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CBN Restates Commitment To Robust Payment System In Nigeria.

Governor of the Central Bank of Nigeria, Godwin Emefiele, has reiterated his commitment to build a robust payment system in Nigeria.

Emefiele made this known in Gombe during the All-Financial Institutions Football Competition, organised with the support of the Nigeria Football Federation.

The FIRS emerged winner after defeating the Securities and Exchange Commission FC 1-0, which was scored in the 20th minute by ThankGod Ikeagwu.

Represented by Gombe branch controller Shehu Goringo, the CBN governor said his administration would continue to tackle financial inclusion from the grassroots.

He said, “Let me use the opportunity of this final to reiterate our dedication to building a robust payment system in Nigeria, and ensuring greater financial inclusion, particularly at the grassroots.  It is in this vein that the CBN, in October 2021, deployed the first Central Bank Digital Currency in Africa, the e-Naira which is facilitating our goal of ensuring greater financial inclusion through the adoption of digital channels and providing a reliable channel for remittance inflows into the country.”

He said, “A key focus of the CBN is also supporting the growth of the digital economy. Since the launch of the eNaira, we have recorded more than 840,000 downloads with over N4billion worth of transactions. The eNaira will ensure that even Nigerians in the most remote areas conduct financial transactions using their digital devices at very little or no cost.

“As part of the CBN’s effort to further integrate and broaden the usage of the eNaira, it was assigned an Unstructured Supplementary Service Data code, enabling payments by simply dialing “997# on a mobile phone,” he said.

Commenting further on the naira redesign, Emefiele said he said it was geared towards reducing cost of cash management.

He said, “Next week, President Buhari will be launching a new series of N200, N500 and N1,000 banknotes. The decision to redesign the naira is aimed at reducing the cost of cash management. reducing volume of cash in circulation; disrupting counterfeiting activities enhancing adoption of digital/electronic transaction channels.

“With the launch of the new N200, N500 and N1,000 series, the existing currencies shall remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be a legal tender.”

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