Tag: eNaira

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Emefiele gives update on eNaira

CBN seeks PPP model to improve healthcare infrastructure
CBN Gov, Godwin Emefiele

Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) 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 on Tuesday 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.

“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,’’ Emefiele 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 bank 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.

The CBN Governor also said that foreigners who had BVN could now onboard the system.

He added that with the recent assignment of the enaira USSD code by the Ministry of Communications and digital economy, Nigerians without a smartphone would soon be able to onboard and conduct transactions using enaira by dialling code 997.

Emefiele said that the apex bank was engaging the fintechs and other industry players to create a bouquet of products on enaira platform.

He said that while transactions on the system have so far mostly revolved around moving money to and from bank accounts, tests with licensed payment services providers were ongoing to enable payments using enaira on E commerce platforms.

The CBN Governor explained that this would enable Small and Medium Enterprises and other commercial service providers to offer their products and services and accept enaira as a means of payment and exchange.

He said that CBN was working on a framework that would leverage the existing and new infrastructure to soon extend the service of enaira to the unbanked, as part of its commitment towards meeting targets for Financial Inclusion.

Besides, he said that the bank together with its stakeholders planned to embark on a rigorous awareness campaign to create the necessary understanding of the operations of the enaira.

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ENaira won’t affect commercial banks’ deposits – Expert

Dr Biodun Adedipe, Chief Consultant, B. Adedipe Associates Ltd., said the e-Naira introduced by the Central Bank of Nigeria (CBN) would not affect deposits of commercial banks.

Adedipe said this at the National Business Extra fourth anniversary lecture/awards on Thursday in Lagos.

He spoke on the theme: “Cryptocurrency Vs E-Naira: Issues, prospects and challenges in Nigeria economy.”

Adedipe, who was the guest speaker, said e-Naira could not replace deposits or reduce the ability of the banks to create credits.

“It has limits on the amount that can conveniently be carried in a physical wallet,” he said.

According to him, banks will not lose their deposits to digital naira because of limits on e-Naira wallet transactions.

The economist explained that cumulative balance limits and transfer limits introduced by the CBN on Tier 1, 2 and 3 e-Naira wallet were small compared with activities of commercial banks.

The News Agency of Nigeria (NAN) reports that cummulative balance limit for Tier 1 is N300,000 with transfer limit of N50,000; Tier 2 balance unit is N500,000 with transfer limit of N200,000.

The CBN also pegged Tier 3 cumulative balance limit at five million naira with transfer limit of one million naira.

X-raying the benefits of the e-Naira, he said it would eliminate the cost of printing and minting currencies in the country.

Adedipe said it would eliminate restrictions in making cross-border payments, enhance financial inclusion and allow users to avoid the cost and restrictions in transactions on digital platforms of commercial banks.

The economist disagreed with insinuations that the e-Naira was introduced because of foreign exchange volatility.

He attributed foreign exchange volatility to speculation and the country’s huge import dependency.

On crytocurrency, the expert said recognising crypro as asset, commodity or means of exchange should be determined by its most prevalent use in Nigeria.

He stressed the need for a regulatory framework underscored by the popularity of mobile money.

Adedipe noted that regulatory framework was necessary due to trading in cryptos as alternative means of livelihood for tech-savvy, unemployed youths.

He said the framework should centre on what should be allowed, how it should be used, which financial institutions should be allowed and monitoring framework and reporting requirements.

“Blockchain technology has come to stay and will become more important. Cryptos ride on the back of the blockchain technology.

“If we want to encourage investment in blockchain technology (which is no longer the future, but already here), then we need to create space for cryptos and other adaptations of the technology,” he said.

Earlier, the Publisher of the National Business Extra, Mr Odion Aideloje, said the newspaper was established to be an alternative business platform.

Aideloje said the company was ready to partner corporate entities and other stakeholders for the growth and development of the country.

He said it had not been easy for the company in last four years of operation due to challenging operating environment.

The publisher assured stakeholders that the company would improve on shortcomings of previous years.

