Oshodi traders laud CBN’s introduction of e-Naira

Traders at Kairo Market, Oshodi, Lagos on Thursday praised the Central Bank of Nigeria (CBN) for introducing the digital currency, e-Naira.

The merchants gave the commendation at an awareness program organized by the major bank, in collaboration with Bizi Mobile, an e-Naira wallet agent.

The secretary of the Oshodi market union, Mr Obinna Umeh, applauded CBN for offering a lasting solution to the false alerts often received by traders, adding that it had been hampering their operations.

“CBN could not have come at a better time to educate us on e-Naira; Hardly a day goes by that we don’t have to resolve disputes over false alerts, times that we could channel into more productive things.

“I want to applaud CBN for bringing this to Oshodi; As we all know, once e-Naira is up and running in our market, other big and small markets will also queue up. Don’t forget that Oshodi is the centre of business in Lagos State.

“I am happy that e-Naira is helping us find lasting solutions to our challenges. We have a lot of questions, but I’m sure we’ll get all the answers,” she said.

The chairman of the Arewa United Consultative Forum, Alhaji Ado Dansudu, urged the main bank to introduce e-Naira in indigenous languages ​​to generate greater participation.

“Language can be a barrier, so the information needs to be translated into our indigenous languages, otherwise it will defeat the purpose of this program,” he said.

Aminu Bizi, CEO of Bizi Mobile, a CBN certified agent merchant aggregator, said that e-Naira was definitely the best way for any business transaction.

He urged interested people to sign up as agents: “Mark my words, very soon POS operators will be out of business because e-Wallet is the main thing and it is very easy to use.

“CBN pays you for every open wallet, unlike POS, you can sit in your comfort zone and trade with ease.”

Yusuf Abutuvelili, representative of the e-Naira project, while shedding more light on how e-Naira works, said that, unlike regular banking transactions that sometimes did not go through, e-Naira worked smoothly.

According to him, the inclusion of e-naira has made it easier for Nigerians, even those without a bank account, to have an e-wallet account.

“Those who have suffered financial seclusion will benefit from the electronic wallet once they open and fund their wallets.

“They don’t have to have millions to open their wallets, they don’t have to have any stipulated account balances, unlike banks.

“We are committed to ensuring that fraud is proven and that customer money is safe due to the necessary precautions that the CBN has taken,” he said.

The controller of the e-Naira CBN brand, Bariboloka Koyor, assured merchants that their money would be safe with the use of the e-wallet, adding that it would also eradicate the spread of counterfeit bills.

“The process was designed with the best-integrated security system to guard against fraudulent alerts or transactions; it is a full test and we are working to improve it daily.

“The e-Naira is fast and cheap for diaspora transfer and local transfer; For businessmen and women, this is the best in terms of eradicating the spread of counterfeit bills.

“Then with this digitized mode of payment, the risk associated with carrying large amounts of cash is cancelled, the cash doesn’t have to travel,” he said.

The Nigerian News Agency reports that e-Naira, a digital currency issued by the Central Bank of Nigeria, has been launched in October 2021.

The eNaira serves as a medium of exchange and store of value, offering better payment prospects in retail transactions compared to cash payments.

The e-Naira has a unique operational structure that is remarkable and nothing like other forms of central bank money.

NAN also reports that Nigerians can use 997, the USSD code for onboarding, and the helplines created to better serve customers are 08000myenaira and [email protected]. (NAN)