The Central Bank of Nigeria ( CBN) has disclosed that the E- naira was introduced to reduce the physical cash in transactions and promote the adoption of digital payments.

Mr Samuel Giwa, the bank’s acting branch manager, announced this at the palace of the Deji of Akureland, Oba Aladetoyinbo Adedelusi, during an advocacy on the use of the eNaira platform, a digital currency.

Speaking on the benefit,  Giwa said,  ”the policy, would increase financial inclusion, reduce corruption and money laundering, and improve the efficiency of the financial system.”

He added that “The eNaira is not just a currency, but an important step towards building a more robust and secure financial ecosystem.

“It was designed to make transactions easier, efficient, and more secure”. “The eNaira has indeed become a critical part of the Nigerian financial ecosystem, and an alternate channel”.

“It will not only support the Ondo State economy, but Nigeria as a whole.
a symbol of progress and innovation and will pave the way for a more secure and efficient financial system,” he stated.

Furthermore, the apex bank has clarified reports that it has suspended accounts of some Fintech companies, including OPAY and PALMPAY. The bank denied the reports, calling them “fake news.”

According to the News Agency of Nigeria (NAN), the Acting Director of Corporate Communications of the Central Bank of Nigeria, Mr. Isa AbdulMumin, stated on Friday, March 24, 2023, in Abuja, that the viral news “is simply fake.”

According to the viral news attributed to AbdulMumin, the CBN was about to suspend the accounts of the Fintech companies because they were being used to commit fraud. “Please, if you are using OPAY, PALMPAY, or any of these CHINA APPs or their POS, stop keeping much money in the account or stop using it,” the viral news said in part.

Similarly, OPAY and PALMPAY had in separate social media messages denied being under the radar of the CBN.

OPAY had stated that, “the post mentioning the CBN shutting down our operations is false and misleading to the general public.’’

PALMPAY also issued a similar disclaimer, stating, “We are aware of news currently being circulated on social media about CBN shutting down PALMPAY’s operations.”

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