“eNaira is another form of cryptocurrency, which the CBN has banned“- Unegbu

“eNaira is another form of cryptocurrency, which the CBN has banned“- Unegbu

A Financial Expert and Past President of the Chartered Institute of Bankers of Nigeria (CIBN) Mr Okechukwu Unegbu has urged the Central Bank of Nigeria to consider the impact eNaira might have on the economy.

Speaking in an interview with News Agency of Nigeria (NAN), Mr Okechukwu Unegbu advised the CBN to involve stakeholders from CIBN, ICAN,  and other professional bodies to ensure that the financial sector does not get affected negatively as a result of the introduction of the digital currency, eNaira. Information Guide Nigeria

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In a report filed by VANGUARD, Unegbu said, “eNaira is another form of cryptocurrency, which the CBN has banned, and it seems that the apex bank is trying to imitate what it banned.

He added, “I learnt that the eNaira cannot be used for bank transfers; that will be detrimental to the DMBs. If you bring out a product which people cannot understand they will not be able to use it.’’

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However, VANGUARD reports that An Economist and Chief Executive Officer (CEO) of Global Analytics Consulting Limited, Mr Tope Fasua has described the digital currency, eNaira as a welcome development adding that in the future, all currencies will become digital.

Mr Tope Fasua emphasised, “In actual fact, the Naira is already digital as it is because you can send money through Unstructured Supplementary Service Data (USSD) or through electronic transfer without the need to touch cash“. Jamb Results

“But with the eNaira, digitalisation is going to a higher level, where we will increase focus on electronic financial transactions, which will come with its own type of innovations and improvements“.

He noted that currencies like the eNaira will allows the Central Bank to print and manage less physical currencies which will save huge revenue.

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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