On Wednesday, the Central Bank of Nigeria (CBN) emphasized that its e-Naira policy was developed to complement the physical Naira and offer a more efficient, secure, and accessible payment method.
Mr. Haludu Andaza, Branch Controller of CBN in Bauchi, made this statement during the e-Naira policy campaign at the Federal Polytechnic, Bauchi.
Andaza highlighted that the policy would facilitate financial transactions in institutions, introducing the e-Naira as Nigeria’s digital currency, representing a significant advancement in how money is transacted, custom-tailored to meet the needs of the vibrant and dynamic community.
“One of the primary advantages of the e-Naira lies in its unparalleled convenience because,, with this digital currency, individuals can swiftly and easily make payments without relying on physical cash or traditional payment cards.
“The e-Naira streamlines the payment process, allowing for seamless transactions in various scenarios.”
The branch controller elaborated that the e-Naira operates on robust blockchain technology, guaranteeing a high level of security.
“This advanced technology makes it incredibly challenging to counterfeit or compromise the currency, providing peace of mind to both users and businesses.
“By adopting the e-Naira, we booster the integrity and trustworthiness of our financial ecosystem,” he said.
Andaza further emphasized that the e-Naira initiative is expected to play a vital role in promoting financial inclusion, especially for individuals without access to traditional banking services.
He emphasized the importance of the polytechnic community embracing and transitioning to the cashless system for enhanced financial security and efficiency through the E-Naira platform.
“This digital currency opens doors for those who may have been previously excluded from the formal financial system, granting them the ability to engage in digital transactions and experiencing the benefits of financial empowerment.”
