Nigeria’s digital payment platforms is improving economic resilience – CBN

The Central Bank of Nigeria says that Nigeria’s digital payment platforms have improved in making Nigeria’s economy more resilient to shocks.

Deputy governor of Central Bank in charge of Economic Policy, Kingsley Obiora stated this yesterday in Abuja at the fourth retreat of the Fiscal Liquidity Assessment Committee (FLAC) organised by the Central Bank of Nigeria

He said the fiscal liquidity assessment was created to  engender corporation between the fiscal and the monetary arms of economic policy in the country.

He said the “central bank responded to Covid by creating the central bank digital currency called the eNaira which is Africa’s first digital currency. And we are very delighted that today a lot of central banks are coming on study tours to the CBN to understudy what we have done.

“Today the E naira’s platform is very stable, it is already responding to monetary policy, the transcription mechanism of monetary policy basically tells you how fast a transaction can occur and what you can do as a monetary authority to use that response in the control of money supply and monetary policy itself,” he said.

Earlier in his address, the director monetary policy department at The Central Bank of Nigeria, Dr. Hassan Mahmud says its various policy interventions in the financial services sector has strengthened operations and fast-tracked coordination between the monetary and fiscal authorities in the country.

The Central Bank continues to implement various quasi-fiscal measures to support the federal government’s effort to manage the general economy, addressing liquidity challenges in the face of emerging global and domestic simulate growth and ensure people-oriented programs. These developments around our fiscal and monetary operations further highlight the need for a Coordinated approach towards managing the Nigerian economy,” he said.

Dr. Mahmoud further stated that the retreat with the theme ‘Post-Pandemic Fiscal Stress and Monetary Policy Management in the Digital Age’ highlights the need for reappraisal of the prevailing macroeconomic policy mix and its effectiveness within the context of emerging digital transformation.