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CBN begins review of eNaira implementation

CBN’s new FX rules to shore-up dollar supply, stabilise naira

The Central Bank of Nigeria (CBN) is set to begin a review of the implementation of the eNaira, one year after its introduction into the nation’s financial system.

To this end, the apex bank has unveiled a programme of events to commemorate the first anniversary of the launch of Africa’s First Central Bank Digital Currency (CBDC).

The eNaira was formally launched by President Muhammadu Buhari at the State House, Aso Villa on Monday, 25 October, 2021.

As part of its awareness campaign exercise, the CBN on Friday sensitised tricycle operators at Oshodi market, Lagos, on how to onboard the eNaira platform.

In collaboration with Bizi Mobile Cashless Consult, the CBN explained to the operators and other market operators the benefits of the eNaira and how to key in.

“We have been creating awareness on the use of e-Naira,” Rakiya Mohammed, director, information technology department and coordinator, technical working committee, eNaira secretariat, said.

Read also: Fintech, banks must collaborate to bridge Nigeria’s financial inclusion gap – Adebiyi

She said the exercise was part of the many initiatives the CBN has been carrying out across many states. “We have done this in other states and today we are in Lagos to continue this important assignment,” she said.

Represented by Khalifa Nuhu, from the information technology department, she said, “it is our hope and expectation that today this activity will improve awareness in Lagos, being the commercial hub of this country.”

Yusuf Mohammed, a tricycle operator, said, “I am happy for this improvement. Initially, I found it difficult to register but as I proceeded, I discovered it was simple. It is reliable and very fast. After on-boarding to the e-naira platform, I sent money from my bank account to my wallet and it was seamless, no error.

“I advise my fellow operators to embrace the e-naira initiative because it will help them solve the problem of giving change to passengers after payment. I want them to know that they stand to earn commission when they do more transactions.”

A statement by Osita Nwanisobi, CBN’s director of corporate communications, said the implementation of the eNaira has put Nigeria in the global spotlight as one of the pioneers to deploy a CBDC into live production. This has continued to attract the interest of global stakeholders such as the IMF, World Bank, other central banks, and the CBDC community.

As part of activities lined up to mark the first anniversary of the eNaira, the central bank is holding a one-day workshop themed “Leveraging innovation for inclusive growth and development: The eNaira advantage” scheduled to take place on Tuesday October 25, 2022 at the Eko Hotel and Suites, Lagos.

The objectives include reviewing the eNaira implementation journey, one year after; to drive further adoption of the eNaira through public engagement, and to facilitate global policy dialogue on CBDC to promote peer learning and benchmarking.