- On Monday, October 25, 2021, President Muhammadu Buhari officially unveiled the Central Bank of Nigeria. Digital Currency (CBDC), known as eNaira
- Nigerian commercial banks were supposed to use codes to register their customers but CBN is not happy, little effort has been made
- CBN recently claimed 600,000 downloads in 160 countries, with transactions worth over 50 million Naira
The Central Bank of Nigeria on Wednesday frowned on commercial banks across the country for failing to promote the e-Naira launched with fanfare in October 2021.
According to CBN, Nigeria’s commercial banks do little to educate Nigerians about the many benefits of the eNaira platform.
The chief of the finance department of the CBN, Aminu Muhammad, deputy director, made this known during a speech in Kaduna, stressing that the financial institutions under the CBN are expected to play a vital role in the growth of the economy.
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Muhammad revealed this when speaking to members of the youth corps, hundreds of students at state higher education institutions and other members of the public on the eNaira initiative, Nation reports.
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âCommercial banks are lagging behind and that is why the CBN is stepping in. For example, information asymmetry like what we saw when they talked about the e-Naira in Kano. The people of Kaduna had this awareness, unlike Kano, which is due to the asymmetry of information.
âAll the banks knew about the e-Naira, but members of the public don’t. Some people could probably hear it for the first time. There is an information imbalance when it comes to the e-Naira, and that’s why the CBN has come out to raise awareness, to give people a chance to come in and block this information asymmetry.
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What is eNaira?
during this time legitimate.ng previously reported that in July, the Central Bank of Nigeria (CBN) released the guidelines on eNaira.
The eNaira will be an interest-free currency and will not serve as a hedge to escape the inflation that many have used Bitcoin and Ethereum for.
The Central Bank of Nigeria also noted that Nigerians will not be charged by the financial institution for using eNaira through outlets or banks.
Source: Legitimate Journal