The Central Bank of Nigeria (CBN) on Monday issues guidelines for the operation of the eNaira.
This was disclosed in a circular to all stakeholders signed by the Director, Financial Policy and Regulation Department, Chi A. Efobi.
He said the Central Bank of Nigeria (CBN) Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020, empowered the apex bank to issue legal tender currency, ensure financial system stability and promote the development of electronic payments system.
Efobi said the eNaira is the digital form of the fiat currency (Naira), issued by the CBN in line with Section 19 of the CBN Act. It is a direct liability of the CBN, a legal tender and will form part of the currency-in-circulation.
He said the eNaira will complement cash as a less costly, more efficient, generally acceptable, safe and trusted means of payment and store of value.
Efobi added that it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions, provide alternative less costly channel for collection of government revenue and boost remittances through formal channels.
He said the guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system
See guidelines Here:
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