April 18, 2024

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CBN Slams Commercial Banks For Ignoring eNaira

The Central Bank of Nigeria has frowned at commercial banks across the country for not promoting the e-Naira launched with fanfare in October 2021. According to CBN commercial banks in Nigeria for not doing much to educate the Nigerians about the many benefits of eNaira platform. Head, Finance Department of the CBN, Aminu Muhammad, an Assistant Director, made this known while speaking in Kaduna stressing that financial institutions that are under the purview of the CBN are supposed to play critical roles in growing the economy. Muhammad disclosed this while addressing youth corps members, hundreds of students from tertiary institutions across the state, and other members of the public on the eNaira initiative.

“Commercial banks are lagging behind and that is why the CBN is coming in to intervene. For example, the information asymmetry like what we saw when they were talking about the e-Naira in Kano. Kaduna people had that awareness, earlier unlike in Kano, which is because of information asymmetry.” “All the banks knew about e-Naira but members of the public do not know. Some people probably might be hearing it for the first time. There is imbalance of information as regards the e-Naira, and that is why the CBN has come out to sensitize the public, give people the opportunity to come in so as to block that information asymmetry.” Meanwhile legit.ng has earlier reported that in July, the Central Bank of Nigeria (CBN) released the guidelines on eNaira.The eNaira will be a non-interest-bearing currency and won’t serve as a hedge to escape inflation which many have used Bitcoin and Ethereum. The Central Bank of Nigeria also noted Nigerians won’t be charged by the financial institution for the utilisation of the eNaira through POS or the banks.