The Central Bank of Nigeria (CBN) has introduced a digital currency called e-Naira to Nigerian tertiary institutions to enable members of the academic environment to offer better payment prospects in retail transactions when compared to cash payments and to enable students to pay their school fees through e-Naira.
The Branch Controller of CBN in Jos, Plateau State, Mrs. Tinat Esther Catherine, who disclosed this during a courtesy call on the Vice-Chancellor, University of Jos, Professor Tanko Ishaya, said Nigeria is the first country in Africa to introduce the digital currency.
She started by stating that e-Naira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira, adding that it serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.
The branch manager disclosed that e-Naira can be used for a number of things, including the payment of school fees, adding that payments with e-Naira are seamless and the settlement is instant.
“Students are the targets of the CBN’s engagement in this regard, and the best place to engage students is in the university because they will take it around and introduce it to their peers outside the university. We are introducing it to the University of Jos because we want school fees to be paid via E-Naira.
“The whole world is going digital; hence, the CBN is also responding to the innovation by introducing a lot of cashless policies, one of which is the e-Naira. Incidentally, the Central Bank of Nigeria is the first to introduce e-Naira in Africa and the second in the world.
Also, CBN Consultant, Mr. Godson Izuchukwu, stated that the issue of an unreliable network for e-payment has been resolved as over 20 million Nigerians have keyed into the system.
Responding, the Vice Chancellor, Professor Tanko Ishaya,urged the team to work on making the use of the eNaira accessible to Nigerians outside the country as it could help facilitate easier international transactions.
He added that if the platform could help ease payments at the university, improve financial inclusion, and provide a source of income for the students, the university would consider adopting it.
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