CIBN President, Olugbemi, praises CBN for introducing eNaira

• says it‘II deepen financial inclusion

The President of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Bayo Olugbemi has commended the Central Bank of Nigeria (CBN) for the introduction of the country’s first digital currency, eNaira.

Speaking at this year’s dinner of the institute a the weekend, Olugbemi said it was part of measures to deepen financial inclusion and integrate millions of unbanked Nigerians into the banking system.

He stressed 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 innovative introduction of eNaira, saying ”I have no doubt in my mind that it is a welcome development and a step in the right direction.

“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.”

Olugbemi, who attended his last CIBN dinner as the president of the institute as he would be handing over the mantle of leadership of the institute by May 2022, noted that his tenure builds “on the solid foundation laid by our predecessors, rooted in the tradition of constantly leaning forward into the future.

According to him, “We have explored new and uncharted territories, expanding the frontiers of our Institute, in our avouched resolve to build a future forward Institute,” he said.

He thanked members of the institute for their support in the implementation of the A-TEAM Agenda of his administration.

“I want to assure you 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 also thanked CBN Governor, who he described as the man of the moment, “who has indeed remained a strong pillar of support for the Institute in the actualisation of its statutory mandate.

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 has affected the banking industry within the year.

“I would therefore like to use this medium to acknowledge and express our appreciation to you for your contribution to the Institute over the years especially since the beginning of this year and for your esteemed presence at this event”.