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last updated by Nne 2 months ago
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  • #23055
    Okey_14_boi
    Moderator

    CBN explains why Nigeria needs e-naira

    The Nigerian Central Bank has outlined the economic significance of the e-naira, a digital currency set to be launched by the end of 2021.

    The introduction of digital currency, according to CBN Director of Information and Technology Rakitya Muhammed, will enhance cross-border trade and allow the apex bank to design better macroeconomic policies.

    Muhammed made the remarks while speaking virtually at the Committee of E-business Industry Heads’ Third Quarter Industry Forum in Abuja on September 22, 2021.

    She said, “If people adopt more of the usage of the e-naira, then we will be able to have more data to formulate better macroeconomic policies.

    “And when countries come on board and create their own digital currencies then we will be able to have a faster exchange of currencies and therefore we might be able to boost cross-border trade at a much lower cost.

    “Of course payment efficiency, even though we know that Nigeria has one of the best payment systems in the world, we will still be able to improve on that.

    “We believe that the e-naira will be a catalyst for the digital economy because the people who are outside the formal banking sector will be integrated.”

    Muhammed claimed the CBN had finished developing the e-naira design and that it would be revealed soon.

    She also stated that the digital currency will be a legal tender, similar to the fiat naira and that the e-naira would not be a replacement for physical notes, but rather a supplement.

    “In terms of the e-naira design, it will be a legal tender just like cash which is one of the fundamental differences between it and the cryptocurrency.

    “One, e-naira will be equal to one fiat naira, and we adopted a two-tier retail model that would be a lot less disruption into the financial system.

    “Our banks, payment service providers, and Fintech are all going to be on board and we are going to key to the infrastructure they have already and incorporate the new system.

    “It is not meant to replace the cash we have, but only to supplement,” she said.

    Muhammed had previously stated in June that the CBN’s goal in developing digital currency is to make remittances from overseas to Nigeria easier.

    She went on to say that the e-naira would help people accomplish their goals faster, regardless of where they live.

    Read Also: E-Naira: 5 Things You Need To Know About The E-Currency

    Please follow @Familyliferinfo on Twitter

    okey_14_boi

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    • #23090
      Chichi
      Participant

      if only it would be as impressive as they have described it when it is finally pout

      Share
    • #23118
      Seyibabs8
      Participant

      You sure.

      Share
    • #23131
      Bernard
      Participant

      wonderful idea CBN, keep it up

      Share
    • #23162
      Fredo
      Participant

      The length and breadth of this E-Naira are that it will facilitate fast payment for any transaction.

      Share
    • #23167
      Nne
      Participant

      I do know a lot of young Nigerians will not embrace this digital currency based on the fact that this present government ban cryptocurrencies thereby preventing them the opportunity to make money.

      Share

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