Banks in Nigeria has witnessed a lot of transformation and innovation in its banking sector. These include banking consolidation, introduction of 10 digit NUBAN number, cashless policy, Bank Verification Number (BVN), electronic payment system, Payment Service Bank (PSB) to mention but few. The latest game changer, due for launch on October 4 is the e-Naira, the Central Bank Digital Currency (CBDC). The eNaira would bring about increased cross-border trade, accelerate financial inclusion and lead to cheaper and faster remittance inflow. The digital money would lead to easier targeted social interventions, as well as improvement in monetary policy effectiveness, payment systems efficiency, and tax collection. After its unveiling, Nigerians should be able to download the eNaira app from either Google plays store or Apple app store, on board themselves and fund their eNaira wallet using their bank account or with cash at a registered agent location.
Last July, CBN orders banks to sell foreign exchange (forex) directly to customers. The apex bank ordered the Deposit Money Banks to set up teller points at designated branches to provide forex to Nigerians. It announced the immediate discontinuity of forex sales to the Bureau De Change (BDC) operators saying: “Further to the Monetary Policy Committee briefing of July 27, 2021, all Deposit Money banks are hereby reminded to set up teller points at designated branches across the country to fulfil legitimate FX request for Personal Travel Allowance, Business Travel Allowance, tuition fees, medical payments, SMEs transactions among others. “In this regard, DMBs are also required to adequately publicize the locations of the designated branches and make necessary arrangements to sell FX to customers in cash and/or electronically in compliance with extant regulations.