Nigeria’s Apex Bank, the Central Bank of Nigeria (CBN) says that the growth of the eNaira will allow for a stable economy while also improving payment systems in the country.
The Deputy Governor, of Economic Policy of the CBN, Dr. Kingsley Obiora stated this while speaking at the Central Bank of Nigeria Executive Seminar entitled “Digitalisation of Money and Monetary Policy in Nigeria” held in Abuja on Wednesday.
Obiora said that eNaira has continued to unlock new phases and possibilities in facilitating a reduction in cash processing costs and creating an efficient payment ecosystem in Nigeria.
“We must continue to improve on the rate of adoption of the eNaira, especially for the informal sector of the economy. Pooling all these factors together will strengthen the transmission mechanism of monetary policy, improve the payments system and lead to a more stable economy,” he said.
Paired with its initial level, Obiora said that the eNaira, recorded 190.1 percent growth in transactions since it was launched on October 25, 2021.
According to him, the eNaira currently has over 3,000 registered merchants on the platform.
This is in addition to a circulation volume of N2.10bn within a year.
Earlier in his remark, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele stated that the growth of the eNaira was hampered by among many reasons, financial illiteracy and weak infrastructures which will aid in integrating such services in the country.
If it can work on accelerating the current Inclusion rate, Emefiele said that the potential of the eNaira would be greatly maximized.