When Nigerians travel abroad, they find it difficult to spend or use Nigerian account anywhere in the world, which is not a palatable experience.
For this reason, there are more calls for the Central Bank of Nigeria (CBN) to finish what it has started with the e-Naira policy.
People who want an amazing experience with their Naira account outside of the shores of Nigeria are encouraging the CBN to make e-Naira policy acceptable all over the world.
They are of the opinion that it will such move will make it possible for Nigerians abroad to use the Naira to facilitate the settlement of their international transactions
The Vice Chancellor of the University of Ilorin, Professor Wahab Olasupo-Egbewole (SAN), made the request on Monday when a delegation from the CBN and Zenith Bank Plc, paid him a courtesy visit in Ilorin.
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The visit to the university campus was to sensitise students and staff of the institution about e-Naira policy tagged: “Road map to e-Naira: An initiative of CBN in partnership with Zenith Bank”.
The VC observed that Nigerians who travel abroad find it difficult to spend or use any Nigeria account anywhere in the world, which is not a palatable experience.
He said Nigeria would be making a statement in the comity of nations if this was achieved.
Egbewole felt sad that people from less developed countries could use their bank cards outside their territories while Nigerians from a better and bigger economy often get stranded.
The interactive session that involved the Principal Officers of the University and the officials of the CBN lasted for two days.
Government Disbursement With e-Naira
It had various officials presenting their arguments to convince the management of the University of Ilorin to accept and adopt the platform.
The Project Manager of e-Naira in the CBN, Fadele Adeolu, in his presentation, said the Price waterhouse Coopers’ (PwC) recently adjudged the CBN’s Digital Currency (CBDC) as the best retail project index of central banks globally in 2022, which shows the level of work done on the policy by the CBN.
He explained that the e-Naira came to strengthen and enhance the existing payment channels and was not intended to replace or disrupt them.
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Adeolu added that nothing had changed in the existing currency except the benefit such as payment efficiency, low cost of transactions, and payment transparency that the new policy brought to life.
While making further clarification on how it would benefit the University system, the e-Naira Project Manager explained that the CBN team had been engaging with the Accountant-General of the Federation and a committee was set up to look at the Treasury Single Account.
He said that the committee would soon come up with how government disbursement could be received via the e-Naira platform.