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Fraudsters woo Nigerians with N50bn eNaira bonanza

The Central Bank of Nigeria (CBN) has advised Nigerians to be wary of fraudsters who have been posting fraudulent messages relating to the eNaira launched recently.

The 419ers are flaunting an unreal N50bn bonanza to dupe people.

Mr Osita Nwanisobi, Director, Corporate Communications, said in a statement posted on the bank’s website on Wednesday, that the bank was not disbursing eNaira currency to citizens as claimed by the fraudsters.

“Following the formal launch of the eNaira on Monday, Oct. 25, the attention of the Central Bank of Nigeria has been drawn to criminal and illegal activities of some individuals and a fraudulent twitter handle, @enaira_cbdc purported to belong to the Bank.

“The impostor handle and fraudulent persons have been posting messages related to the eNaira with the intent of wooing unsuspecting Nigerians with claims that the Central Bank of Nigeria, among other falsities, is disbursing the sum of 50 Billion eNaira currency.

“These impostors are bent on defrauding innocent and unsuspecting members of the public through the links attached to their messages for application to obtain eNaira wallets and become beneficiaries of the said 50 billion eNaira currency.

“For the avoidance of doubt, the Central of Nigeria is not the owner of that twitter handle (@enaira_cbdc) and indeed suspended its presence on Twitter following the Federal Government’s ban. In effect, the Bank is not disbursing eNaira currency to citizens,’’ Nwanisobi said.

He urged Nigerians to always endeavor to seek clarifications on information about the eNaira either by visiting the eNaira website: www.enaira.gov.ng or calling the eNaira contact centre on 080069362472 or visiting any CBN Branch nearest to them.

He also advised anyone seeking clarity to visit the enaira current official social media handles: www.facebook.com/myenaira; www.instagram.com/myenaira and www.youtube.com/myenaira.

Nwanisobi urged that suspicious activity by members of the public should be reported to the CBN using [email protected] or to relevant law enforcement agencies.

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Harvard professor lists requirements for -eNaira success

Cohen

Prof. Lauren Cohen, L. E Simmons Professor of Business Administration, Harvard Business School, United States of America and other stakeholders on Thursday reeled out recommendations to deliver the success of the Central Bank Digital Currency (CBDC).

They spoke at a symposium organised by the Financial Services Group Lagos of the Chamber of Commerce and Industry (LCCI) held physically and virtually.

The News Agency of Nigeria (NAN) reports that the symposium had as its theme: “Blockchain Technology, Cryptocurrencies and Central Bank Digital Currencies: Implications for the Global Financial Landscape.”

Cohen listed the positive implications of the CBDC to be easier, cheaper and more fluid, more efficient and effective transactions, better enforcement and monitoring of contract and tax payments and greater financial inclusion.

He, however, noted that the matter of privacy was a big knock of the CBDC that needed to be dealt with.

“For it to be successful, a network group must be created to increase the breadth and depth of adoption to make it more valuable.

“The CBN must be lauded for rolling out the CBDC in the way they did but more needs to follow to ensure it robustly takes over the decentralised finance system.

“It is the beginning of how fintech should be embraced to create value as an engine that fuels the dynamic landscape to look for path-breaking fintech innovations that are yet to come.

“However, the landmarks must be time, adoption, motor and inclusion sensitive, with definite timelines,” he said.

Mr Uzoma Dozie, Chief Sparkler, Sparkle Nigeria, said government as a big player in the CBDC would engender a ripple effect of success and facilitate the move to cashless and more digitalised financial system.

He noted that the CBDC would increase digital liquidity, and help government pay social funds directly to beneficiaries and vice versa.

“However, there’s the need to scale up infrastructure such as mobile devices, data availability to drive the e-currency adoption across the country,” he said.

Mrs Toki Mabogunje, president, LCCI, quoted Chainalysis report that states that Nigeria currently had the 8th highest cryptocurrency adoption in the world.

Mabogunje, represented by Mr Abimbola Olashore, Treasurer, LCCI, said opportunities in blockchain technology and digital currency could potentially add up to 29 billion dollars to Nigeria Gross Domestic Product (GDP) by the year 2030.

