CBN Asks University Students To Pay School Fees With eNaira, As Nigeria CBDC Records 8 Billion Worth Of Transactions. Tops PwC Global CBDC chart.

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The Governor of the Central Bank of Nigeria, Godwin Emefiele, says the eNaira has recorded 700,000 transactions valued at N8 billion since its inauguration on Oct. 25, 2021. The apex regulatory bank asked university students to pay school fees with eNaira, the advice came during a sensitization on eNaira at the University of Lagos, Akoka, Lagos.

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Director, Information Technology Department at the CBN and Coordinator, Technical Working Committee, eNaira Secretariat, Rakiya Muhammed, said the campaign was part of efforts by the apex bank to ensure that no group of Nigerians is denied the opportunity of accessing the digital currency.

Emefiele revealed the transactions volume on Wednesday in Abuja, at the 28th edition of the apex bank’s annual In-house Executive Seminar with the theme, ‘Digitalisation of Money and Monetary Policy in Nigeria’.

According to Emefiele, the eNaira was developed to broaden the payment possibilities of Nigerians, foster digital financial inclusion, with potential for fast-tracking intergovernmental and social transfers, capital flow and remittances.

He said the eNaira had been globally acclaimed as a success story.

“Since its launch, a total of N8 billion, consisting of over 700,000 transactions has passed through the eNaira platform.

“As part of the CBN’s effort to further integrate and broaden the usage of the eNaira, it was assigned an Unstructured Supplementary Service Data (USSD) code, enabling payments by simply dialling *997# on a mobile phone.

“I am proud to announce to you today that the eNaira has been attracting accolades across the globe as a monumental success.

Also Read: Nigeria’s CBDC, The eNaira Not Fully Accepted, One Year After Launch.

“It topped the charts on retail CBDCs projects globally, as at April (PwC, 2022) and several central banks across the globe have been requesting our success template on the eNaira,” he said.

He said the story of the eNaira had been one of courage, persistence and commitment to explore new frontiers and possibilities.

He added that, as part of the digitisation drive, the apex bank had taken transformational steps in entrenching a culture of “big data” and data analytics, as tools for effective policy making.


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