Central Bank of Nigeria (CBN) to Permit eNaira through the U S Dollars

By Abdul Rahman Bangura–

Photo Credit: iStock

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone – Nigeria’s Central Bank Governor – Godwin Emefiele has made a new announcement about the eNaira, that the eNaira is a central bank digital vouched by law and issued by the CBN as a legal tender. And it’s the digital configuration of the Naira utilized as a cash.

The CBN Governor declared that from next week, Nigerians would be eligible to transact on eNaira wallet through the Unstructured Supplementary Service Data code on mobile phones.

He reaffirmed that, Emefiele Nigerians could similarly open an eNaira wallet on any phone of their choice through the designated USSD code. Nigerians would only keep to dial *997# from their phones to carry out transactions on their phones. The CBN Governor noted.

Emefiele published these at the Grand Finale of the 2022 eNaira Hackathon in Abuja on Thursday, August 18th, 2022.

“Nigerians, both banked and unbanked, will be able to open an eNaira wallet and conduct transactions by simply dialing *997 from their phones.

“Shortly after this, both merchants and consumers with bank accounts can use the NIBSS Instant Payment (NIP) to transfer and receive eNaira to any bank account.

“This will further deepen the integration of the eNaira with the existing national payment infrastructure”.

“The CBN will increase the level of Financial Inclusion in the Country because just like the Naira, the eNaira is expected to be accessible to all Nigerians. And would provide more possibilities to bring in the unbanked into the digital economy”.

Emefiele said, “We feel delighted with what we are doing in the area of the Central Bank Digital Currency, CBDC. What we are doing in the area of eNaira is attracting the interest of different countries in the world,” the revealed during an experience-sharing tour of the CBN’s CBDC (eNaira) by officials of the Bank of Uganda in Abuja.

He remarked that, the CBN had been obtaining a lot of enquiries from central banks in Africa and several facets of the world that were aimingng to comprehend what the bank was achievingving.