July 26, 2023

The Central Bank of Nigeria (CBN) on Wednesday said that its e-Naira policy was designed to complement the existing physical Naira and to provide a more efficient, secured, and accessible means of payment.

Mr. Haludu Andaza, Branch Controller, CBN, Bauchi said this on Wednesday, when the Apex bank took its e-Naira policy campaign to the Federal Polytechnic, Bauchi.

Andaza also said the policy would aid financial transactions in institutions, adding the e-Naira was the digital currency of Nigeria.

According to him, 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.

“One of the primary advantages of the e-Naira lies in its unparalleled convenience, because with this digital currency, individuals can swiftly and easily make payments without relying on physical cash or traditional payment cards.

“The e-Naira streamlines the payment process, allowing for seamless transactions in various scenarios.”

The branch controller explained that the e-Naira operated on robust block chain 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 e-Naira, we booster the integrity and trustworthiness of our financial ecosystem,” he said.

Andaza also said the e-Naira initiative was expected to play vital role in promoting financial inclusion, particularly for individuals without access to traditional banking services.

He stressed the need for the polytechnic community to embrace and migrate to the cashless system for financial security and efficiency using the E-Naira platform.

“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 experiencing the benefits of financial empowerment.”

In his remarks, Alhaji Sani Usman, Rector of the institution lauded the CBN initiative and campaign to educate the management and Nigerians on the e-Naira policy.

He assured that the institution would embrace the policy and ensure its success by ensuring that both staff and students keyed into it. (NAN)