The Joint Admissions Administration Board has collaborated with the Central Bank of Nigeria to make e-naira the preferred payment mode chosen for 2023 UTME registration.
CBN also said the development would eliminate extortion of candidates.
Rakiya Mohammed, the CBN Director, of IT, Architecture, and Strategy, who was represented by Abdul Shedrack, made this known while speaking with the board and its financial partners.
Why e-naira for payment: Muhammed noted that this would also help to reduce the overall indirect cost of cash transactions on the broader community while blocking leakages in the board’s transactions.
- She added that this would also help to promote the digitization of cash and facilitate the development of e-commerce as well as support and promote the implementation of government policies.
e-naira seamless: Muhammed also said that the e-naira is the digital version of the naira currency as it has equal value and is backed by law. On this basis, he said that it would function as a safe and efficient alternative means of payment which is seamless and fortified against any form of abuse.
- The CBN, therefore, urged to download and install the eWallet from its website or via Google Play Store or Apple’s IOS Store.
What you should know: In 2021, Nigeria became the first African country to introduce a central bank digital currency (CBDC) by launching the eNaira. Over a year after, the adoption of digital currency is still very slow, even though the Central Bank of Nigeria believes it has recorded significant success with the currency.
- According to the CBN Governor, Godwin Emefiele, eNaira has recorded 700,000 transactions valued at N8 billion since its inauguration on Oct. 25, 2021. This presupposes that more Nigerians are gradually embracing the digital version of the nation’s currency.
- Using it to pay for Jamb exams will likely boost its adoption rate among young Nigerians.