BUSINESS/ECONOMY | Oct 26, 2021 | WOZINGA NEWS
President Muhammadu Buhari declares eNaira as Nigeria’s key to success
- President Muhammadu Buhari attended the launch of eNaira or digital Naira currency.
By Marielle Petere Wozinga Staff
President Muhammadu Buhari expressed the economic advantages of the Central Bank of Nigeria’s Digital Currency.
At Abuja—Capital of Nigeria, President Buhari attended the launch of eNaira or digital Naira currency.
He stated the adoption of CBDC can lead to the economic growth of the country. He referred to approximately $29 billion in Gross Domestic Product for the next ten years.
President Muhammadu Buhari appreciates CBDC
In the region of Sub-Saharan Africa, Nigeria is the pioneering country to roll out a digital currency. President Buhari admitted the blockchain technology would bridge the government and its citizens.
This technology could send direct payments to qualified citizens for the government’s specific welfare programs. It could also promote cross-border trading.
The launch of eNaira aims for economic advancement. It involves economic interests; it increases remittances and enhances financial inclusion. Besides, monetary policy becomes more effective.
Moreover, President Buhari declared the safety and scalability of the CBDC system. He even cited that the digital currency project started in 2017. In this case,
Reuters reported on Sunday that Barbados-based Bitt Inc. is the government’s partner in developing eNaira.
CBN’s Governor agrees the development of eNaira
Central Bank of Nigeria’s Governor Godwin Emefiele commented about it. The EastAfrian has quoted Emefiele’s statement,”eNaira would operate as a wallet against which customers can hold existing funds in their bank account.
Additionally, the currency value of Naira and eNaira is the same. It considers as the legal tender of the country with the liability of the CBN. 1 Naira is equivalent to 1 eNaira;
Speaking of integrity and stability of the payment system in Nigeria, Emefiele promised to strictly abide by the Anti-Money Laundering (AML) and Combating the Financial of Terrorism (CFT) standards.
Currently, Emefiele revealed that the CBN minted 500 million Naira. The 200 million institutions were issued to financial institutions.
More than 2,000 customers have already onboarded. Also, over 120 merchants will use the eNaira platform.