CBN’s Relentless Pursuit to Revive Naira Through eNaira
By Lawal Dahiru Mamman
In a period when the Nigerian currency, the Naira, has faced unprecedented challenges and global economic headwinds, the Central Bank of Nigeria (CBN) has demonstrated unwavering resilience. Despite the some worth unstable nature of the currency, the apex bank has not shown any signs of fatigue.
Rather, it is pushing forward with a renewed commitment to restore the Naira’s strength and reposition the economy for sustainable growth. This determination is worth emulating not just for financial institutions, but for every stakeholder in the nation’s economic future.
One clear demonstration of this resolve is the revival of the eNaira project. Launched in October 2021 as a Central Bank Digital Currency, the eNaira was envisioned as a tool to drive financial inclusion and expand digital access. While initial uptake was slow due to poor awareness, the CBN has embarked on a robust campaign to bring more Nigerians into the digital payment network.
At a recent CBN Fair in Lagos themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” Lagos Branch Controller, Sunday Daibo, emphasized that in today’s technology-driven world, alternative financial services are no longer optional but necessary because they serve as bridges connecting underserved populations to the formal financial system, ensuring that every Nigerian, regardless of location or status, can participate in and benefit from the nation’s economic progress.
It is not only about modernizing transactions. It is about economic empowerment. The CBN’s track record in recent years underscores its dedication to national development. Under the leadership of Governor Olayemi Cardoso, the bank has implemented reforms aimed at stimulating productivity, boosting financial inclusion, and achieving monetary and price stability.
Policies such as exchange rate unification to curb arbitrage, the clearance of over $7 billion in verified foreign exchange backlogs, and the launch of the Nigeria Foreign Exchange Code to strengthen governance have already yielded results, including increased foreign investment inflows and improved trade balances.
CBN has also embarked on recapitalizing the banking sector, a move that will bolster resilience and enhance global competitiveness positioning Nigerian banks to support the government’s $1 trillion economy target. At the same time, initiatives such as the Unified Complaints Tracking System and its dedicated USSD verification code are improving transparency, protecting consumers, and restoring public confidence in the financial system.
The CBN’s commitment goes beyond monetary policy. Its campaigns to keep the Naira clean, combat counterfeiting, and safeguard it as a national symbol reflect a deep understanding of the currency’s role in national pride and economic identity. Inflation-targeting frameworks, careful adjustments to monetary policy, and upgraded digital security systems have kept the economy on a steady course, even amid global disruptions.
Revival efforts are not just about stabilizing the present; they are building a foundation for the future. By revitalizing the Naira and expanding digital financial inclusion, the CBN is laying the groundwork for increased investor confidence, greater participation in the global market, and new opportunities for Nigerian businesses. If sustained, these reforms could trigger a long-term economic transformation one that sees the Naira not as a struggling currency but as a strong, competitive symbol of a resurgent economy.
The message is clear: economic revival is not a sprint but a marathon. The Central Bank’s resilience shows that even in the face of daunting challenges, persistence, reform, and innovation can turn the tide.
Nigeria has the tools, the leadership, and the vision to reclaim its economic standing. What remains is for all stakeholders, government, businesses, and citizens to match the CBN’s dedication and work together towards a stronger, more prosperous future.