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.