BREAKING: CBN revives e-Naira project to boost digital financial services

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The Central Bank of Nigeria (CBN) is working to revive the eNaira project, a digital currency launched in October 2021 to drive financial inclusion. Despite its potential, the eNaira’s acceptance level remained low due to poor awareness about its operations.

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CBN Branch Controller, Lagos, Sunday Daibo, stated, “In a world where technology is reshaping economies and redefining how people interact with financial services, alternate financial services have emerged not as an option but as a necessity.” He emphasised the importance of digital payment channels in connecting underserved populations to the formal financial system.

The CBN is taking steps to ensure more people are brought into the digital payment network. Daibo added, “Today’s gathering brings together policymakers, financial institutions, FinTech innovators, merchants, and the public, all stakeholders in a single mission to make financial access available to the person and to ensure that every Nigerian, regardless of location or status, can participate in and benefit from our nation’s economic progress.”

CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, highlighted the apex bank’s commitment to stimulating productivity, financial inclusiveness, and delivering on its core mandate of monetary and price stability. She noted that the CBN has rolled out several initiatives, including exchange rate unification policy, clearing over $7 billion of verified backlog of FX forwards, and launching the Nigeria Foreign Exchange (FX) Code to improve governance in the forex market management.

The CBN has also launched the Unified Complaints Tracking System (UCTS) and a USSD code (*959#) for verifying licensed institutions to enhance transparency and consumer protection in the Nigerian financial sector. Sidi Ali urged Nigerians to respect and keep the naira clean, saying, “Do not spray, hawk, mutilate or counterfeit the Naira.”

The CBN’s efforts aim to promote financial inclusion, stability, and economic growth, positioning Nigeria for a brighter future

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