Nigeria’s Digital Currency Will Deepen Financial Inclusion- CIBN President

The Chartered Institute of Bankers of Nigeria (CIBN), has said the eNaira is part of measures to deepen financial inclusion and integrate millions of unbanked Nigerians into the banking system.

This was stated by the President of CIBN, Dr Bayo Olugbemi, who spoke at the 56th Annual Bankers Dinner of the institute.

Olugbemi noted that while the modality for the operation of the central bank digital currency was being fine-tuned, the launch of the electronic currency was a step in the right direction.

While commending the Central Bank of Nigeria Governor, Godwin Emefiele, for the introduction of eNaira, he said, “I have no doubt in my mind that it is a welcome development and a step in the right direction.

“Equally worthy of note is the improvement, though slight, being witnessed in the exchange rate of the naira. I wish to call for its sustenance. We are certainly working in interesting times, with global growth rate at its lowest and traditional norms being challenged on a daily basis.”

Olugbemi, who would be handing over the mantle of leadership of the institute by May 2022, noted that his tenure built “on the solid foundation laid by our predecessors, rooted in the tradition of constantly leaning forward into the future”.

In his keynote address, Emefiele, who was the special guest of honour, said, “In less than four weeks since its launch, almost 600,000 downloads of the e-Naira application have taken place.

 “Efforts are ongoing to encourage faster adoption of the e-Naira by Nigerians who do not have smartphones.

“The support of the financial industry will be critical in the ongoing deployment of the e-Naira and efforts are ongoing to encourage continued partnership between the CBN and stakeholders in the financial industry.”

Deborah Adegoke

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