e-Naira’ll end abuse, cost of printing Naira — CBN

By AdvocateNews on 22/05/2022

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DIRECTOR of Central Bank of Nigeria, CBN in Asaba, Delta State, Mr Godwin Okafor has said the introduction of the e-Naira as a means of transaction in the country would put a stop to the abuse of the Naira and the cost of printing the currency notes.

Okafor who stated this during a sensitization programme for traders at the Ogbogonogo market in Asaba on the new e-Naira initiative said the e-Naira was not like the cryptocurrency as being speculated in some quarters.

Saying that it was a fully backed policy by the CBN in line with the International Standard Policy on a cashless society, he said, “the Naira has been in transformation, first it was traded by Barta, then cowry, then coin, then paper money and now we are transforming into e-naira.”

Secretary to the Delta State Government, SSG, Chief Patrick Ukah who also spoke at the ceremony, commended CBN for the e-Naira initiative, pointing out that it was an all-inclusive financial platform.

Represented by the Director of Finance, Office of the SSG, Benson Ojakor, Ukah said the fact that the e-Naira allows for an easy financial transaction without any attached charges would make it easy for it to be embraced by traders and all Deltans.

Explaining how the e-Naira works, the Consultant to the  CBN on e-Naira, Dr Aminu Amimu said there was nothing to fear about the e-Naira, adding that it was the initiative of the apex bank in the country.

He said all categories of individuals in the society can make use of the e-Naira platform as it allows for any kind of transaction no matter how little or how large the amount, noting that it was very easy to use.

He said, “some of the key advantages of the e-Naira are that  it is being introduced by the  CBN, which is the highest bank in the country, it is charges  free, it is 99.9 per cent sure without any form of failed transaction and it allows you to transact any amount even as low as ten Naira.”

He pointed out that it was necessary for market traders to first embrace the e-Naira before the general public, saying, “if the public accepts the e-Naira without the market traders accepting it, it will be difficult to use and the initiative will be defeated, this is why we are starting with the market traders.

“We are here today to sensitize the traders on the initiative as it has come to stay. We are going to move from shop to shop and from house to house to ensure that everybody embraces it. The POS and ATM are now analogue with the e-Naira in place.

Posted 22/05/2022 5:31:48 PM

 

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