CBN Publishes Regulatory Guidelines on the eNaira

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Monday October 25, 2021 / 02:43 PM / by CBN / Header Image Credit: Ecographics

 

The Central Bank of Nigeria, under the Central Bank of Nigeria (CBN) Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020, is empowered to issue legal tender currency, ensure financial system stability and promote the development of electronic payments system. The Bank, in furtherance of these mandates, hereby issues the following Guidelines for the operation of the eNaira.

 

The eNaira is the digital form of the Fiat currency (Naira), issued by the CBN in line with Section 19 of the CBN Act. It is a direct liability of the CBN, a legal tender and will form part of the currency-in-circulation.

 

The eNaira will complement cash as a less costly, more efficient, generally acceptable, safe and trusted means of payment and store of value.

 

Additionally, it will improve monetary policy effectiveness, enhance government's capacity to deploy targeted social interventions, provide alternative less costly channel for collection of government revenue and boost remittances through formal channels.

 

The Guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system.

 

The regulatory Guidelines on the eNaira takes effect from October 25, 2021.

 

Download Full Guidelines Here

 

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