The Central Bank of Nigeria (CBN), on Thursday, said that the introduction of eNaira in the financial system is to, among others, improve the effectiveness of monetary policy in managing inflation as well as in driving economic growth in the country.

The clarification was made at a seminar organised by the Central Bank of Nigeria (CBN) Fair tagged: Promoting financial stability and economic development held in Benin City, Edo State.

Team Lead Director, Corporate Communications Department, Nwanisobi Osita, who spoke during the seminar, said CBN had been working with a clear mandate of stabilising price economy towards growing economy sustainably.

Noting that the Nigerian payment system remains one of the most sophisticated globally, Osita disclosed that the seminar was also aimed at getting feedback from participants in terms of viewpoints and challenges.

In his speech, the Benin branch Controller of CBN, Jumbo Renner, added that the seminar was put together with a view to sensitising people about the new policy of CBN.

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Representative of the Currency Operation department, Ngozi Etim said the CBN mandates were derived from the 1958 Act of parliament as amended in 1991, ’93, ’97, ’98, ’99 and 2007 respectively.

Calling for proper handling of the Naira notes, Etim urged stakeholders in the banking sector to return all mutilated currency to the Central Bank in their various locations in the country just as Babatunde Adeboye of the Development Finance department, said ensuring financial stability is the core mandate of CBN.

Adeboye explained that the CBN is committed to diversifying the economy through MSMEs, agriculture, energy and infrastructure.

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

He said the eNaira was being operated in the form of a wallet through which one could make transactions or payment.

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Ogbodo further stated that the eNaira policy improves the monetary financial system, empowerment, and poverty reduction in the society.

He also stated that with the new policy, prospective users can link their eNaira wallet with their bank account for easy transactions.