By Ibrahim Hassan-Wuyo

To ensure that the eNaira is adopted as a means of financial transaction, the Central Bank of Nigeria ( CBN) has taken its eNaira campaign and sensitization to the Kaduna Polytechnic ( KADPOLY).

The Branch Controller of CBN in Kaduna, Muhammed Aminu said at the event that the eNaira is  Nigeria’s very own digital currency which has the potential to revolutionize the way citizens transact and conduct business.

” This ground-breaking initiative was launched under the esteemed guidance of the former President of Nigeria Muhammadu Buhari, on October 25th, 2021. The eNaira is not just any currency; It is designed to complement the existing physical Naira and to provide a more efficient, secure, and accessible means of payment. It represents a remarkable leap forward in how we interact with money, and it is tailor-made to meet the needs of our vibrant and dynamic community.”

“Now, let’s delve into the exciting benefits that the eNaira brings to your lives.Convenience: One of the primary advantages of the eNaira lies in its unparalleled convenience. With this digital currency, individuals can swiftly and easily make payments without relying on physical cash or traditional payment cards. The eNaira streamlines the payment process, allowing for seamless transactions in various scenarios.”

He said “the eNaira operates on robust blockchain technology, ensuring a high level of security. This advanced technology makes it incredibly challenging to counterfeit or compromise the currency, providing peace of mind to both users and businesses. By adopting the eNaira, we bolster the integrity and trustworthiness of our financial ecosystem.”

“The eNaira plays a vital role in promoting financial inclusion, particularly for individuals without access to traditional banking services. This digital currency opens doors for those who may have been previously excluded from the formal financial system, granting them the ability to engage in digital transactions and experience the benefits of financial empowerment.”

“Embracing the eNaira can significantly enhance the efficiency of our financial operations. The transparency and traceability of transactions facilitated by the digital currency allow for streamlined processes, reducing administrative burdens and improving overall operational efficiency.”

“The eNaira serves as a catalyst for economic growth, as evidenced by other countries’ successful adoption of central bank digital currencies. China’s digital yuan and the Bahamas’ Sand Dollar have demonstrated how CBDCs can boost the efficiency of financial systems and stimulate economic development. By embracing the eNaira, we position ourselves at the forefront of progress, fostering a thriving economic environment,” he said.

“Considering the multitude of benefits associated with the eNaira, I strongly urge The Kaduna Polytechnic, to adopt this for the collection of fees, levies, and revenues within our institution. Furthermore, I encourage all businesses operating within the Polytechnic to follow suit and embrace the eNaira. By doing so, we not only enhance our financial well-being, we also contribute to the broader goal of economic growth in Nigeria.”

“Let us seize this opportunity to revolutionize our financial landscape. The eNaira is safe, convenient, and accessible, and it complements existing electronic payment systems rather than replacing them. Together, let us embrace the eNaira, improve financial inclusion, and drive economic prosperity for our Polytechnic community and beyond,” he added.

Speaking in an interview, the Branch Controller  said the e Naira is not really new but launched since 2021and since then, they’ve been on the campaign.

According to him,” we in CBN Kaduna branch we are trying to optimize  the usage and acceptability of the e Naira and decided to go to all the higher institutions in the state, including the Kaduna Polytechnic which is our first institution, and by the grace of God we are going to visit all the higher institutions and major supermarkets. We want the usage and acceptability of the e Naira to be very common with all the people in Kaduna State. “

He said e Naira is a digital representation of Naira which would  ease transaction electronically, reduces cost of  printing and the stress of carrying bulk of money.

” You know any money that goes back to the bank  and eventually to the CBN is being processed and it is expensive to both the government and the Deposit Money Banks.But with e Naira it is going to drastically reduce processing of this money and even the cost of printing the money will be reduced,” he said.

Earlier, the Bursar of KADPOLY, Mohammed Sule Ahmad said in this era that things were going digital, the sensitization would be of great importance to the Polytechnic .

” This will give both the staff and the students the ability to know what the e Naira is all about and to be able to reduce holding cash.

He said the management was ready to accept the e Naira if the regulatory bodies accept to imbibe the e Naira process as a means of transaction.