New Telegraph

Emefiele: eNaira transactions rise to N8bn

MDAs may deploy currency for deals

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has revealed that over 700, 000 transactions, amounting to about N8billion have been recorded on the eNaira platform since its launch on October 25, last year. Emefiele, who stated this in his keynote address at the “eNaira 1 year Anniversary” event held in Lagos, yesterday, also disclosed that about one million (919,000) customers have been onboarded and over 3,305 merchants have successfully registered on the eNaira platform across the country.

The CBN Governor, who noted that the eNaira has received overwhelming interest and encouraging response from Nigerians and other parties across the world, revealed that the apex bank had successfully minted N3 billion of the digital currency and had issued N2.10 billion of it to financial institutions.

He further stated that all the country’s 33 banks were fully integrated and live on the eNaira platform, adding that the digital currency’s website attracted over 2.5 million daily visits. Emefiele, who said that the CBN was proud that it took the bold decision to be the first central bank on the continent and the second in the world to launch its digital currency and was happy with the achievements recordedbytheprojectoverthe lastoneyear, revealedthatnot asingle incident of fraud had so far been recorded with regard to eNaira transactions.

He said: “Even when larger central banks in the world in the world are very sceptical about introducing their digital currencies because of what they conceive to be the risks, we took the bold decision to introduce our own digital currency. We are happy that, as we speak today, some of the fears some hadeven we had- at the time of introducing our digital currency, which was predominantly centred around the risk of fraud and all that, we have not witnessed any.” According to him, in terms of capacity development, Nigeria has become an educational hub for knowledge acquisition on Central Bank Digital Currency (CBDC), as the CBN, over the last nine months, has organised and conducted several knowledge sharing sessions for international financial institutions, such as the International Monetary Fund, the World Bank Group as well as several African Central banks.

He also announced that the apex bank had developed a digital finance programme, which, according to him, “is poised to be a hub for knowledge generation in digital assets in Africa, building competences in Fintech, Blockchain technology, decentralised finance(DeFi), Central Bank’s Digital Currencies (CBDC), financial Innovation, digital financial literacy, RegTech and risk amongst others, (and) limiting vulnerability of the financial system to cyberattacks and fraud.”

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