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Commercial Banks Killing eNaira—CBN

The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele has expressed his displeasure over the near flop of the country’s digital currency, the e-Naira.

Emefiele said the banks abandoned the use of the e-Naira because it does not attract charges like normal deposits and withdrawals.

He blamed the banks for restricting the use of the country’s digital currency because they want to lose revenue from conventional banking.

According to him, there are only 700,000 eNaira wallets since it was launched in October last year despite the presence of about 55 million bank accounts in the country.

e-Naira undermines banks’ profit-making drive.

Bloomberg report cited a Central Bank source as saying that only 700,000 customers have created an e-Naira account since it was introduced in October last year despite over 55 million bank accounts in Nigeria.

According to the report, Emefiele said that there is apathy in the banks.