The Central Bank of Nigeria celebrates Success of e-Naira app

Central Bank of Nigeria (CBN), says the e-Naira application has recorded a total digital transaction valued at about eight billion naira as at the end of October this year.

CBN Director of Information Technology, Mr. Hajiya Mohammed during the Second Africa Payment Systems Conference in Abuja, said customers on the e-Naira platform will continue to enjoy seamless peer to peer transactions at no charge.

In a related development, the CBN has reminded banks switching companies and other parties in the payments system that certified payment acceptance devices deployed are required to accept transactions arising from any card issued by any bank.

The apex bank in a circular by the Director, Payments System Management Department, Musa Jimoh, said it issued the circular because of the acceptance devices deployed by banks which discriminates between payment cards.

World Bank has warned that Nigeria’s debt service cost to revenue ratio could hit 160%   in five years, except broad-based reforms are implemented to unfreeze the fiscal space.

In a separate report, the global bank also said poorest countries that are eligible to borrow from the International Development Association now spend over a tenth of their export revenues to service their long-term public and publicly guaranteed external debts the highest proportion since two-thousand.