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eNaira Can Increase Nigeria’s GDP In 10 years —Buhari

eNaira Can Increase Nigeria’s GDP In 10 years —Buhari

The President of the Federal Republic of Nigeria, Muhammadu Buhari has said the Central Bank Digital Currency, eNaira can increase Nigeria’s Gross Domestic Product by $29 billion over the next 10 years.

PUNCH reports that the President said that the currency will help move people and businesses from the informal into the formal sector, adding that this will increase the country’s tax base in return. Jamb Result

“Alongside digital innovations, CBDCs can foster economic growth through better economic activities. Indeed, some estimates indicate that the adoption of CBDC and its underlying technology, called blockchain, can increase Nigeria’s GDP by US$29 billion over the next 10 years.

He added, “Aside from the global trend to create Digital Currencies, we believe that there are Nigeria-specific benefits that cut across different sectors of and concerns of the economy.

“The use of CBDCs can help move many more people and businesses from the informal into the formal sector, thereby increasing the tax base of the country.

“It is on these bases that I am delighted to officially launch the Central Bank of Nigeria Digital Currency, called the eNaira, and in so doing, we have become the first country in Africa, and one of the first in the world to introduce a Digital Currency to her citizens”.

According to PUNCH, President Buhari said this at the state house in Abuja while unveiling the Central Bank Digital Currency, eNaira.

President Buhari said, “In recent times, Your Excellencies, 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.

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“Alongside these developments, businesses, households, and other economic agents have sought for new means of making payments in the new circumstances.

“The absence of a swift and effective solution to these requirements, as well as fears that Central Banks’ actions sometimes lead to hyperinflation, created the space for non-government entities to establish new forms of ‘private currencies’ that seemed to have gained popularity and acceptance across the world, including here in Nigeria.

“While the journey to create a digital currency for Nigeria began sometime in 2017, work intensified over the past several months with several brainstorming exercises, deployment of technical partners and advisers, collaboration with the Ministries of Communication and Digital Economy and its sister agencies like the Nigerian Communications Commission (NCC), integration of banking software across the country and painstaking tests to ensure the robustness, safety, and scalability of the CBDC System. Information Guide Nigeria

Speaking, the CBN Governor, Godwin Emefiele revealed that so far, 33 banks have been fully integrated and are live on the eNaira platform.

Emefiele said added that N500m has successfully been minted by the Bank and N200m has been issued to financial institutions.

PUNCH reports that he noted that while over 120 merchants have successfully registered on the platform, over 2,000 customers have been onboarded.

Check and Confirm: How much is Dollar to Naira Today       Pounds to Naira Today



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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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