CBN reveals gradual acceptance of e-Naira among Nigerians

CBN reveals gradual acceptance of e-Naira among Nigerians

The Central Bank of Nigeria (CBN) has disclosed that Nigerians are gradually adopting the eNaira, launched three months back.

This was contained in a statement issued on Tuesday, January 25, by the CBN Governor, Godwin Emefiele, who says Nigerians are gradually adopting the eNaira, launched three months back.

Emefiele said this while answering questions from members of the press after presenting the outcome of the two-day Monetary Policy Committee (MPC) meeting in Abuja.

The MPC, at the meeting, retained the country’s Monetary Policy Rate (MPR) at 11.5 per cent. and also unanimously agreed to retain all other monetary policy parameters.

The Cash Reserved Ratio (CRR) was, thus, retained at 27.5 per cent, Liquidity Ratio, 30 per cent, and Assymetric Corridor, +100 and -700 Basis Points around the MPR.

Emefiele, answering questions after presenting the MPC meeting outcome, said that Person to Bank and Bank to Person transactions have accounted for 90 per cent of transactions done on the eNaira speed wallet.

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“Since its launch about three months ago, Nigerians have continued to gradually adopt eNaira as a fast and reliable means of exchange.

”Transactions recorded range from P to P, that is, Person to Person; or Person to Merchant, P to M; Bank to Person; Person to Bank and Bank to Merchants and Merchants to Bank.

“The Person to Bank and Bank to Person constitute 90 per cent of what we see in the market; and as you will observe, we spent the last three months observing and monitoring the system; and addressing issues mostly around initial onboarding,’’ the CBN Governor said.

According to him, transactions on the system have been super-fast and remain free for now.

He said that stringent validation procedures were enforced; to preserve the integrity and security of the system; since it was account-based, and required a digital identity.

“We feel that you must have a BVN and you must have an account to be able to access it; and we also find that this has created some kind of constraints; on people about onboarding with BVN and the rest of them.

“But again, we believe that what we do by the use of the BVN is the best; so as to avoid fraudsters from hacking into the system.

“Most of the complaints received were mainly around the inability of prospective users; to onboard and activate the E-wallet; due to a mismatch of BVN enrollment records,’’ he said.

Emefiele said that the CBN together with the Nigeria Interbank Settlement System; and the Deposit Money Banks were working; to simplify the process of updating such information.

He added that considerable progress had been made with the release of locked accounts for re-onboarding.

 

 

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