Connect with us

Business

18 Days after Launch, CBN’s eNaira Registers 488,000 Subscribers in 160 Countries

Published

on

Barely 18 days after its launch, 488,000 consumer wallets have been on-boarded to Nigeria’s Central Bank Digital Currency (CBDC) platform known as the eNaira from over 160 countries through Google Playstore and Apple Store as of Friday.
Data obtained from the Central Bank of Nigeria (CBN) at the weekend, also showed that about 78,000 merchant wallets have also been on-boarded to the digital currency infrastructure.

Also, transactions on the eNaira stood at about 17,000 valued at over N62 million.
This is an indication of growing enthusiasm for the central bank’s digital currency, which has been described as a game-changer.

The digital platform had recorded about 200,000 wallets downloads in less than one day that the portal came alive.
“So far, we have on-boarded over 488,000 consumer wallets and about 78,000 merchant wallets, with these downloads occurring in over 160 countries (per Google Playstore and Apple Store data).

“We have also recorded almost 17,000 transactions amounting to over N62million with the average transaction being about $9.3 each. These numbers suggest the adoption rate has been excellent.

READ ALSO:

“It is a direct liability of the bank, a legal tender and will form part of the currency-in-circulation and will be at par with the physical naira,” CBN said.

The eNaira was officially unveiled on October 25, 2021, by President Muhammadu Buhari who said the electronic money would boost the country’s Gross Domestic Product (GDP) by $29 billion in the next 10 years.
Nigeria is the first country in Africa and one of the first in the world to introduce digital currency.
Buhari had said: “Indeed, some estimates indicate that the adoption of CBDC and its underlying technology, called blockchain, can increase Nigeria’s GDP by $29 billion over the next 10 years.

“CBDCs can also help increase remittances, foster cross border trade, improve financial inclusion, make monetary policy more effective, and enable the government to send direct payments to citizens eligible for specific welfare programmes.”
The president further assured Nigerians of the safety and scalability of the CBDC, adding that the journey to create a digital currency for Nigeria began in 2017.

On his part, CBN Governor, Mr. Godwin Emefiele, had said with growing interest in CBDC around the world, the CBN had commenced extensive study, consultations, identification of use cases, and the testing of the CBDC concept in a Sandbox environment as far back as 2017.

He said the objective of the research was to establish a compelling case for the adoption of a digital currency in the country to enable a more prosperous and inclusive economy for all Nigerians.

He added that following the completion of the preliminary work, the researchers and experts at the CBN were able to establish that a digital currency will drive a more cashless, inclusive, and digital economy as well as complement the gains of previous policy measures and our fast-growing payments platforms.
He said CBN decided to implement its own CBDC and to name the digital currency, the eNaira, and believes the innovation will make a significant positive difference to Nigeria and Nigerians.

Specifically, Emefiele said the eNaira will support a resilient payment system ecosystem, encouraging rapid financial inclusion, reducing the cost of processing cash, enabling direct and transparent welfare intervention to citizens, and increasing revenue and tax collection.
He had also said eNaira would also facilitate diaspora remittances, reduce the cost of financial transactions, and improve the efficiency of payments.

He added: “Therefore, the eNaira is Nigeria’s CBDC and it is the digital equivalent of the physical Naira. As the tagline simply encapsulates, the eNaira is the same Naira with far more possibilities. The eNaira – like the physical Naira – is a legal tender in Nigeria and a liability of the CBN. The eNaira and Naira will have the same value and will always be exchanged at 1 naira to 1 eNaira.”

Emefiele said in a bid to further de-risk the process, the CBN had given careful consideration to the entire payments and financial architecture and has designed the eNaira to complement and strengthen these ecosystems, adding that the bank had also implemented security safeguards and policies to maintain the integrity of the financial system.

The CBN boss added that there would be strict adherence to the anti-money laundering and combating the financing of terrorism (AML/CFT) standards to preserve the integrity and stability of Nigeria’s payment system.
According to him, 33 banks had been fully integrated and are live on the platform while N500 million had been successfully minted by the central bank including N200 million which had been issued to financial institutions.
Emefiele said the country had made history with the eNaira launch, pointing out that this would be the first in Africa and one of the earliest around the world.

Thisday

Business

AutoTrends: Customs to reintroduce suspended e-valuation of vehicles Friday

Published

on

The Nigeria Customs Service (NCS) says it will reintroduce the suspended electronic valuation of vehicles on Friday.

