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How eNaira will affect banking sector -Economists

In any case, that the CBN is testing eNaira through pilot projects is a demonstration of a cautious approach. All said, the launch of the CBN’s digital currency is an important milestone which holds a lot of promise for the financial system in Nigeria and the banking sector in particular,’’ he said.

The Director, Centre for Economic Policy Analysis and Research, Prof. Ndubisi Nwokoma, said that the currency which is novel would be faced with distrust even as implementation progresses.

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“The launch of the eNaira is a new path being taken by the CBN to follow in the global practice of enhancing the payment system through the use of digital currency.

“It is novel, even in advanced societies, hiccups may be encountered as implementation progresses. Even currently, many global companies have not fully embraced the use of crypto-currencies in payments.

“Skepticism may be the order of the day, at the onset, except for those already familiar with digital currencies,” he said.

A Professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Sheriffdeen Tella, said the eNaira is a worthy innovation by the CBN, hoping that the banks would keep the charges low so as not to frustrate the project.

“eNaira is a worthy innovation by the CBN, though some other countries are already into it. It is expected to strengthen the cashless policy.

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06:48 PM - Oct 26, 2021
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