Lenders are not prioritizing the promotion of the enaira because they fear this could deprive them of income earned from regular banking services. digitalcurrency cbn
Apathetic Nigerian lenders are frustrating the e-naira’s adoption because they are worried this could deprive them of a key revenue source, Godwin Emefiele, the Central Bank of Nigeria governor, has said. Emefiele said the central bank is working on a channel that would enable Nigerians without bank accounts to open e-naira wallets.
According to the CBN, since launching the digital currency in Q4 of 2021, only 700,000 e-naira wallets have been downloaded. Part of the reason for this is the fact that only account holders can open an e-naira wallet. Meanwhile, following the central bank’s monetary policy committee meeting which ran for two days, the CBNresolved to increase the monetary policy rate to 14%. Concerning the rate hike, Emefiele reportedly said:
If inflation continues to rise at this rate, we will continue to tighten [the] rate, but we are looking at other measures that will slow down inflation and food prices. But if that does not happen, we [MPC] cannot promise that rate hikes will stop.to “retain the asymmetric corridor at +100/-700 basis points around the MPR.” The liquidity ratio also is unchanged at 30%.Tags in this story
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