E-Naira surpasses N400m in circulation and still has no charges according to CBN

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The amount of e-naira in circulation has risen to N401.82 million, while transaction volume has reached 5 billion from its previous 4 billion mark and the CBN continues to take pride for providing a pair-to-pair transaction mode that currently has no charges.

This was made know by the Central Bank of Nigeria’s Director of Information and Technology Hajiya Rakiya Mohammed during the Africa Cashless Payment Conference.

According to her “E-naira is easy to onboard, get it, fund it, use it, anyone can be on board with it. In Nigeria, we have had several drivers for IT growth; inclusive payment is a rallying driver for the CBN.”

“It is a replica. Basically, they are exactly the same, the digital equivalent of current cash and parity exchange 1:1 with cash,”

“Both banked and unbanked can use it and can be done through USSD *997#. We have integrated it with telecoms and NIBBS instant payments plus integration with money transfer operations so that you can use e-naira for cross border.”

The CBN said it prides itself in being pair-to-pair. That’s why no charges for now and that gives benefits to the economy, including reducing the cost of cash management, as Nigerians spend 100s of millions to manage cash payments and enable eco-friendly usage.