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President Muhammadu Buhari, on Monday, unveiled the Central Bank of Nigeria’s digital currency, also known eNaira, in a keynote event attended by top government functionaries at the State House, Abuja.
He said Nigeria’s Central Bank Digital Currency and its underlying blockchain technology could increase the nation’s Gross Domestic Product by $29bn over the next 10 years.
In his address, the President said the e-currency would help increase remittances, foster cross-border trade, improve financial inclusion, make monetary policy more effective, and enable the government to send direct payments to citizens eligible for specific welfare programmes.
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According to him, the digital currency will help move many more people and businesses from the informal into the formal sector, thereby increasing the country’s tax base.
Buhari said, “In recent times, the use of physical cash in conducting business and making payments has been on the decline. This trend has been exacerbated by the onset of the COVID-19 pandemic and the resurgence of a new digital economy.
“Alongside these developments, businesses, households, and other economic agents have sought for new means of making payments in the new circumstances.”
Buhari lauded the CBN for coming up with the eNaira.
Source: Punch
This post was written by Obiajulu Joel Nwolu.
The views expressed here belong to the author and do not necessarily reflect our views and opinions.