The Central Bank of Nigeria (CBN) clarified that the introduction of the Central Bank Digital Currency (CBDC), also known as eNaira, is aimed at deepening the country's payment system and not replacing or competing with existing banking brands. The CBN emphasized that the eNaira would enhance payment options and address challenges within the traditional payment architecture.
During a sensitization visit to the University of Abuja, CBN Deputy Director and Team Lead on eNaira Adoption, Mr. Joseph Angaye, stated that the digital currency would boost the government's financial inclusion agenda and reduce the number of interfaces required for payment transactions. He highlighted that eNaira adoption would reduce network congestion and revenue leakages.
Angaye explained that the eNaira is an enhanced form of physical naira with greater possibilities, including programming. The CBN has been conducting awareness campaigns across the country to showcase the value proposition of the digital currency and onboard staff and students to the payment platform.
The CBN emphasized that Nigeria is one of the earliest adopters of digital currency globally and that the innovation is not profit-oriented but aims to provide seamless payment services. The eNaira is designed to complement existing payment options, offering greater flexibility and value addition.
In response, the University of Abuja expressed readiness to collaborate with the CBN and mobilize staff and students to adopt the eNaira as a payment alternative. The university highlighted its robust infrastructure that would support the eNaira drive, and the banking and finance department committed to working with the CBN on the project.
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