The Central Bank of Nigeria (CBN) has called on the Federal University of Technology, Akure (FUTA) to adopt eNaira platforms for collection of tuition and other financial transactions.

The apex bank stated this during a sensitisation programme on its cashless policy at the institution on Monday.

Speaking at the event, Giwa Samuel Ademola, CBN acting branch controller in Ondo state, said the policy is aimed at reducing physical cash transactions.


“The eNaira is not just any currency; It is designed to complement the existing physical Naira and to provide a more efficient, secure, and accessible means of payment. It represents a remarkable leap forward in how we interact with money, and it is tailor-made to meet the needs of our vibrant and dynamic community,” he said.

“One of the primary advantages of the eNaira lies in its unparalleled convenience. With this digital currency, individuals can swiftly and easily make payments without relying on physical cash or traditional payment cards.

“The eNaira streamlines the payment process, allowing for seamless transactions in various scenarios. The eNaira operates on robust blockchain technology, ensuring a high level of security.


“Considering the multitude of benefits associated with the eNaira, I strongly urge FUTA to adopt this for the collection of fees, levies, and revenues within our institution. Furthermore, I encourage all businesses operating within our university to follow suit and embrace the eNaira.

“By doing so, we not only enhance our financial well-being, we also contribute to the broader goal of economic growth in Nigeria.”

Ademola said eNaira is safe, convenient, accessible, and complements existing electronic payment systems rather than replacing them.

In his remark, Adenike Oladiji, the vice-chancellor of FUTA, commended the CBN for choosing FUTA for the sensitisation.


Oladiji, who was represented by Titi Amos, the deputy vice-chancellor academics, assured the CBN that students of the institution will embrace the innovation.

The VC, however, urged the apex bank to ensure massive sensitisation and education on the new eNaira digital money platform to enable Nigerians understand its functions and features very well.

Oladiji also enjoined the bank to implement other policies that would enhance the smooth operation of the eNaira platforms.


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