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e-Naira designed to complement existing currency, promote financial inclusion: CBN

*The Central Bank of Nigeria explains its e-Naira initiative will play an essential role in promoting financial inclusion, especially for consumers of financial products and services without access to conventional banking services

Isola Moses | ConsumerConnect

The Central Bank of Nigeria (CBN) has restated the Bank’s e-Naira policy was designed to complement the physical Naira, the country’s national currency.

ConsumerConnect gathered Mr. Haludu Andaza, CBN Branch Controller, in Bauchi, Bauchi State, Northern Nigeria, stressed this Wednesday, July 26, 2023, when the Bankers’ Bank bank took the ongoing e-Naira policy campaign to the Federal Polytechnic, Bauchi.

The Bank also noted the Central Bank Digital Currency (CBDC) policy is meant to provide a more efficient, secure, and accessible means of payment for consumers.

In terms of the benefits, Andaza said the e-Naira policy would aid financial transactions in academic  institutions, as it is the digital currency of the West African country, agency report said.

According to the Branch Controller, the CBDC represents a remarkable leap forward in how consumers interact with money, and it is tailor-made to meet the needs of our vibrant and dynamic community.

e-Naira streamlines payment process, transactions

Andaza also stated: “One of the primary advantages of the e-Naira lies in its unparalleled convenience, because with this digital currency, individuals can swiftly and easily make payments without relying on physical cash or traditional payment cards.

“The e-Naira streamlines the payment process, allowing for seamless transactions in various scenarios.”

He further explained that the e-Naira operated on robust Blockchain technology, ensuring a high level of security in the digital payments ecosystem.

“This advanced technology makes it incredibly challenging to counterfeit or compromise the currency, providing peace of mind to both users and businesses.

“By adopting the e-Naira, we booster the integrity and trustworthiness of our financial ecosystem,” said the CBN top official.

Andaza explained the e-Naira initiative is expected to play an essential role in promoting financial inclusion, particularly for consumers of financial products and services without access to traditional or conventional banking services.

He urged the need for the Polytechnic community to embrace and migrate to the cashless system for financial security and efficiency using the e-Naira platform.

He added: “This digital currency opens doors for those who may have been previously excluded from the formal financial system, granting them the ability to engage in digital transactions and experiencing the benefits of financial empowerment.”

Alhaji Sani Usman, Rector of the Federal Polytechnic, Bauchi, said the academic institution applauded the CBN initiative and campaign to educate both  the Management and Nigerians on the e-Naira policy.

Usman also assured that the institution would embrace the policy and ensure its success by ensuring that both staff and students embraced the policy.

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