According to Emefiele, the CBN is Creating New Legislation to Address Vulnerabilities to Financial Systems.

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According to the Governor of the Central Bank of Nigeria (CBN), threats to the financial service system prompted the development of a set of new and revised policies, laws, and regulations to address potential violations, change incentives for the private sector, and restructure the market to encourage competition and new entrants.

The governor of the (CBN) made this statement in Abuja at the executive seminar on “digitalization of funds and monetary policy in Nigeria.” He added that the apex bank is conscious of the possibility that new types of financial technology goods or services could make some existing financial laws and guidelines outdated and potentially harm profit development.

Despite the fact that there is still much work, the low-level formal financial services, low income, financial illiteracy, an underdevelop technology ecosystem, and a fragile infrastructure have all continue to limit Nigeria’s ability to integrate digital financial services.

Although, significant progress has been in increasing financial inclusion in Nigeria, the inclusion rate; which is now 64. 0%, delays the process of digital transformation since all individuals must be in order to fully benefit from a digital economy.

The CBN’s deputy governor , alluded to the fact that the amount of eNaira in circulation has increased by 190. 1 percent to N2.10 billion during his remarks at the event.


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