The Central Bank of Nigeria (CBN) is one agency of the government that people taunt for some of its recent policies that appear to have underlying mistakes. There are all effort to build a good and robust economic policy for the oil-rich nation.
So, it is in this vein that the CBN has refused to jettison the idea that the Central Bank Digital Currency (CBDC) can improve and change the country’s economic tides.
The CBN has, therefore, begun sensitisation programmes around the higher institutions of learning in Nigeria to facilitate reduction of physical cash transactions.
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Officials of the CBN on Thursday, paid a courtesy visit to the University of Nigeria, Nsukka (UNN) for this purpose.
Their mission was to create awareness for the adoption of digital payment.
Sensitisation Seminar
The CBN’s Assistant Director, Payments System Management Department, Chika Ugwueze, said it was necessary to inform the Institution’s management about the 2-day sensitisation seminar that will take place in the university on April 27 and 28.
Ugwueze explained that the CBDC is a digital version of the physical Naira.
According to him, it can be used for payment in all transactions which will also help in operating the cashless policy.
“The difference between the physical Naira and CBDC is that you can hold the Naira in your hand but will not hold eNaira.”
Explaining the CBN’s decision to pick the UNN, as the choice destination for the seminar, Ugwueze said: “We chose UNN because it is one of the oldest premier universities in the country that have large population of students and staff,” he said.
A Direct Account With CBN
According to Ugwueze, the greatest advantage of the CBDC also known as eNaira is that it has direct liability with CBN and money in the platform is well secured.
“eNaira will reduce the risk of theft and loss and will as well make it easier to track and monitor money transactions.
“Just like you open an account in a commercial bank, in eNaira you are opening a direct account with CBN, and rest assured that your money is safe and in a more secure and efficient financial system.
“Also, in commercial banks, in the event of liquidation, payment of money to customers at times take longer than necessary or even get lost, but in eNaira your money is secured any day any time, as long as Nigeria exists,’’ he said.
The Deputy VC Administration, Professor Pat Okpoko, who represented the Vice Chancellor of UNN, Professor Igwe, commended the CBN for choosing UNN for the 2-day eNaira sensitisation seminar.
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However, the VC, noted that the country had always had good policies but blamed poor implementation as the reason some of them failed.
He urged the Apex Bank to ensure massive sensitisation and education on the new eNaira digital money platform to enable Nigeria understand its functions and features very well.
It will also ensure that they implement other policies that would enhance it’s smooth operation.
The seminar has as its theme: “Understanding the workability of the eNaira and its implication on cashless policy”.
