Financial industry experts have stated that public acceptance of the eNaira is a must for its expansion.
Nigeria became one of the first nations in the world to introduce a central bank digital currency that is open to the general public when the CBN introduced the e-Naira in October 2021. Concerns have been raised about its uptake and broad acceptance, nevertheless.
The Central Bank of Nigeria’s digital currency, according to Gabriel Idahosa, Deputy-President of the Lagos Chamber of Commerce, provides another choice for cashless transactions.
He said the following to a Punch correspondent:
“Widespread adoption of eNaira will grow as more merchants and other vendors or service providers in the private and public sector announce its acceptance. Commercial banks have already enabled all bank customers to fund their eNaira wallets.”
The national acceptability of the eNaira was dependent on the efforts of the federal, state, and municipal governments, he said when discussing the long-term viability of the digital currency.
It had been previously reported that the 13 Local Government Areas of Nasarawa State’s citizens were the target audience for a sensitization fair organized by the Central Bank of Nigeria.
Osita Nwanisobi, the CBN’s director of corporate communications, said the program’s goal was to inform state people about the CBN’s interventions, policies, and programs and to persuade them to begin using the eNaira for financial transactions.
Godwin Emefiele, the governor of the CBN, said on May 11 2022 that central banks in Africa and other areas of the world were attempting to research the country’s eNaira project.
He stated that they are thrilled with what we are doing in the area of the Central Bank Digital Currency, during an experience-sharing visit of the CBN’s CBDC by officials of the Bank of Uganda in Abuja. Different nations throughout the world are interested in what we are doing in the eNaira region.
He also mentioned that central banks from across the globe and in Africa had contacted the CBN to learn more about what the bank was doing.