Mabogunje said in recognition of these abundant opportunities, the Nigerian government was making concerted efforts to broaden policies and regulatory landscape to ensure that benefits of digital financial innovations did not elude the country.

“We laud the Central Bank of Nigeria’s bold moves to develop digital currency codenamed “eNaira,” with Nigeria becoming the first country on the continent and one of the earliest around the world to introduce centrally backed digital currency.

“This reinforces the readiness of the Nigeria government to harness the potential of technology ecosystem to drive economic growth and development through facilitated informal and formal sectors.

“The LCCI enjoins relevant agencies and regulatory authorities responsible for designing and implementing technology, innovations and investment policies to effectively coordinate their activities.

“This is to develop a harmonized blueprint that will create a level playing field for both private and public players in cryptocurrency ecosystem,”said Mabogunje.

He added that regulations on blockchain technology and digital currency must be dynamic, robust, inclusive, responsive, globally competitive and fit for the Nigerian context.

“This will give fillip to the tech savvy youth to innovate and spur confidence of investors and encourage significant investment in the blockchain ecosystem,” she said.

Mr Obinna Anyanwu, Chairman, Financial Services Group, LCCI, said the COVID-19 pandemic had underscored the importance of digitised financial system as imperative for a developing economy like Nigeria.

This, he said, would help the country integrate more effectively into the global supply chain.

“We are of the firm belief that the Central Bank Digital Currency (CBDC) recently launched by the apex bank could complement the current areas of payment options, thereby ensuring the stability of the payment system in the long run.

“That is why we are here today to deepen the conversation generally on opportunities of blockchain technology and innovations and specifically on how the recently released regulatory guidelines on the e-Naira will drive digital financial transformation in Nigeria,” he said.

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15 quick facts about eNaira

Nigeria launched the much awaited eNaira on Monday, October 25, 2021. This came up some three weeks after the initial schedule of October 1, 2021. Here are some quick facts about it:

It is different from bitcoin/cryptocurrency because it is under the regulation of the Central Bank of Nigeria.

The official way of writing its name is eNaira – not e-naira or enaira.

Because it is under regulation, it is traceable alongside its transactions in case there are issues.

As ‘The Guardian’ had also noted, eNaira is a digital storage that holds the eNaira. It is held and managed on a distributed ledger.

It can be used for remittance which includes cheaper diaspora remittance option.

It can be used for both international and local trade.

It has a unique identity and security structure

It will be used just like the Naira cash but in the digital form.

The eNaira is stored in an eNaira Wallet which is a digital purse that holds the eNaira and the wallet is held and managed on a distributed ledger.

It is exchanged peer to peer.

It is universal – anybody can hold it.

It does not yield any interest.

Payments can be made by scanning QR codes.

You can monitor your e-wallet activities.

Without the eNaira wallet no individual can access, hold and use eNaira.

To create an e-wallet account, for smartphone users, download the eNaira app (termed “Speed”) from either the Google Play Store or Apple Store and complete the registration process. For feature phone users, utilize USSD codes and follow the registration prompts.

To resolve failed transactions, Reach out to the customer support of the bank you selected when registering for eNaira through their available channels which include: phone, email, whatsapp, etc. If issues are not resolved within 48 hours, send an email to CBN’s eNaira Customer Support via [email protected]

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eNaira to fetch $29bn in 10 years – Buhari

Buhari

President Muhammadu Buhari says the adoption of Central Bank Digital Currency(CBDC) can increase Nigeria’s Gross Domestic Product(GDP) by 29 billion dollars over the next 10 years.

Buhari made this submission on Monday while performing the formal Unveiling of Central Bank of Nigeria (CBN) Digital Currency, eNaira at the Presidential Villa, Abuja.

He said that, by the introduction of the eNaira, Nigeria had become the first country in Africa, and one of the first in the world to introduce a digital currency to its citizens.

The president said there were Nigeria-specific benefits of the digital currency that cut across different sectors of the economy.

“In recent times, the use of physical cash in conducting business and making payments has been on the decline; this trend has been exacerbated by the onset of the COVID-19 pandemic and the resurgence of a new Digital Economy.

