The Branch Controller of the Central Bank of Nigeria (CBN) in Benin City, Apostle Michael Mgbeze says e-Naira will make a significant positive difference to Nigeria and Nigerians.
The Branch Controller made the statement when he and his entourage met with the management of the Benson Idahosa University (BIU), Benin City. He said the e-Naira is the digital equivalent of “Cash Naira.”
According to him, expected gains from eNaira include improvement in the availability and usability of Central Bank money, support to a resilient payment system, ecosystem, encouragement of financial inclusion, reduction of the cost of processing cash, enabling direct welfare disbursements to citizens, increased revenue and tax collection, facilitation of diaspora remittances and improvement of efficiency in cross border payments.
Mgbeze said that globally, central banks are essential to the economy and keep evolving in line with development.
“Central Banks play an essential and pivotal role in the economy. They act to ensure monetary and financial system stability, a robust, safe, efficient, and inclusive payment system, and issue the most popular form of money to the populace -fiat money.
“Central Banks must evolve in the face of several technological advances that transact the financial industrial to be able to play these roles, and maintain control over the monetary space. Many central banks are exploring how contemporary technologies such as the block chain technology used to issue digital currencies could, alleviate several policy problems.
According to him, “Nigeria has one of the most advanced payment systems in the world making it a benchmark for payment systems in Sub-Saharan Africa and globally. The eNaira is the digital equivalent of the cash Naira. Put simply, “same Naira, more possibilities”.
“The eNaira, like the physical Naira, is also an official legal tender of the Federal Republic of Nigeria and is a direct liability of the CBN. The CBN believes the eNaira will make a significant positive difference to Nigeria and Nigerians,” he further explained.
The Acting Vice Chancellor of the Benson Idahosa University (BIU), Prof. Johnson Oyedeji, told the CBN team that the management of the university will support the initiative for creating an enabling environment for CBN to interact with the students on the best way to use the eNaira policy.
Prof. Oyedeji said, he was happy that central banks all over the world have adopted the policy, noting, what is important now is that, “whatever that would help, and we can do as a nation to regulate and grow our financial system for the betterment of the people, is our desire”
He stressed that what should matter is that the policy must be well thought out, and efficiently implemented.”
Announcing support for the scheme, he said, “As a university, we are going to support you. We are going to get some of our students as your ambassador since you want to give them some stipends.
“As a university, we are also looking forward to what we would benefit, because we are the one to do your branding around the campus and the environs.”
