THE president of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Bayo Olugbemi, has commended the introduction of the country’s first digital currency, eNaira, saying it was part of measures to deepen financial inclusion and integrate millions of unbanked Nigerians into the banking system.
Dr. Olugbemi, who spoke at the 56th annual bankers’ dinner of the institute, noted that while the modality for the operation of the Central Bank Digital Currency (CBDC) was being fine-tuned, the launch of the electronic currency was a step in the right direction.
He commended the CBN Governor, Godwin Emefiele, for the innovative introduction of the eNaira, saying “I have no doubt in my mind that it is a welcome development and a step in the right direction.
“Equally worthy of note is the improvement, though slight, being witnessed in the exchange rate of the Naira. I wish to call for its sustenance.
“We are certainly working in interesting times with global growth rate at its lowest and traditional norms being challenged on a daily basis.”
Olugbemi, who attended his last CIBN dinner as the president of the institute, will be handing over the mantle of leadership of the institute by May 2022.
He noted that his tenure built “on the solid foundation laid by our predecessors, rooted in the tradition of constantly leaning forward into the future.”
He thanked members of the institute for their support in the implementation of the A-TEAM agenda of his administration.
“I want to assure you that the institute will continue to devote its resources to the development of competencies whilst strengthening observance of ethics and professionalism in the banking industry,” he stated.
In his keynote address, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, who was the special guest of honour, said “The support of the financial industry will be critical in the ongoing deployment of the eNaira and efforts are ongoing to encourage continued partnership between the CBN and stakeholders in the financial industry.”
The CBN governor noted that building a robust payment system that would provide cheap, efficient, and faster means of conducting payments for most Nigerians had always been the focus of the apex bank.
Emefiele said that total transaction volumes using digital channels more than doubled between 2018 and 2020, as volumes rose from 1.3 billion to over 3.3 billion financial transactions in 2020.
Governor Babajide Sanwo-Olu, in his remarks, said that bankers “must ensure that the fundamental economic indicators, both micro and macro, of our economy, are a true reflection of what the realities are in the various sectors of the economy.
“We will certainly need to review the traditional economic and monetary models in the face of changing realities and the desire to achieve maximum impact and outcome viz-a-vis our policy objectives.”
The annual bankers dinner had in physical attendance Commissioners of Finance and Budget and planning of various states; chairmen of banks; British Deputy High Commissioner to Nigeria; President, IoD; Deputy Governors of the Central Bank of Nigeria; presidents of professional bodies; director-general, SEC and his commissioners; MD/CEOs of banks; past presidents and registrars of the institute; diplomats; industry chiefs; business leaders and financial analysts.
