Embrace e-Naira for tuition, salaries — CBN tells tertiary institutions in Nigeria

The Central Bank of Nigeria, CBN, yesterday asked the authorities of tertiary institutions across the country and students to adopt the e-Naira for payment of tuition fees, salaries and other transactions in view of its benefits.

Acting branch Controller of the Apex bank in Ondo state, – Samuel Ademola Giwa, said that e-Naira remained a viable alternative payment platform to physical cash transactions and should be utilised by all Nigerians for hitch-free and cost-effective transactions.

Giwa said this during a sensitisation drive on e-Naira wallet by CBN at Federal University of Technology Akure, FUTA, Ondo state.

According to him the exercise was to sensitise the students and other stakeholders on the need to embrace the platform.

He said, “Considering the multitude of benefits associated with the eNaira, I strongly urge the University of [University Name] to adopt this for the collection of fees, levies, and revenues within our institution.

“Furthermore, I encourage all businesses operating within our university to follow suit and embrace the eNaira.

“By doing so, we not only enhance our financial well-being, we also contribute to the broader goal of economic growth in Nigeria. Let us seize this opportunity to revolutionize our financial landscape.

”The eNaira is safe, convenient, and accessible, and it complements existing electronic payment systems rather than replacing them.

“Together, let us embrace the eNaira, improve financial inclusion, and drive economic prosperity for our university community and beyond.

“The eNaira is not just any currency; It is designed to complement the existing physical Naira and to provide a more efficient, secure, and accessible means of payment.

“It represents a remarkable leap forward in how we interact with money, and it is tailor-made to meet the needs of our vibrant and dynamic community.

Speaking on its benefits, Giwa said that
“One of the primary advantages of the eNaira lies in its unparalleled convenience. With this digital currency, individuals can swiftly and easily make payments without relying on physical cash or traditional payment cards.

”The eNaira streamlines the payment process, allowing for seamless transactions in various scenarios.

“The eNaira operates on robust blockchain technology, ensuring a high level of security. This advanced technology makes it incredibly challenging to counterfeit or compromise the currency, providing peace of mind to both users and businesses.

”By adopting the eNaira, we bolster the integrity and trustworthiness of our financial ecosystem.

”The eNaira plays a vital role in promoting financial inclusion, particularly for individuals without access to traditional banking services.

”This digital currency opens doors for those who may have been previously excluded from the formal financial system, granting them the ability to engage in digital transactions and experience the benefits of financial empowerment.

”Embracing the eNaira can significantly enhance the efficiency of our financial operations. The transparency and traceability of transactions facilitated by the digital currency allow for streamlined processes, reducing administrative burdens and improving overall operational efficiency.

“The eNaira serves as a catalyst for economic growth, as evidenced by other countries’ successful adoption of central bank digital currencies. China’s digital yuan and the Bahamas’ Sand Dollar have demonstrated how CBDCs can boost the efficiency of financial systems and stimulate economic development.

The controller added that “By embracing the eNaira, we position ourselves at the forefront of progress, fostering a thriving economic environment.

Responding, the Vice Chancellor of the institution, Prof Adenike Oladiji, who spoke through the deputy vice-chancellor, Academics, Prof Taiwo Amos described the E- naira policy as enormous with tremendous benefits.

Prof Oladiji promised that students would embrace the innovation adding that the management would look into the request of the bank that the E- Naira be adopted for the payment of salaries and other transactions in the institution