CBN records 190% growth in digital currency transaction in one year

THE Central Bank of Nigeria (CBN) said it has recorded 190 per cent improvement on digital transactions of the e-Naira since the system was launched in October 2021.

The apex bank expressed its commitment to build on the recorded successes to grow transactions on digital economy, while encouraging more Nigerians to embrace the platform.

The CBN Deputy Governor, Economic Policy, Kingsley Obiora, who spoke in Abuja on Wednesday November 1 at an executive seminar entitled, ‘Digitalisation of Money and Monetary Policy in Nigeria’, said the volume of eNaira in circulation was N2.10bn, with 3,320 merchants, including Shoprite, Sahad Stores and A. A. Rano, successfully registered on the platform across the country.


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Obiora said the CBN was primed to reach lofty heights in the adoption and integration of its digital currency programme, in collaboration with the Federal government and other relevant stakeholders, as it continued to unlock new phases and possibilities in facilitating reduction in cash processing costs, and creating an efficient payment ecosystem in Nigeria.

He added that in addressing the issues associated with the digitalisation of money and monetary policy, the transmission of monetary policy had been aided by the growth of money supply, which he said signified the direction of liquidity and changes in price level.

He noted that the effectiveness of the control of these important macroeconomic tools would determine the extent to which the growth in national output would impact the Nigerian economy.

“We must continue to improve on the rate of adoption of the eNaira, especially for the informal sector of the economy. Pooling all these factors together will strengthen the transmission mechanism of monetary policy, improve payments system and lead a more stable economy,” he said.




     

     

    The eNaira is a digital currency recently launched by the CBN to drive e-transactions in Africa’s most populous nation.

    The keynote speaker, who was the CBN governor, Godwin Emefiele, said the apex bank had taken transformational steps in entrenching a culture of big data and data analytics as tools for effective policy-making.

    “As regulators, we are mindful of the possibility that the new forms of innovative financial products or services could render some existing banking laws and regulations obsolete and potentially harm financial growth,” Emefiele said.

    He noted that this had necessitated new and revised guidelines, regulation and legislations to address potential infringement, alter private sector incentives and reorganise the market to promote competition and encourage new entrants.

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    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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