A public affairs analyst, Mr. Olalekan Sotunde, has thrown his weight behind the Federal Government’s proposed e-naira policy, saying it is the right step in the right direction at boosting Nigeria’s economy. Mr. Sotunde, who is also a Planning Officer at the Directorate of Academic Planning, Federal University of Agriculture, Abeokuta (FUNAAB), Ogun State, made this known while featuring on FUNAAB Radio 89.5FM live interactive programme, Boiling Point. According to him, the e-naira policy was a departure from the cashless policy that was being managed by commercial banks in the country through various accounts, adding that the e-naira would be managed by the Central Bank of Nigeria (CBN). He emphasised that the world was now a global village, where people make transfers of financial funds across borders.

He stressed that electronic currency would provide easy transactions whereby businesses could be done without carrying physical currencies. Mr. Sotunde noted that the difference between the cashless online transaction and the e-naira was that the cashless transaction was being done by commercial banks while e-naira would be domiciled with the CBN. “80% of Central Banks globally are exploring digital currencies and Nigeria cannot be left behind”, he said. He said the e-naira policy would also promote financial inclusion, adding that those who have not had access to banking and other financial activities could have access to it without necessarily waiting for commercial banks to open their branches in their respective areas. “All it requires is to have an individual in the villages who will hold cash and be able to transact without waiting for any bank to come and open a branch”, he stated.