President Muhammadu Buhari has reportedly disclosed that, the adoption of the Central Bank Digital Currency (CBDC) known as eNaira, can increase Nigeria’s Gross Domestic Product (GDP), by 29 billion dollars in the next 10 years.
According to him, the introduction of the eNaira would enable the government send direct payments to citizens eligible for specific welfare programmes as well as foster cross border trade. He added that, alongside digital innovations, eNaira can foster economic growth through better economic activities, increase remittances, improve financial inclusion and make monetary policy more effective.
"Let me note that 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," he said.
Buhari disclosed this at the official launch of the eNaira at the State House in Abuja.
The President further disclosed that, with the launch of eNaira, Nigeria has become the first country in Africa and one of the first in the world to introduce Digital Currency to her citizens.
He however, commended the Governor of the Central Bank, Godwin Emefiele, his deputies and the entire team of staff who worked tirelessly to make the launch of Africa’s first digital currency a reality.
Content created and supplied by: DanielCE (via Opera News )
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