Image credit: centrabankcurrency.com
Nigeria is set to witness another triumph of modernization ten days from now. The world is changing and any nation that wishes to be on the global map of relevance economically must be flexible enough to adjust to the change. That is why one needs to laud the initiative of the Central Bank of Nigeria as it prepares to be one of the foremost countries in the world to have its digital currency.
And according to the apex bank, the e-naira which is set to be launched in less than two weeks will become a legal tender that will be equal in value as the naira. This means it must be accepted as a form of payment by every citizen of the country. But beyond this declaration, some people have questioned the benefit of the e-naira and that is why this article will highlight some of those benefits to expect when the currency becomes operative in few days;
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First of all, having an e-naira wallet will save everyone the risk of losing money to armed robbers in the course of doing transactions, and since it is going to be our fiat currency just like naira, there will be no need for anyone to carry huge cash around for transactions. And just like naira, the liability of e-naira will be the so responsibility of the Central Bank of Nigeria.
Not that only, unlike the other cryptocurrencies that are not regulated, this e-naira will be regulated by the government through the central bank, and the fear of fluctuations in its value will be abated.
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Further from that, it will also save the government from spending fortunes in printing currencies every year, it is a known fact that a huge amount is spent annually to print naira notes, but with the advent of this digital currency, that will be reduced to the bare minimum and the money being used in printing naira notes can be diverted to other developmental projects.
In addition to that, e-naira will also preserve the value of our currency that is presently on a free fall. The gap between naira and dollar will be bridged especially between the official and the parallel rates since one will be able to carry out transactions with e-naira instead of using dollars.
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Furthermore, other African countries will soon start adopting the use of digital currency which means there will be ease of doing business with those other nations since one will be able to exchange e-naira for their respective digital money. Again the trouble of having to convert cash will be eliminated.
Although there may be some glitches at the initial stage, with time, it will become part of our daily routines. It is just like introducing a new denomination of money which can be confusing at the beginning.
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Moreover, the average old market men and women may not fit into this new development since they may not have the needed knowledge to operate the digital wallet and my extension the browsing phone to do it, but the majority of the general public would not have any difficulties in using the app. And as for those old folks, one can always go around with little cash because of them.
Kudos to the governor of the CBN for being very proactive in this economic development.
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