Commercial banks are shunning eNaira


The Central Bank of Nigeria (CBN), has knocked commercial banks across the nation for not promoting the eNaira launched with fanfare in October, 2021.

The apex bank also said commercial banks in Nigeria are not doing much to educate the Nigerians about the many benefits of eNaira platform.

Officials of the CBN took turns 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 the eNaira initiative.

Head, Development Finance Department of the CBN, Aminu Muhammad, an assistant director, made this known while speaking in Kaduna stressing that 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 held in Kaduna and simultaneously in Kano, Muhammad said the commercial banks were not effective in promoting the eNaira.

He said; “Commercial banks 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.”


Author: KennyMedia

Leave a Reply

Your email address will not be published.