*Godwin Emefiele, Governor of the Central Bank of Nigeria, discloses that Person-to-Bank and Bank-to-Person transactions account for 90 percent of transactions done on the e-Naira speed wallet since the formal launch of the digital currency in the country

Alexander Davis | 绿帽献妻

The Central Bank of Nigeria (CBN) has said several Nigerian consumers of financial products and services are gradually adopting the e-Naira after the Bank鈥檚 activation of its digital currency about three months ago.

绿帽献妻 reports Mr. Godwin Emefiele, Governor of CBN, disclosed this development at a media briefing after presenting the outcome of the two-day Monetary Policy Committee (MPC) meeting Tuesday, January 25, 2022, in Abuja, FCT.

Mr. Godwin Emefiele, Governor of CBN

Mr. Emefiele said the MPC, at the meeting, retained the country鈥檚 Monetary Policy Rate (MPR) at 11.5 percent. and also unanimously, agreed to retain all other monetary policy parameters.

The Cash Reserved Ratio (CRR) was retained at 27.5 percent, Liquidity Ratio, 30 percent and Assymetric Corridor, +100 and -700 Basis Points around the MPR.

Regarding the adoption of the Bankers鈥� Bank e-Naira thus far, the CBN Governor stated that Person-to-Bank and Bank-to-Person transactions have accounted for 90 percent of transactions done on the e-Naira speed wallet.

Emefiele said: 鈥淪ince its launch about three months ago, Nigerians have continued to gradually adopt e-Naira as a fast and reliable means of exchange.

鈥淭ransactions recorded range from P to P, that is, Person-to-Person; or Person-to-Merchant, P to M; Bank-to-Person; Person-to-Bank, Bank-to-Merchants, and Merchants-to-Bank.鈥�

He also noted: 鈥淭he Person to Bank and Bank to Person constitute 90 per cent of what we see in the market, and as you will聽 observe, we spent the last three months observing and monitoring the system and addressing issues mostly around initial onboarding.鈥�

According to him, transactions on the system have been super-fast and remain free for now.

Stringent validation procedures, he stated, were enforced to preserve the integrity and security of the system since it was account based, and required a digital identity.

鈥淲e聽 feel that you must have a BVN and you must have an account to be able to access it; And we also find that this has created some kind of constraints on people about onboarding with BVN and the rest of them.

鈥淏ut again, we believe that what we do by the use of the BVN is the best so as to avoid fraudsters from hacking into the system.

鈥淢ost of the complaints received were mainly around the inability of prospective users to onboard and activate the E wallet due to a mismatch of BVN enrollment records,鈥欌�� Emefiele said.

According to him, the apex bank together with the Nigeria Interbank Settlement System and the Deposit Money Banks is working to simplify the process of updating such information, while considerable progress has been made with the release of locked accounts for re-onboarding.

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