“Alongside these developments, businesses, households, and other economic agents have sought for new means of making payments in the new circumstances.

“The absence of a swift and effective solution to these requirements, as well as fears that central banks’ actions sometimes lead to hyperinflation created the space for non-government entities to establish new forms of private currencies that seemed to have gained popularity and acceptance across the world, including here in Nigeria.

“In response to these developments, an overwhelming majority of central banks across the world have started to consider issuing digital currencies in order to cater for businesses and households seeking faster, safer, easier and cheaper means of payments.’’

According to the president, a handful of countries including China, Bahamas, and Cambodia have already issued their own CBDCs.

Buhari said that a 2021 survey of central banks around the world by the Bank for International Settlements (BIS) found that almost 90 percent were actively researching the potential for CBDCs.

He said that the survey also found that 60 percent were experimenting with the technology while 14 percent were deploying pilot projects.

“Needless to add, close monitoring and close supervision will be necessary in the early stages if implementation to study the effect of eNaira on the economy as a whole.

“It is on the basis of this that the CBN sought and received my approval to explore issuing Nigeria’s own CBDC, named the eNaira.

“This move was underpinned by the fact that the CBN has been a leading innovator in the form of money they produce, and in the payment services they deploy for efficient transactions.

“They have invested heavily in creating a payment system that is ranked in the top ten in the world and certainly the best in Africa.

`This payment system now provides high‐value and time‐critical payment services to financial institutions, and ultimately serves as the backbone for every electronic payment in Nigeria.’’

President Buhari said the apex bank had also supported several private‐sector initiatives to improve the existing payments landscape, and in turn, had created some of the world’s leading payment service providers.

He said that the efforts to create Nigeria’s digital currency began in 2017.

“While the journey to create a digital currency for Nigeria began sometime in 2017, work intensified over the past several months with several brainstorming exercises, deployment of technical partners and advisers.

“Collaboration with the Ministry of Communication and Digital Economy and its sister agencies like the Nigerian Communications Commission, integration of banking softwares across the country and painstaking tests to ensure the robustness, safety and scalability of the CBDC System.

“Let me note that aside from the global trend to create digital currencies, we believe that there are Nigeria-specific benefits that cut across different sectors of, and concerns of the economy.

“The use of CBDCs can help move many more people and businesses from the informal into the formal sector, thereby increasing the tax base of the country.

“Alongside digital innovations, CBDCs can foster economic growth through better economic activities. Indeed, some estimates indicate that the adoption of CBDC and its underlying technology, called blockchain, can increase Nigeria’s GDP by 29 billion dollars over the next 10 years.’’

He said that CBDCs could also help increase remittances, foster cross border trade, improve financial inclusion, make monetary policy more effective, and enable the government to send direct payments to citizens eligible for specific welfare programmes.

“It is on these basis that I am delighted to officially launch the CBN Digital Currency, called the eNaira, and in so doing, we have become the first country in Africa, and one of the first in the world to introduce a Digital Currency to her citizens.’’

Buhari commended CBN Governor, Godwin Emefiele, his deputies and the entire members of staff who worked tirelessly to make the day a reality.

In his remarks, Emefiele said that the eNaira was Nigeria’s CBDC and the digital equivalent of the physical Naira.

According to the CBN governor, the eNaira – like the physical Naira – is a legal tender in Nigeria and a liability of the CBN.

“The eNaira and Naira will have the same value and will always be exchanged at 1 naira to 1 e-Naira,” he said.

The highlight of the event was the symbolic unveiling of e-Naira by President Buhari, assisted by Vice President Yemi Osinbajo and the CBN governor.

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BREAKING: FG finally introduces eNaira

CBN Governor, Godwin Emefiele

October 2025 has become a historical day in Nigeria’s finacial system as the Central Bank has launched eNaira.

According to information on the CBN’s website, the Digital Currency has two applications – eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store on Monday.

According to the CBN, the digital currency will add value to Nigeria’s economy.

A statement on the website reads: “eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.

“eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.”