The Central Bank of Nigeria (CBN) stated Thursday that the introduction of the eNaira into the financial system will, among other things, improve monetary policy effectiveness in managing inflation and driving economic growth in the country.
The clarification was made at a seminar organized by the Central Bank of Nigeria (CBN) Fair in Benin City, Edo State, titled: Promoting Financial Stability and Economic Development.
Nwanisobi Osita, Team Lead Director, Corporate Communications Department, said during the seminar that the CBN has been working with a clear mandate of stabilizing the price economy and growing the economy sustainably.
According to Osita, Nigeria’s payment system remains one of the most sophisticated in the world, and the seminar also aims to gather participant feedback about perspectives and challenges.
Jumbo Renner, the Benin branch Controller of the CBN, stated in his speech that the seminar was organized to educate people about the CBN’s new policy.
Ngozi Etim, a representative of the Currency Operation department, stated that the CBN mandates were derived from the 1958 Act of Parliament as amended in 1991, 1993, 1997, 1998, 1999, and 2007.
Etim urged stakeholders in the banking sector to return all mutilated currency to the Central Bank in their various locations across the country, just as Babatunde Adeboye of the Development Finance department stated that ensuring financial stability is the CBN’s core mandate.
The CBN, according to Adeboye, is committed to diversifying the economy through MSMEs, agriculture, energy, and infrastructure.
Chika Ugwueze Ogbodo, speaking further on the eNaira, noted that it was a new form of currency in the country, adding that President Mohammadu Buhari launched the new eNaira on October 25, 2021, to be used as legal tender in the country.
He stated that the eNaira was operated in the form of a wallet through which transactions or payments could be made.
Ogbodo went on to say that the eNaira policy strengthens the monetary-financial system, empowers people, and reduces poverty in society.
He also stated that under the new policy, prospective users will be able to link their eNaira wallet to their bank account for easy transactions.