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We Reduced Minting Of Naira To Boost Electronic Transactions – CBN - Business - Nairaland

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We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by NwaNimo1(m): 7:14pm On Aug 18
The Central Bank of Nigeria (CBN) on Thursday, said it reduced the minting of the Naira to boost electronic banking transactions in the country. shocked

CBN Deputy Governor, Economic Policy Directorate, Dr Kingsley Obiora, said this on Thursday, at the Grand Finale of the eNaira Hackathon, held in Abuja.

The Hackathon is an initiative, which creates a collaborative environment for experts with a diverse set of skills to drive sustained innovation, geared towards making the eNaira the pinnacle for digital financial services and the gateway to the Digital Economy.

It is intended to seek solutions that would drive financial inclusion, SME growth and the creation of start-ups; facilitate cross-border trades and transfers, as well as international remittances and foreign exchanges; effective implementation of welfare-inclined government programs; and enhance efficiency in the interbank market.

Thursday’s event is targeted at providing an engagement with critical stakeholders in the financial technology space to deepen the link between eNaira and Fintechs.

Speaking at the event, Obiora said major economies of the world have started reducing the use of cash as a form of business transactions.

He said in South Korea, 77 percent of the people no longer use cash to make payments, while 30 percent of the population in the Philippines don’t use cash as a form of exchange.

Obiora said in Nigeria, the reduction in the use of cash as a medium of exchange has led to an explosion in electronic businesses.

He said, “In South Korea, 77percent no longer use cash to make payments, while in the Philippines it is 30 percent.

“In Nigeria too, we are also seeing the same decline in the use of cash, the minting of currencies in the CBN has been reducing in the last couple of years.

“So, alongside this reduction in the use of cash has also been an explosion in electronic business and e-business and we have seen the value of e-business grow from N393bn in 2014 to about N2.4trn now.


“And so, if you look at this movement, you will realise that the central banks in the world are responding to the yearnings of citizens which is why citizens in 96 percent of Central banks in the world are either working on digital currencies or they have done so already.”
https://thewillnigeria.com/news/we-reduced-minting-of-naira-to-boost-electronic-transactions-cbn/

3 Likes

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by wittywriter: 7:16pm On Aug 18
APC is a Plague...


©Wittyness

46 Likes 3 Shares

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by warripekin(m): 7:19pm On Aug 18
APC is a useless party. By the way , who is the minister of finance ? Dead government.

31 Likes

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by SirBlack999(m): 7:20pm On Aug 18
My issue is they should find a way to release MNK according to UN directives, or there will be severe consequences from the UN.

In another, look at the picture below and see how the Nigeria army is guarding cows and their herders. Lol. Talk about priority.

29 Likes 2 Shares

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by Ballzproblemm: 7:26pm On Aug 18
undecided na by force ,I no one use the e-naira !

3 Likes

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by Splitmind: 7:26pm On Aug 18
Personally I think the CBN should declare paper currency illegal to boost the naira even further. It will be easier to monitor transactions that way.

2 Likes

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by sofiscatedmoron: 7:26pm On Aug 18
grin
Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by Terror48: 7:26pm On Aug 18
Useless government.Imagine Apc want to deliver us from APC.

4 Likes

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by Fabulouslouie(m): 7:27pm On Aug 18
Hmmmm


Just hmmm
Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by crazygod(m): 7:28pm On Aug 18
Put expiry dates on currencies. This will go a long way in curbing looting that can't be traced. The US dollar has a 10 year life span and then it expires before another is printed same with the pound sterling.

20 Likes

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by CrownOfClay724: 7:32pm On Aug 18
OYO ni CBN wa.

No crypto, no Enaira.
Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by Les: 7:33pm On Aug 18
But they introduced electronic charges? How dumb are these people please? I just hate this current CBN tenure .

5 Likes 1 Share

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by oluwasegun007(m): 7:33pm On Aug 18
Jj
Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by jeromestarks: 7:33pm On Aug 18
crazygod:
Put expiry dates on currencies. This will go a long way in curbing looting that can't be traced. The US dollar has a 10 year life span and then it expires before another is printed same with the pound sterling.
You get sense small o.
I concur.

4 Likes

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by iCauseTrouble: 7:34pm On Aug 18
angry
Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by ekukeku(m): 7:34pm On Aug 18
smiley

1 Like

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by bigdammyj: 7:34pm On Aug 18
Okay.
Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by nedekid: 7:35pm On Aug 18
Why has this Emefiele of an ass not been sacked? Unless he is useful to this administration in a "forex" way.

5 Likes 2 Shares

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by Rebirth212: 7:37pm On Aug 18
Make dis CBN governor dey try smoke weed wey him buy by himself .... Make unah help me tell am abeg
Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by proff010: 7:42pm On Aug 18
This ipob Emefiele his head has since scatter. He is a total failure
Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by mytime24(f): 7:45pm On Aug 18
Yawn
Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by xandy84: 7:45pm On Aug 18
Why do you mean by expiration of $$? Do you mean it not a legal tender when it expire? I have a $$ in my wallet that was minted in 2006.










crazygod:
Put expiry dates on currencies. This will go a long way in curbing looting that can't be traced. The US dollar has a 10 year life span and then it expires before another is printed same with the pound sterling.

2 Likes

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by backnbeta(f): 7:48pm On Aug 18
But according to Mughalu, you're still printing for yourselves undecided

1 Like 1 Share

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by Raxxye(m): 7:48pm On Aug 18
G
Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by Truvelisback(m): 7:48pm On Aug 18
To Boost Looting.
Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by jkpbestseries: 7:51pm On Aug 18
mint for Buhari to pay China
Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by 234GT(m): 7:52pm On Aug 18
And customers will keep blaming commercial banks when we don't have cash to pay out. I wish angry customers can be referred to CBN branches.

1 Like

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by Karleb(m): 7:52pm On Aug 18
What has the CBN don to make Nigeria conducive for SMEs?

I swear, I sabi economics pass Emefiele.

6 Likes 1 Share

Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by hotseat: 7:52pm On Aug 18
What a feat!


Little wonder the economy is booming!



IDIOTAS EVERYWHERE YOU GO!
Re: We Reduced Minting Of Naira To Boost Electronic Transactions – CBN by Adedotguy: 7:54pm On Aug 18
cool

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