Wednesday, August 17, 2022

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e-Naira: CBN frowns at commercial banks

The Central Bank of Nigeria (CBN) has expressed displeasure at commercial banks in Nigeria for not doing much to educate the citizens about the recently launched e-Naira platform.

Officials of the CBN who were in Kaduna on Wednesday to lecture youth corps members, hundreds of students from tertiary institutions across the state and other members of the public on “onboarding of stakeholders on the e-Naira platform, has explained the operational benefits of the electronic currency.

Head, Finance Department of the CBN, Aminu Muhammad, an Assistant Director, said financial institutions that are under the purview of the CBN are supposed to play critical roles in growing the economy.

Speaking at the CBN Fair which in Kaduna which also featured real time the Kano version of the Fair simultaneously, Muhammad said the commercial banks were not effective on issues relating to the e-Naira.

He said, “They are lagging behind and that is why the CBN is coming in to intervene. For example, the information asymmetry like what we saw when they were talking about the e-Naira in Kano. Kaduna people had that awareness, earlier unlike in Kano, which is because of information asymmetry.

“All the banks knew about e-Naira but members of the public do not know. Some people probably might be hearing it for the first time. There is imbalance of information as regards the e-Naira, and that is why the CBN has come out to sensitize the public, give people the opportunity to come in so as to block that information asymmetry.”

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