In light of its plans to restructure the naira, the Central Bank of Nigeria has vowed to safeguard Nigerians who live in rural, underserved, and unbanked areas.
The CBN stated in a statement issued by its Director of Corporate Communications, Osita Nwanisobi, that it had been working with relevant organizations and other financial system players to prevent the disenfranchisement of vulnerable individuals.
The growth in currency deposits among banks and other financial institutions, according to the bank, indicates some progress.
The statement read, “The CBN remains committed to the seamless implementation of the initiative to ensure the achievement of its objectives to preserve the integrity of the local legal tender by reducing the significant amount of cash outside the banking system and its use in criminal activities, curtail counterfeiting, and promote financial inclusion, amongst others.
“Whilst noting the progressive increase in financial access points and alternative banking channels over the years (electronic/internet banking, mobile apps, ATM, Cards/PoS, eNaira, agent banking, etc.), the Bank acknowledges that these may not be evenly distributed across all geopolitical zones and in some rural areas.