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JUST IN: CBN Asks FG to Use eNaira to Transfer N368.8 Billion to Nigerians

The Central Bank of Nigeria has asked the federal government to use the eNaira as the best alternative for sharing $800 million, about N368.8 billion, in its National Social Safety Net Programme Scale Up.

According to LEGIT.NG, the pitch by the CBN is an effort to drive and strengthen the cashless policy introduced by the apex bank.

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This was contained in CBN’s National Fintech Strategy document designed by the National Financial Inclusion Steering Committee headed by the CBN Governor, Godwin Emefiele.Information Guide Nigeria

The document read: “The central bank can use a pre-programmed eNaira to pay intended beneficiaries on the social register, which could be accepted only for a specific purpose and at specifically authorised locations.

“This use case will ensure the proper use of social funds, ensure high-quality data can be collected on the performance of these programs, and help to prevent leakage or diversion of funds. This capability could be extended to other use cases in financial services and related ecosystems, where a priority exists to maintain the integrity of funds and the purpose for which it is used.”JAMB Result

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According to the document, digital currency’s objectives include monetary policy effectiveness, financial inclusion, payments and remittance effectiveness.

Programme to gulp N368.8 million Punch reports that the National Safety Net Programme Scale-Up will cost the Nigerian government about $800 million and will begin in 2023 after approval from the National Assembly.

Recall that the World Bank approved the programme on December 16, 2021, and the program will run till June 30, 2024.

LEGIT.NG reports that the Ministry of Humanitarian Affairs, Disaster Management, and Social Development will implement the programme. Data from the National Social Safety Net Coordinating Office reveal that there are abouT 12.06 million poor and vulnerable households in Nigeria, including 49.81 million individuals in its database.NYSC portal

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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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