CBN Moves To Partner FUTA On eNaira

E-Naira

CBN Moves To Partner FUTA On eNaira

The Central Bank of Nigeria (CBN) on Monday sought the partnership of the Federal University of Technology Akure (FUTA) Ondo State, in adopting the newly introduced digital currency known as eNaira.

The apex bank urged the university to adopt the new system for financial transactions within the varsity environment.

Speaking during the visit of the team of the CBN to the management of the university, the leader of the team and acting Controller of the Akure Branch of the CBN, Mr Samuel Giwa said there was a need for Nigerians to embrace the new digital currency, going by lots of benefits attached to it.

Giwa explained that the eNaira has the potential to revolutionise the way “we transact and conduct business.”

Stating some of the reasons FUTA should adopt the eNaira system, the CBN boss said it was convenient, safe, efficient, and transparent.

He said, “This digital currency, individuals can swiftly and easily make payments without relying on physical cash or traditional payment cards. The eNaira streamlines the payment process, allowing for seamless transactions in various scenarios.

“The eNaira operates on robust blockchain technology, ensuring a high level of security. This advanced technology makes it incredibly challenging to counterfeit or compromise the currency, providing peace of mind to both users and businesses. By adopting the eNaira, we bolster the integrity and trustworthiness of our financial ecosystem.

“The eNaira plays a vital role in promoting financial inclusion, particularly for individuals without access to traditional banking services. This digital currency opens doors for those who may have been previously excluded from the formal financial system, granting them the ability to engage in digital transactions and experience the benefits of financial empowerment.

“Embracing the eNaira can significantly enhance the efficiency of our financial operations. The transparency and traceability of transactions facilitated by the digital currency allow for streamlined processes, reducing administrative burdens and improving overall operational efficiency.

“The eNaira serves as a catalyst for economic growth, as evidenced by other countries’ successful adoption of central bank digital currencies. China’s digital yuan and the Bahamas’ Sand Dollar have demonstrated how CBDCs can boost the efficiency of financial systems and stimulate economic development. By embracing the eNaira, we position ourselves at the forefront of progress, fostering a thriving economic environment.”

The CBN acting controller urged the university to adopt the eNaira for the collection of fees, levies, and revenues on the campus of the institution.

In her remarks, the Vice Chancellor of FUTA, Prof Adenike Oladiji lauded the apex bank for the digital currency initiative but advised the bank to carry the youths along.

Represented by the Deputy Vice-Chancellor Academics, Prof. Taiwo Amos, the VC said the FUTA students were vibrant and would be ready to accept the new system.

“In FUTA here, we have vibrant crops of students, they are trailblazers. Two of them would soon be going to the United States for five weeks of training. On the issue of adopting the system (eNaira) to collect fees on the campus, we can’t decide that here, when we get to the bridge we cross,” the VC stated.