News

IMF Rates eNaira Performance Low

Published

2 years ago

May 22, 2023

The International Monetary Fund has described the public adoption of the eNaira as disappointingly low.

This was contained in a working paper that was released recently by the body and titled ‘Nigeria’s eNaira, One Year After’, where the Bretton Woods institution highlighted how the digital currency fared in its first year.

President Muhammadu Buhari formally unveiled the digital currency at the state house in Abuja on October 25, 2021.

The IMF however said about 98.5 percent of eNaira wallets that were downloaded after the unveiling have been left unused.

While stating that the Central Bank Digital Currency project had yet to move beyond the initial wave of limited adoption, IMF added that the eNaira usage by households and merchants has been slow.

“The retail wallet downloads saw a few weeks of the initial surge before tapering off. More specially, it only took 25 days for the number of downloaded wallets to reach 500,000 units—but going from there to 600,000 units took another 63 days; and to 700,000 units yet another 143 days,” the paper reads.

“As of end-November 2021, the total number of retail eNaira wallets amounted to about 860,000. This is just 0.8 per cent of Nigeria’s active bank accounts.

“Merchant wallet download has reached about 100,000 in end-June, which is about one-eleventh of the number of merchants with Point-of-Sales (POS) terminals—which enables credit or debit card payments.”

The institution further revealed that the downloaded wallets recorded low transactions while some have not been active except for the initial surge it recorded shortly after it was launched.

It added that the average number of eNaira transactions weekly were carried out only by 1.5 percent of downloaded wallets.

“The average number of eNaira transactions since its inception amounts to about 14,000 per week—only 1.5 percent of the number of wallets out there. This means that 98.5 percent of wallets, for any given week, have not been used even once,” the paper further reads.

“The average value of eNaira transactions has been 923 million naira per week—0.0018 percent of the average amount of M3 during this period. The average value per one transaction has been N60,000.”

It added that the eNaira’s potential in financial inclusion requires a “strategy to set the right relationship with mobile money, given the former’s potential to either complement or substitute the latter,” the institution said.

“Cost savings from integrating CBDC—as a bridge vehicle—in the remittance process may also be substantial.”

News

FG Makes History Compulsory Subject In Primary, Secondary Schools

Published

13 hours ago

September 17, 2025

Editor

The Federal Government has announced the reintroduction of Nigerian History as a compulsory subject from primary to senior secondary school, 16 years after it was removed from the curriculum in 2009, under the Umaru Musa Yar’Adua administration.

The Federal Ministry of Education announced this in a statement posted on its X handle on Wednesday.

It said the reintroduction aimed at strengthening national identity, unity, and patriotism among diverse citizens.

“For the first time in decades, Nigerian pupils will study History continuously from Primary 1 to JSS3, while SSS1–3 students will take the new Civic and Heritage Studies, integrating History with Civic Education.

“Primary 1–6: Pupils will learn about Nigeria’s origins, heroes, rulers, culture, politics, economy, religions, colonial rule, and post-independence governance.

“JSS1–3: Students will study civilisations, empires, trade, European contacts, amalgamation, independence, democracy, and civic values,” the statement read.

The Ministry said the Honourable Minister of Education, Dr Maruf Alausa, CON, together with the Honourable Minister of State for Education, Professor Suwaiba Sai’d Ahmad, expressed profound gratitude to President Bola Ahmed Tinubu for championing the reform.

“They emphasised that History is not merely a record of the past, but a vital foundation for shaping responsible and patriotic citizens.”

According to the Ministers, the reform is a priceless gift to the nation, reconnecting children with their roots while inspiring pride, unity, and commitment to national development.

The Ministry has released the revised curriculum and will retrain teachers, provide resources, and strengthen monitoring.

The former President Umaru Musa Yar’Adua-led government in 2009 removed history from Nigeria’s basic education curriculum.

Then, it was justified that students were avoiding it with the claim that there were few jobs for history graduates, and that there was dearth of history teachers.

In 2022, the Ministry of Education under former Minister Adamu Adamu inaugurated the reintroduction of the subject.

The Ministry also trained history teachers at the basic education level in Abuja.

However, history has always remained optional in the few schools that offer it.

News

Police Announce Burial Arrangements For Ex-IG Arase

Published

13 hours ago

September 17, 2025

Editor

The Nigeria Police Force has released the burial arrangements for former Inspector-General of Police Solomon Ehigiator Arase, who died on August 31, 2025, at the age of 69.

Arase, who served as the 18th indigenous Inspector-General of Police, was described by the Force as a dedicated officer remembered for his leadership, philanthropy and commitment to police reforms.

According to the programme of events signed by the Force Public Relations Officer, CSP Benjamin Hundeyin, released on Wednesday, the burial rites will begin in Abuja on September 24 with a Day of Tribute at the Nigeria Police Resource Centre, Jabi.

A requiem mass will follow on September 26 at Holy Trinity Catholic Church, Maitama, while a lying-in-state is scheduled for September 27 at his Abuja residence. His body will then depart for Benin City, Edo State.

In his hometown, Sabongida Ora, a candlelight procession is slated for September 29.

A valedictory session organised by the Edo State judiciary and the Nigerian Bar Association will hold at the Edo State High Court, Benin, on October 2.

Other activities include a service of songs at St. Paul’s Catholic Church, Airport Road, Benin, on October 2, followed by a family lying-in-state.

The funeral mass will take place on October 3 at St. Paul’s Catholic Church, after which interment will be held at his private residence in Benin City.

A reception is planned at the Victor Uwaifo Creative Hub, while a thanksgiving mass will round off the events on October 5.

Arase, who held national honours including CFR, and was also a PhD holder, was appointed Inspector-General of Police in April 2015 and retired in June 2016.

He died at Cedarcrest Hospital in Abuja after a brief illness.

News

Lagos Begins Monitoring As Schools Resume

Published

13 hours ago

September 17, 2025

Editor

The Lagos State Government, through the Office of Education Quality Assurance, has commenced the monitoring of schools for compliance with standards as students resumed activities this week.

The OEQA spokesperson, Adepeju Adeyemi, said in a Wednesday statement sent to newsmen that the inspection began on Monday across the state for schools below the tertiary level.

The monitoring team, led by the Coordinating Director of OEQA, Remi Abdul, visited several schools, including Dolphin Senior High School, Lagos Island, where the team was received by the Principal/Director, Comfort Agunlejika.

Abdul explained that the purpose of the monitoring was to ensure compliance with the approved resumption date as stated in the Year 2025/2026 Harmonised Academic Calendar.

The PUNCH reports that basic and secondary schools in Lagos resumed on September 15, 2025, for the First Term of the Y2025/2026 session.

According to the approved 2025/2026 harmonised calendar made available to our correspondent, the First Half of the term is scheduled for September 15 to October 31, 2025, with a duration of 34 days. The second half will commence from November 10 to December 19, 2025, with a duration of 34 days. In between the halves are Open Day and Mid-Term Break.

Abdul noted that the monitoring team deployed was also verifying whether school administrators held pre-resumption meetings and whether key teaching and statutory records, such as lesson notes, diaries, and makeshift attendance registers, were in place for the smooth take-off of the new academic session.

“While addressing SSS 3 students, Abdul encouraged them to take their academics seriously, noting that how well they perform this term would determine their transition to higher education. He urged them to read well, stay focused, avoid skipping classes and begin early preparation for their WASSCE examinations,” the statement said.

He also encouraged teachers to remain dedicated and committed to delivering quality education.