CBN to traders: Embrace eNaira, it gives no room for fraud

The Central Bank of Nigeria (CBN) has asked market women and leaders to embrace eNaira, the country’s digital currency.

Kotor Godfrey, branch controller, CBN Lagos, said this on Thursday during a sensitisation programme in collaboration with Bizi Mobile and Oshodi market leaders on the need for the eNaira adoption. 

Godfery said eNaira is easy to access for everyone and gives no room for fraud or counterfeit currencies.

He added that the digital currency is gaining traction with the projection of 10,000 downloads in the second quarter of 2022 from 7,300 recorded in the first quarter of the year.

He said it was necessary for business owners, market men and women to utilise technology through the eNaira to enjoy its benefits.

“It was designed with you in mind and there is now enough room for anyone to enjoy cheap, secure and efficient banking services. With e-naira, there is no room for fraud or counterfeit,” he said.

“We give you the assurance that it is very secure and that you can do business without receiving counterfeit currency. It is designed in Nigeria and can be received anywhere in the world.

“Available data showed that consumer wallet downloads have so far been the most downloaded over the merchant wallet, but transactions between Person-to-Bank and Bank-to-Person have constituted about 90 per cent on the platform.”

Godfrey further said people have devices that are less utilised, adding that with their phones transactions can be carried out from anywhere.

On his part, Obinna Ume, secretary of the Oshodi market traders association, lauded the CBN for the initiative, adding that if the eNaira is well adopted, it will boost their trades in terms of seamless transactions.

“The eNaira will eliminate the challenge of failed transactions or situations where business hours are wasted because monies are transferred with evidence of debit alerts, but the receiver could not see credit alerts which keep both parties waiting,” Ume said.

Aminu Bizi, coordinator, Bizi Mobile, said the sensitisation aims to employ market leaders to bring their colleagues for wider adoption.

He added that the sensitisation exercise would continue in other markets in Lagos.