Reports have it that, The Central Bank of Nigeria (CBN) will reduce the service fees paid by users of the digital currency platform by 50% in yet another effort aimed at encouraging the acceptance and implementation of the eNaira central bank digital currency (CBDC).
According to research, Nigerian companies that sign up to become e-naira merchants also have the chance to raise the number of their individual e-commerce transactions by 50%.
According to a Daily Trust story citing Kingsley Obiora, the deputy governor of the central bank, adopting the CBDC by Nigerian companies might enhance cash management and possibly increase cross-border trade volumes. Obiora declared:
Additionally, phase 3 of the eNaira project’s deployment of cross-border transactions is anticipated to boost cross-border trade by around 30%.
Additionally, the reduced transaction costs are anticipated to increase eNaira usage (transaction volume and value) and boost business revenue generation.
Obiora’s comments, which he reportedly said during a merchant onboarding event, come days after Godwin Emefiele disclosed that there were fewer than 1 million users of the CBDC. However, according to a news report, the CBN now wants to see ten times as many people using eNaira.
The CBN Governor, Emefiele stated that the central bank would implement a function that would allow users without bank accounts and smartphones to access the CBDC to achieve this. The CBN later announced a USSD code that, according to the CBN, will increase financial inclusion.
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