E-Naira Will Make Transactions Cheaper, Says CBN

E-Naira Will Make Transactions Cheaper, Says CBN

The Central Bank of Nigeria (CBN) has said that transactions will be cheaper to conduct with Nigeria’s digital currency, e-naira

The Governor, Godwin Emefiele, spoke in Abuja at the end of the bi-monthly Monetary Policy Committee (MPC) meeting.

He said: “Our digital currency which is tagged e-naira will certainly come into operation in October and we are working very hard for this.

“We believe transactions will be cheaper and more efficient as there will be less conflict.”

He said the economy is going digital and “cash cannot play in that space,” adding that “e-naira which will represent the digital equivalent of cash will be used as fiat currency for transactions”.

On how the e-naira will work, Emefiele said: “If you choose to convert some of the naira in your account to e-wallet or digital currency, we will support that.

Oyetoro

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