eNaira’ll work with other countries’ digital currencies – CBN

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The Central Bank of Nigeria has stated that the implementation of the country’s digital currency will be carried out in such a way as to link with digital currencies which would be in four phases.

This was made public by the Director, Information Technology Department, CBN, Mrs Rakiya Mohammed, at the licensed payment service providers’ engagement session in Lagos on Monday, as part of further interaction with a broader category of industry players, a statement said.

According to the statement, the CBN and key stakeholders in the payments system ecosystem, particularly the PSPs and a large community of fintech groups, during the one-day engagement session, resolved to work together to ensure more adoption of the recently launched eNaira.

“The full implementation of the eNaira would be done in four phases, culminating in offline eNaira payments solutions, cross-border payment and interoperability of the eNaira with those of other central banks,” Mohammed said.

She added that the CBN was neither competing with the Deposit Money Banks nor other actors in the Nigerian payment system environment.

Mohammed said the engagement was in continuation of the CBN’s strategy to bring all stakeholders on board, noting that the apex bank was open to suggestions and innovation aimed at adding value to the eNaira and improving the user experience.

She urged the payment service providers (including the large community of fintech groups) to explore more creative ways to support members of the public, where possible, in the onboarding process and use of eNaira as well as develop solutions for offline eNaira functions, including cards, wearables and USSD.

While urging the licensed PSPs to create additional use cases for the eNaira, she tasked licensed PSPs to create additional products and services across the full spectrum of the financial system, using eNaira.

The statement said representatives of the different stakeholder groups welcomed the introduction of the eNaira and expressed support for its adoption and use.

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Francis Ogwo
The young and goal driven writer and cinematographer started his journalism as a print journalist in Kaduna in 2005 writing for Kaduna Chronicles Newspapers, Liberator Newspapers where he became the South Bureau Chief. In 2008, he moved into TV production with an employment into Siverbird Television and Rhythm Fm as a Correspondent. He got certified by Independent Television Producers Association of Nigeria(ITPAN) in 2009. After five years of hardwork and training, he was employed as Associate Producer, Moments With Mo and subsequently Producer, Playground on HipTV. Francis currently majors in documentaries and high profile scripts for news and movies. He is currently a Senior Contents Producer at News Central TV

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