BY LEVI JOHNSON
Nigeria central bank governor Godwin Emefiele has disclosed that e-Naira and its underlying blockchain technology could increase Nigeria’s Gross Domestic Product (GDP) by $29 billion, in 10 years.
According to him, the introduction of the e-Naira, which was launched by President Muhammadu Buhari on October 25, 2021, was in the pursuit of an efficient payment system in the country.
He posited that the introduction of the e-Naira would enable the government to send direct payments to citizens eligible for specific welfare programmes, as well as foster cross-border trade.
Since the launch, customers who download the e-Naira Speed Wallet App are able to onboard and create their wallet; fund their e-Naira wallet from their bank accounts; transfer e-Naira from their wallet to another wallet; and make payments for purchases at registered merchant locations.
Alongside digital innovations, the CBN governor noted that digital currencies could foster economic growth through better economic activities, increase remittances, improve financial inclusion, and make monetary policy more effective.
He said: ”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 to the formal sector, thereby increasing the tax base of the country.
“33 banks were fully integrated and live on the platform; N500 million was successfully minted by the bank; N200 million was issued to financial institutions; and over 2,000 customers were onboarded.
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