EXCLUSIVE: Amidst New Naira Note Chaos, e-Naira Onboarding Reaches 3m

Nigerians captured on the Central Bank of Nigeria (CBN)’s e-Naira platform have increased to three million from the previous figure of just over one million.

In the wake of series of policies like naira redesign and cash withdrawal limit churned out recently by the CBN to advance the country’s movement into full cashless system, the apex bank has embarked on a lot of aggressive marketing of the e-Naira as the most viable alternative to cash availability.

ECONOMIC CONFIDENTIAL can now authoritatively report that there has been a dramatic increase in the number of Nigerians on the e-Naira platform and the number has increased to three million.

A top source in the apex bank who didn’t want to be named because he was not authorised to speak on the matter told ECONOMIC CONFIDENTIAL that the CBN’s recent simultaneous sensitisation programmes across the country is responsible for this rapid increase in e-Naira enrollment.

This is happening at a time many Nigerians are queueing at banks and Automatic Teller Machines (ATMs) in search of old and new naira notes to spend.

CBN governor, Godwin Emefiele, had after meeting President Muhammadu Buhari last week shifted the deadline for the expiration of old naira notes from January 31 to February 10.

This has however not stopped the problems as Nigerians are still unable to access cash for transactions.

The source confided in our correspondent that the e-Naira is the way forward, a way out of the chaos Nigerians have been experiencing for the past few weeks.

“If all Nigerians can embrace the e-Naira, there won’t be need for all the suffering and chaos. The e-Naira is easy, affordable, no bank charges and no network headache.

“And if I may confide in you, the CBN is working round the clock to simplify the e-Naira even further. With new developments coming up, you wont be needing smartphones, internet, bank accounts or even BVN to use the e-Naira. I don’t know of any system that can help Nigerians beyond this e-Naira.

“CBN Officials have been busy going round the country to aggressively campaign for more Nigerians to enroll on the e-Naira platform.

“They have been holding meetings and workshops with okada riders, tricycle operators, roadside sellers, artisans and others who make up the informal sector and the result has been massive. And that is why three million Nigerians are now using the e-Naira to do business, and do personal transactions” the source said.

President Buhari had in October 2021 launched the e-Naira with pomp and pageantry making Nigeria the first country in Africa to embrace digital currency.

Emefiele had informed Nigerians that the e-Naira had come to make transfers easier, cheaper and more efficient as well as eradicate intermediaries and the network problems that made transactions complicated.