e-Naira designed to complement physical notes for ease of business — CBN

takes campaign to FedPoly Bauchi

The Central Bank of Nigeria (CBN) has explained that the e-Naira policy is designed to complement the existing physical Naira and to provide a more efficient, secure, and accessible means of payment.

The explanation was made by the CBN Bauchi Branch Controller, Idris Haladu Andaza, during a sensitisation visit on the Management of the Federal Polytechnic, Bauchi on Wednesday.

He said that the Polytechnic can adopt eNaira for collection of fees, levies and other revenues with great efficiency and security in order to aid financial transactions in the Institution.

Haludu Andaza said that the eNaira is the Central Banks digital currency of Nigeria, saying that “It represents a remarkable leap forward in how we interact with money, and it is tailor-made to meet the needs of our vibrant and dynamic community.

“One of the primary advantages of the eNaira lies in its unparalleled convenience. With this digital currency, individuals can swiftly and easily make payments without relying on physical cash or traditional payment cards.

“The e-Naira streamlines the payment process, allowing for seamless transactions in various scenarios,” calling on the business community of the Polytechnic to also key into eNaira payment platform to effect transactions for free and without interest.”

According to him, “The eNaira, which is the first digital currency in Africa, has the capacity to revolutionise the way Nigerians make financial transactions with ease and accessibility.”

“It is designed to complement the Naira with a secure and efficient convenient digital currency payment platform without necessarily using hard currency and ATM cards,” Haladu Andaza said.

The Branch Controller assured the management of the Polytechnic that the eNaira is safe and secured, adding it is being managed by the apex bank, adding that “the eNaira is Catalyst for economic growth positioned Nigeria at the forefront of growth and progress.”

According to Haladu Andaza, the e-Naira operates on robust blockchain technology, ensuring a high level of security explaining that, “This advanced technology makes it incredibly challenging to counterfeit or compromise the currency, providing peace of mind to both users and businesses.”

“By adopting the eNaira, we bolster the integrity and trustworthiness of our financial ecosystem,” he stressed.

The Branch Controller reiterated that the e-Naira policy plays a vital role in promoting financial inclusion, particularly for individuals without access to traditional banking services.

He also stressed the need for the polytechnic Community to embrace and migrate to the cashless system for financial security and efficiency using the E-Naira initiative.

“This digital currency opens doors for those who may have been previously excluded from the formal financial system.By granting them the ability to engage in digital transactions and experience the benefits of financial empowerment” Andaza added.

In a remark, The Rector, Alhaji Sani Usman said that the Polytechnic welcomes the CBN initiative and the campaign to educate the management and Nigerians on the e-Naira policy.

He assured that the Polytechnic would embrace the policy and would be dedicated to the initiative and as well educate and make students and staff as agents of the e-Naira initiative.

The Rector assured that the institution along with its staff and students will be a vanguard on eNaira transactions and assured that the Polytechnic will consider using the eNaira platform for one of its payments.

The Rector recommended to the CBN for some students of the Polytechnic to be eNaira Ambassadors to advocate for adoption and use of the digital currency.

The CBN team later engaged in sensitising students and staff of the Polytechnic on the operations of the eNaira platform.

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