eNaira: Experts task CBN on enlightenment campaign

Some financial analysts have urged the Central Bank of Nigeria (CBN) to ensure enhanced enlightenment campaign for the masses to embrace the eNaira digital currency to boost financial inclusion.

They said this in separate interviews with our reporter in Lagos on Tuesday.

It was reported that President Muhammadu Buhari on Oct. 25 launched the apex bank digital currency, the eNaira.

The eNaira is a culmination of several years of research work by the CBN in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every stratum of society.

The launch was described by the CBN Governor, Mr Godwin Emefiele, as the first in Africa and one of the earliest around the world.

Dr Uju Ogubunka, a former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN), told our reporter that the apex bank must ensure enlightenment campaign in all the states for the masses to embrace the digital currency.

“The monetary authority must continue to enlighten the masses on the importance of harnessing such innovation.

“Especially for payment solution in the hinterland where there are poor utility services,” he said.

Ogubunka who lauded the CBN for the novel initiative described the innovation as a reflection of the times.

“Digital currency is recognised globally as a medium of exchange.

“The launch of ours is to meet the country’s digital currency needs, considering that our economy is the largest in the continent,” he said.

He noted the Federal Government should ensure that Nigerians get used to the electronic wallet as quickly as possible.

Also speaking, the Chief Executive Officer, Espera Global Corporation, Dr Glenn Prince-Abbi, said the apex bank idea was good for the economy because the world was becoming borderless.

“Almost every commodity is becoming virtual including currency which is a medium of exchange.

“The innovation makes the currency more flexible and it is the way to go for the future,” Prince-Abbi said.

He said that the CBN must be commended for the idea because the launch showed rear leadership quality.

Prince-Abbi added the apex bank should improve on cyber infrastructure for the innovation to be effective.

“The regulators must ensure that they strengthen the cyber security to make the operation seamless.

“Having to deal with too many hitches could slow down transactions and discourage users,” he said.