eNaira: Nigeria 60 years behind in tech – CBN

The Central Bank of Nigeria (CBN) has said Nigeria is still 60 years behind in terms of technologies.

It also said the country is left behind in the issue of currency management, adding that cash is no longer in vogue.

Speaking during an e-Naira sensitisation exercise for the management, staff and students of Kaduna Polytechnic, Kaduna, on the need to embrace the e-Naira platform, the Kaduna Branch Controller of the apex bank, Muhammad Aminu, urged the polytechnic community to adopt the e-Naira for payment of tuition fees and other transactions in the institution and even beyond.

He noted that the e-Naira was designed to complement the existing physical naira and to provide a more efficient, secure, and accessible means of payment.

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Aminu said, “The e-Naira launched with fanfare by President Muhammad Buhari on October 25th, 2021, has the potential to revolutionise the way we transact and conduct business and that is why the CBN is taking deliberate steps to move from a cash-based economy.

“The eNaira is not just any currency; it is designed to complement the existing physical naira and provide a more efficient, secure, and accessible means of payment.

“By embracing the eNaira, we position ourselves at the forefront of progress, fostering a thriving economic environment.

Meanwhile, the management of the institution through its bursar, Mohammed Sule Ahmed, commended the CBN for the initiative and pledged the institution’s support in promoting the use of the platform for transactions.