E-naira will aid monetary policy decisions-making-CBN

The Central Bank of Nigeria (CBN) has said that the e-naira would help in policymaking in terms of monetary policy decisions as decisions are made based on available information.

The Controller of CBN, Uyo Branch, Mrs Mercy Ogbomonpaul stated this while interacting with the Vice-Chancellor of the University of Uyo, Prof. Nyaudoh Ndaeyo, in Uyo.

Ogbomonpaul called for collaboration with the University of Uyo for the sensitization of the institution’s staff and students on the usage of the e-naira policy in daily business transactions.

“If we are all on the e-naira platform, the Central bank would be able to ascertain how much has been transacted in the e-naira platform and make policy decisions for our monetary policy in the country,” she said.

The branch controller added that the e-naira would make the payment system more viable and bring more people into the system.

The need to embrace monetary policy decisions

Ogbomonpaul, who was represented by Assistant Director, CBN, Mr. Isang Enya, urged Nigerians to embrace the policy.

She said that the sensitization program was to educate the University community on the system and encourage them to key into it.

She said that the e-naira platform had been introduced into the country in 2021 for citizens to embrace for their daily businesses.

Ogbomonpaul said Nigeria was the seventh nation to introduce the central bank digital currency ( CBDC), adding that other countries had gone beyond the physical cash payment and were now using the e-payment system.

“We are here to partner with you on the e-naira; globally, the economy is now going e-payment and not cash payment as it is known in our environment.

“The Central Bank in its wisdom, in line with best practices, adopted the e-naira platform.

“The e-naira is expected to help us to be on par with what other countries are doing; the unfolding trend now is that we use e-payment rather than physical cash,” she said.

According to her, e-naira is an initiative of the Central Bank that will work at par with the physical cash.

Ogbomonpaul said the e-naira could be used in transactions rather than physical cash, adding that it would help in handling the deficiencies noticed and experienced in the use of cash.

She said, “It is simple, it is easy and will allow the government to get its revenues in terms of payment very easily.”
Responding, Ndaeyo said the institution was happy to be a part of the initiative and would partner with CBN on the e-naira policy.

Ndaeyo said that the university was also willing to partner with the CBN in the area of agriculture.

He urged the apex bank to go beyond the shores of the university, into the communities to sensitise people on the e-Naira.

The vice-chancellor, however, commended the Central Bank for the introduction of e-naira into the payment system in the country, urging everyone to embrace the system.