The NCS said this in a letter dated May 17, 2022, and signed by Ajibola Odusany, NCS’ deputy controller, administration, on behalf of Yusuf Malanta, area controller in charge of the Apapa Command of the service.

Also known as vehicle inspection number (VIN), the policy has generated controversy since its introduction this year.

Clearing agents associations had protested against the e-valuation policy and grounded activities at the ports.

The freight forwarders said the e-valuation system sharply increased duty paid on imported vehicles.

This had forced the NCS to suspend the implementation of the VIN policy, following the intervention of the House of Representatives.

In bringing back the policy, the NCS said there would be a sensitisation programme for stakeholders in the clearance chain in preparation for the redeployment.

“In line with the planned nationwide deployment of the VIN Valuation on Friday, 20 May 2022, and the need to continually enhance the platform for optimal performance and service delivery, the sensitisation which is scheduled to take place on Thursday, May 19, 2022, at 11:00 am is to hold at the Apapa Command conference hall. The Deputy Controller Administration, A Y. Odusanya, on behalf of the Customs Area Controller requested that clearing agents should send their representatives to attend, saying the session would benefit everyone and further clarify any question,” the letter stated.

Acting President of Nigerian Licensed Customs Agents (ANLCA), Kayode Farinto, confirmed the development,

saying the association would speak after the training.

“We’re going for the training. So, we can’t say anything until we’re through with the training,” he said.

Continue Reading

Auto

AutoTrends: Stop driving your old crossovers, Mercedes warns, recalls ML, others

Published

on

Mercedes-Benz has asked owners of certain older crossovers to stop driving due a to corroded brake booster that could cause the brakes to fail.

The automaker said the request and corresponding recall applied to 292,287 ML-, GL-, and R-Class crossovers and SUVs from the 2006-2012 model years.

Recalls are common, but urging customers to stop driving is not,  according to thecarconnection.com.

In the affected vehicles, water exposure in the brake booster housing can cause a joint to corrode, leading to a leak in the brake system.

Brake force may also be reduced, forcing drivers to press harder on the brake pedal to decelerate and come to a stop. In rare cases, Mercedes said, it may be impossible to stop if there has been severe corrosion.

The risk of a crash or injury would increase, although Mercedes said it was aware of no known crashes or injuries related to the issue.

According to the premium brand automaker, the emergency brake pedal is not affected, and could be used in case of a regular brake pedal failure. Mercedes will provide complimentary towing of the affected vehicles to service centers.

Dealers are expected to inspect the brake booster housing and replace parts as required. If the part cannot be fixed immediately, Mercedes said it will help “coordinate an individual solution for the customer, including alternate mobility.”

 

Continue Reading

Auto

AutoTrends: Hyundai Sonata models face fuel leak risk

Published

on

A potential fuel hose leak in 2013 and 2014 models of Hyundai Sonata has again led to the immediate recall of the vehicles globally.

The NHTSA disclosed this, noting that the factory fault could increase the risk of a fire.

The 2013-2014 Sonata and 2013-2014 Kia Optima had previously been recalled for a fuel hose that can crack prematurely and leak fuel.

The tape and zip-tie remedy for those earlier recalls did not stick.

With the new recall, the fuel line will be replaced at no cost to owners, Hyundai states.

Without the proper fix, the leaking fuel could come in contact with a spark or ignition source that could cause a fire in the engine compartment, thecarconnection.com notes.

The recall encompasses 215,171 Sonatas. Owners may smell fuel on vehicles equipped with either the 2.0-litre turbo-4 or 2.4-litre inline-4 engines. Hyundai reported 138 incidents in the past two years of the defect, but the automaker said there were no known crashes, fires, or injuries.

Hybrid versions of both sedans from those model years were recalled for a separate fire risk.

Hyundai and sister brand Kia have issued a series of recalls for increased fire risk for a variety of reasons, ranging from a faulty electrical socket (2011-2012 vehicles) to a short circuit in the braking system (2006-2011 Elantras).

Owners will be notified by mail as early as July 5, and will be instructed to take their affected Sonata into a dealer to have the fuel feed line replaced at no charge, regardless of warranty status.

Hyundai owners who paid for fuel line repairs to address the leak will be reimbursed.

Continue Reading

Trending