From Tony Osauzo, Benin
The Central Bank of Nigeria (CBN), yesterday, explained that the introduction of the eNaira in the financial system is among others, geared towards improving the effectiveness of monetary policy in managing inflation as well as driving economic growth in the country.
The apex bank made the clarification at a seminar at a Fair it organized in Benin City, tagged: Promoting Financial Stability and Economic Development.
The Team Lead Director, Corporate Communication Department, Nwanisobi Osita, who spoke on overview of the seminar, said the CBN had been working with a clear mandate of stabilizing price economy towards growing the economy sustainably, reassuring that the financial system of country was stable, strong and resilience.
He decried the level of naira abuse in the country, adding that it was becoming unprecedented and warned that such act was a criminal offence that attracts legal punishment.
Describing the Nigerian payment system as the most sophisticated in the world, Osita disclosed that the seminar was also aimed at getting feedback from participants in terms of view points and challenges.
In his goodwill message, the Benin branch Controller of CBN, Jumbo Renner, said the seminar was put together with a view to sensiitizing the people about the new policy of the CBN.
While noting that CBN was for all irrespective of status, Renner pointed out that the program was put together such that participants drawn from various walks of life, including professionals, religious faithful, business captains, market men/women amongst others were captured.
On her part, representative of the Currency Operation department, Ngozi Etim, said the CBN mandates were derived from the 1958 Act of parliament as amended in 1991, ’93, ’97, ’98, ’99 and 2007, respectively.
She harped on the need for the people to place more value on the use of naira in the country, and urged Nigerians to return all mutilated currency to the Central Bank in their location.
Also speaking, Babatunde Adeboye of the Development Finance department, said ensuring financial stability in the country was the core mandate of CBN, disclosing that the apex bank was bent on diversifying the economy through MSMEs, agriculture industry, energy and infrastructure.
On the eNaira, Chika Ugwueze Ogbodo, asserted that it was a new form of currency in the country, adding that the new eNaira was on October 25, 2021 launched by President Mohammadu Buhari to be used as legal tender in the country.
Explaining that the eNaira was being operated in the form of wallet through which one could make transaction or payment, Ogbodo further stated that the eNaira policy improves monetary financial system, empowerment, poverty reduction in the society.
He also stated that with the new policy, prospective users can link their eNaira wallet with their banks account for easy transaction.