CBN Urges Nigerians to Embrace Internet Banking Facilities 

Gideon Arinze in Enugu 

The Central Bank of Nigeria (CBN) has asked Nigerians to embrace alternative payment channels, such as eNaira, USSD and other internet banking facilities as the country gradually marches towards the alternative payments policy regime.

The bank also said that the recent redesign of some denominations of the naira has started strengthening the country’s macroeconomic fundamentals, moderating inflation and upscaling the financial inclusion rate. 

Speaking on Friday during the CBN’S Special Day at the 34th edition of the Enugu International Trade Fair, the Acting Director, Corporate Communications Department of the bank, Abdulmumin Isa, said that Nigeria cannot afford to be left behind in the global financial ecosystem.

Isa said that the theme of this year’s fair is very apt, as it ostensibly seeks to address the imperative of value addition and vital links that would help to speed up investments, inflows, industrial activities and local content development, particularly given the challenge of the emerging economies such as ours that are still trying to integrate into the global technological architecture.

On the redesigned naira, Isa, who was represented by the Assistant Director, Corporate Communication, Esu Imoh, said that it has led to relative stability in the exchange rate and supported the efforts of the security agencies in combating banditry and ransom-taking in the country. 

“It is pertinent to note that the Nigerian payment system infrastructure is robust enough to handle the growing surge in online transactions,” he said. 

He also noted that the bank has continued to support various interventions aimed at stimulating production and productivity across the real sector. 

“Under the Anchor Borrowers’ Programme (ABP), over 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on 6.02 million hectares of farmland across the country were sponsored by the bank,” he said.