Chimara BygoldThe President of the Chartered Institute of Bankers of Nigeria (CIBN), Dr Bayo Olugbemi has commended the introduction of the country’s first digital currency, eNaira, saying it was part of measures to deepen financial inclusion and integrate millions of unbanked Nigerians into the banking system.
Dr. Olugbemi, who spoke at the 56th Annual Bankers Dinner of the institute, noted that while the modality for the operation of the Central Bank Digital Currency (CBDC) is being finetuned, the launch of the electronic currency was a step in the right direction.
He commended CBN governor, Godwin Emefiele for the initiative saying” I have no doubt in my mind that it is a welcome development and a step in the right direction.
Join our WhatsApp Channel“Equally worthy of note is the improvement, though slight, being witnessed in the exchange rate of the Naira. I wish to call for its sustenance. We are certainly working in interesting times with global growth rate at its lowest and traditional norms being challenged on a daily basis,” he stated.
Olugbemi, who was attending his last CIBN dinner as the president of the institute would be handing over the mantle of leadership of the institute by May 2022.
He noted that his tenure builds “on the solid foundation laid by our predecessors, rooted in the tradition of constantly leaning forward into the future.”
He appreciated members of the Institute for their support in the implementation of the A-TEAM Agenda of his administration, assuring that the Institute will continue to devote its resources to the development of competencies whilst strengthening observance of ethics and professionalism in the banking industry.
He said traditionally, the Annual Bankers Dinner is the “CBN Governor’s Day” because it affords stakeholders’ the rare privilege of interacting and listening to Mr Governor as he examines critical issues and fundamentals which have affected the banking industry within the year.
In his keynote address, the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele who was the Special Guest of Honour urged stakeholders in the industry to support the ongoing deployment of the e-Naira as efforts are ongoing to encourage continued partnership between the CBN and operator in the financial sector.
The CBN governor noted that building a robust payment system that would provide cheap, efficient, and faster means of conducting payments for most Nigerians have always been the focus of the apex bank.
Emefiele said that total transaction volumes using digital channels more than doubled between 2018 and 2020, as volumes rose from 1.3 billion to over 3.3 billion financial transactions in 2020.
He added that Digital payment channels also helped to support continued conduct of business activities during the lockdown.
According to him, the banking sector robust payment system has continued to evolve towards meeting the needs of households and businesses in Nigeria, reflective of the confidence in our payment system, indicating that between 2015 and September 2021, about US$900 million has been invested in firms run by Nigerian founders.
Lagos state Governor, Mr.Babajide Sanwo-Olu in his remarks stated that, bankers “must ensure that the fundamental economic indicators, both micro and macro, of Nigeria’s economy, are a true reflection of what the realities are in the various sectors of the economy.
Sanwo-Olu said, “We will certainly need to review the traditional economic and monetary models in the face of changing realities and the desire to achieve maximum impact and outcome vis a vis our policy objectives.
“But even as we do this, we must never lose sight of our primary mandates as institutions and organizations.”
He said the funds banks deploy must create jobs, boost exports, build capacity, and guarantee prosperity for significant numbers of our population.
The Annual Bankers Dinner had in attendance Commissioner’s of Finance and Budget and planning of various states, Chairmen of Banks, British Deputy High Commissioner to Nigeria, President, IoD; Deputy Governors of the Central Bank of Nigeria; President of Professional Bodies; Director-General, SEC and his Commissioners; MD/CEOs of banks; Past Presidents and Registrars of the Institute, Diplomats, Captains of Industries, Business leaders, and financial analysts.
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