, disclosing that the Bank is the first to introduce e-Naira in Africa, and only the second in the world.

Fasheitan, therefore, encouraged female law students of UNILAG to embrace eNaira and transact with it because it is safe, secure and fully digitalised.

She assured: “You have nothing to be afraid of because it is one of the most secured channels from the apex bank for transactions.”

eNaira is Blockchain technology-enabled  -Expert

Speaking at the event in Lagos, Deborah Enyone Oni, Managing Partner of Hilton Top Solicitors, said  eNaira is a great innovation of CBN that should be lauded.

Oni stated: “eNaira offers various advantages and opportunities to its users.

Its blockchain technology feature also enables users to make cross border transactions easily. she reiterated that the eNaira will foster women financial and economic empowerment.”

In regard to the static importance of the eNaira sensitisation exercise, Oni  said: “We have partnered with the CBN on the eNaira and one of our main focuses is to leverage the opportunity to empower women by sensitising them on the advantages of the eNaira in light of digitalisation.

“Conversations about women’s financial and economic empowerment should be considered a priority especially in women focused programs like this so as to expose them to the opportunities they can leverage and as such be able to participate and harness the opportunities in a digital economy.”

In The Bank also onboarded the University students on the eNaira, and they were excited to learn about the central bank digital currency and its benefits.

Commenting on the experience, Kehinde Adeaga, an undergraduate, said: “Until now, we were not clear of what eNaira is but the explanation by the team has made it very clear to us.

“Some of us have already keyed into the project, and we will spread this good news to others who are yet to understand the benefit and opportunity eNaira offers.”

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