Central Bank of Nigeria (CBN) has urged Nigerian students and management of higher institutions to embrace e-Naira to curb the spread of counterfeit or compromised currency and encourage seamless transactions.
During e-Naira campaign at Federal Polytechnic (FedPoly), Bauchi, yesterday, Controller of CBN, Bauchi Branch, Haladu Andaza, said e-Naira policy was designed to complement the physical banknote and to provide a more efficient, secure and accessible means of payment.
He said: “Representing a remarkable leap forward in how we interact with money, it is tailor-made to meet the needs of our vibrant and dynamic community. One of the primary advantages of e-Naira lies in its unparalleled convenience. With this digital currency, individuals can swiftly 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.”
According to Andaza, e-Naira operates on robust blockchain technology, ensuring a high level of security.
“This advanced technology makes it incredibly challenging to counterfeit or compromise the currency, providing peace of mind to both users and businesses.
“By adopting e-Naira, we bolster the integrity and trustworthiness of our financial ecosystem,” he added.
The apex bank chief reiterated the vital role the e-Naira policy plays in promoting financial inclusion, particularly for individuals without access to traditional banking services.
He 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 said.
Rector of FedPoly Bauchi, Alhaji Sani Usman, said the institution welcomed the CBN initiative and the campaign to educate the management and Nigerians on the e-Naira policy.
He assured CBN that the polytechnic would embrace the policy and educate the students and staff to be agents of e-Naira initiative.
