CBN Takes eNaira Campaign to Premier University in Nigeria
The Central Bank of Nigeria (CBN) has taken its cashless policy sensitisation to the University of Nigeria, Nsukka (UNN) saying that the policy is aimed at reducing physical cash transactions and creating awareness for the adoption of digital payment.
Speaking in Nsukka during a courtesy visit to the Vice Chancellor of UNN, Prof Charles Igwe, the CBN’s Assistant Director of Payments System Management Department, Abuja Mr Chika Ugwueze, said that the visit was to inform the Institution’s management on the 2-day sensitisation seminar that will take place in the university on April 27 and 28.
Ugwueze said that the eNaira is CBN digital currency as well as a digital version of the physical naira that can be used for payment in all transactions which will also help in operating the cashless policy.
“The only difference between the regular naira and eNaira is that you can hold the regular naira in your hand but will not hold eNaira, but at the same time, two of them are used to do every money transaction.
“We choose UNN for the sensitisation seminar because it is one of the oldest premier universities in the country that have a large population of students and staff,” he said.
The Assistant Director explained that the greatest advantage of the eNaira is that it has direct liability with CBN and money in the platform is well secured.
“eNaira will reduce the risk of theft and loss and will as well make it easier to track and monitor money transactions.
“Just like you open an account in a commercial bank, in eNaira you are opening a direct account with CBN, and be rest assured that your money is safe and in a more secure and efficient financial system.
“Also, in commercial banks, in the event of liquidation, payment of money to customers at times take longer than necessary or even get lost, but in eNaira your money is secured any day any time as long as Nigeria exists,” he said.
Responding, Prof Igwe who was represented by the Deputy VC Administration Prof Pat Okpoko commended CBN for choosing UNN for the 2-day eNaira sensitisation seminar.
The VC however noted that the country had always had good policies but blamed poor policies implementations as the reason some of them fails.
He urged the Apex Bank to ensure massive sensitisation and education on the new eNaira digital money platform to enable Nigeria to understand its functions and features very well, as well as ensure that they implement other policies that would enhance its smooth operation.
While pledging to ensure the success of the e-Naira initiative of CBN, he said the policy, if well implemented, would deepen financial inclusion, speed transaction processes and enhance financial security.
He said, “e-Naira is like any other policy issue in this country. Nigeria is one of the countries that can produce policies that are very, very competitive globally, but our usual problem is implementation.
“If you take a policy from the US on digital currency and put it side by side with Nigeria, we can compete. When we implement you see them do 80 percent, 90 percent, Nigeria will do 20 percent. And that is where the issue lies, how do you implement it?”
The VC urged the CBN to deploy all the facilities required, especially concerning offline transactions, in order to deliver where there are no internet services.
He promised to partner the country’s apex bank to ensure the success of the programme, noting that UNN as a premier university and the first indigenous university in the country with a huge student population was well positioned to play a key role in that direction.
The seminar which took place at the Princess Alexandra Auditorium, UNN had as its theme; “Understanding The Workability of the eNaira and its Implication on Cashless Policy,” has Zenith Bank as their partner.
