Apex Bank Sensitises Nigerians on eNaira

Central Bank of Nigeria, CBN, has once again emphasised that the bank’s digital currency popularly known as eNaira, is not a cryptocurrency.

Speaking during his presentation at a two-day sensitisation program organised by the CBN, a representative of the eNaira project, Abul-Jalil Yusuf, said the eNaira is a digital currency that would promote the payment system.

Yusuf said the CBN digital currency would improve financial inclusion, increase remittance and ensure a more effective monetary policy.

According to him, it will eliminate third parties, thereby contributing to efficient and low-cost transactions, among others.

Yusuf explained that eNaira was different from cryptocurrency, being a legal tender and a liability of the CBN, unlike cryptocurrency which is a private business that can not be relied on.

He said that with the launch of the eNaira on Oct. 25, Nigeria became the first country in Africa and one of the seven countries in the world to have done so.

Osita Nwanusobi, CBN Director, Corporate Communications, said the sensitation fair was to engage the public and enlighten them on the eNaira and other monetary policies of the apex bank.

The programme, which was jointly held virtually in Abia and Ebonyi, had participants across different sectors of the economy.

He also said that the programme was to create awareness on various interventions of the CBN and how the people could access them.