Buhari claims that the e-Naira will make payments faster, safer, easier, and cheaper.
President Muhammadu Buhari anticipates that the Central Bank Digital Currency (CBDC) would boost Nigeria’s GDP by $29 billion over the next ten years.
After an initial delay, he officially introduced Nigeria’s digital currency, e-Naira, in Abuja on Monday, October 25, 2021.
He claims that the currency can boost economic growth by increasing remittances, improving financial inclusion, and making monetary policy more effective.
According to the president, he approved the e-Naira project because the usage of physical cash in conducting business and making payments is declining, necessitating the search for alternatives.
He stated that the debut of the currency will cater to businesses and households looking for faster, safer, easier, and cheaper payment methods.
“Needless to add, close monitoring and close supervision will be necessary in the early stages of implementation to study the effect of eNaira on the economy as a whole,” he stated.
Godwin Emefiele, governor of the Central Bank of Nigeria, stated that the e-Naira was created to supplement and reinforce Nigeria’s payment and financial architecture.
He stated that the money is a digital representation of the actual Naira.
“The eNaira and Naira will have the same value and will always be exchanged at 1 Naira to 1 e-Naira,” he stated.
Emefiele stated that 33 banks have already been fully integrated on the e-Naira platform, with the CBN successfully minting 500 million.
Over 2,000 clients have been added to the platform, and over 120 merchants have successfully enrolled.
According to the CBN governor during the launch on Monday, N200 million has been distributed to financial institutions.