The Central Bank of Nigeria (CBN), on Thursday, said that the introduction of eNaira in the financial system is to, among others, improve the effectiveness of monetary policy in managing inflation as well as in driving economic growth in the country.

The clarification was made at a seminar organised by the Central Bank of Nigeria (CBN) Fair tagged: Promoting financial stability and economic development held in Benin City, Edo State.

Team Lead Director, Corporate Communications Department, Nwanisobi Osita, who spoke during the seminar, said CBN had been working with a clear mandate of stabilising price economy towards growing economy sustainably.

Noting that the Nigerian payment system remains one of the most sophisticated globally, Osita disclosed that the seminar was also aimed at getting feedback from participants in terms of viewpoints and challenges.

In his speech, the Benin branch Controller of CBN, Jumbo Renner, added that the seminar was put together with a view to sensitising people about the new policy of CBN. Representative of the Currency Operation department, Ngozi Etim said the CBN mandates were derived from the 1958 Act of parliament as amended in 1991, ’93, ’97, ’98, ’99 and 2007 respectively.