CBN Holds Awareness Seminar on eNaira Policy in Benin, Says It’s to Control Inflation

By Tony Osauzo, Benin

The Central Bank of Nigeria (CBN) yesterday explained that the introduction of eNaira into the financial system is aimed, among other things, at improving the effectiveness of monetary policy in managing inflation and boosting economic growth. in the country.

The apex bank made this clarification during a seminar at a fair it organized in Benin City, labeled: Promoting Financial Stability and Economic Development.

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The team’s senior manager, Corporate Communications Department, Nwanisobi Osita, who provided an overview of the seminar, said that the CBN had worked with a clear mandate to stabilize the price economy towards sustainable growth. economy, reassuring that the country’s financial system was stable, strong and resilient.

He denounced the level of naira misuse in the country, adding that it was becoming unprecedented and warned that such an act was a criminal offense subject to legal penalties.

Describing the Nigerian payment system as the most sophisticated in the world, Osita revealed that the seminar was also aimed at getting feedback from participants in terms of views and challenges.

In his goodwill message, the Comptroller of the Benin branch of the CBN, Jumbo Renner, said that the seminar was organized with the aim of sensitizing the population on the new policy of the CBN.

While noting that CBN is for everyone, regardless of status, Renner pointed out that the program was designed so that participants from a variety of backgrounds, including professionals, religious believers, business leaders enterprise, market men/women, among others, were captured.

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For her part, the representative of the Monetary Operations Department, Ngozi Etim, said that the CBN mandates derive from the 1958 Act of Parliament as amended in 1991, 1993, 1997, 1998, 1999 and 2007, respectively.

She stressed the need for the people to place more value on the use of naira in the country and urged Nigerians to return all mutilated currencies to the Central Bank in their region.

Also speaking, Babatunde Adeboye of the Development Finance Department, said the country’s financial stability was the core mandate of the CBN, revealing that the apex bank was committed to diversifying the economy through MSMEs, l agricultural industry, energy and infrastructure.

On eNaira, Chika Ugwueze Ogbodo claimed that it is a new form of currency in the country, adding that the new eNaira was launched on October 25, 2021 by President Mohammadu Buhari to be used as currency legal in the country.

Explaining that eNaira was operated in the form of a wallet through which one could make transactions or payments, Ogbodo further stated that the policy of eNaira improves the monetary financial system, empowerment, reduction of poverty in society.

He also said that with the new policy, potential users can link their eNaira wallet to their bank account for an easy transaction.

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