Expert urges CBN to publicise eNaira to deepen cashless mode of payment

A Software Development Expert, Dr Yele Okeremi has called on the Central Bank of Nigeria (CBN) to publicise it recently launched eNaira to further deepen the country’s cashless mode of payment.

Okeremi, Chief Executive Officer, Precise Financial Systems (PFS) made the call during an interview with the News Agency of Nigeria (NAN) on Friday in Lagos.

The software expert said that the CBN should ensure, through publicity, more Nigerians accept the e-naira because of its safer and efficient mode of payment.

NAN reports eNaira is an electronic version of the local paper naira, equal in value and issued by the CBN.

It is not intended to replace cash but functions as a safer and efficient alternative means of payment.

The eNaira was unveiled at State House by President Muhammadu Buhari, on Oct. 25, 2021 to increase remittances, foster cross-border trade, improve financial inclusion and enable the government to make welfare payments more easily.

Buhari said the adoption of eNaira would improve economic activities and increase Nigerian GDP by $29 billion over the next 10 years.

The President said that Nigeria had become the first country in Africa and one of the first in the world to introduce a digital currency to it citizens.

The theme of the eNaira is: Same Naira, more possibilities.

Okeremi wondered why the impact of the eNaira was yet to be accepted by Nigerians, a year after it was launched.

”The accessibility rate of the eNaira is still below 20 per cent.  This is not because we have failed to use it, it is rather because we are still attempting to use it.

”We can make it more accessible to Nigerians. One way is to enable non smart phone users to access it without the internet.

”The promotion of the eNaira should focus more on the merchants. Buyers will naturally key in as soon the merchants have accepted it,” he said.

Okeremi said that access to the eNaira should be opened to both petty traders and big retail merchants.

”Steps needs to be taken to educate the public about it so that people do not see it as an elitist policy.

”The eNaira is just our normal naira. The difference is that the person holding it is not carrying notes, it is a legal tender issued by the CBN,” he said. (NAN)