Business

Uses of CBN’s eNaira to Nigerian Citizens

eNaira is soon to be introduced into the market by the Central Bank of Nigeria and there are numerous specifications said to be advantageous to the Nigerian citizens.

The electronic currency serves as a medium enabling the Government to issue quick and direct payment to qualified individuals benefitting from a particular welfare programme.

A document themed – Design Paper for the Currency – contained the information on some of the functions of the anticipated currency.

eNaira Sidelines Middlemen

The apex bank, through the document, noted that the currency would create avenues and make it possible for the Nigerian Government to process targeted welfare payments directly to deserving citizens.

The process doesn’t require any need to engage an intermediary’s services, as it permits a one-time transfer to the targeted persons.

The CBN acknowledges the electronic money as a means to an end that can effectively and efficiently address the challenges to ensure accountability in the Government’s monetary distribution to citizens.

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