The Federal Government of Nigeria is contemplating that the country’s Gross Domestic Product, GDP, will increase by $29billion over the next ten years with the adoption of the E-Naira, even as 33 banks have already been integrated on the e-naira platform, with N500 million successfully minted by the CBN.
President Muhammadu Buhari expressed this optimism at the recent launch of the e-naira in Abuja on Monday, October 25, 2021, adding that the Central Bank Digital Currency, CBDC, will guarantee safer, easier, and cheaper means of payment.
He said the currency can foster economic growth through better economic activities, increase remittances, improve financial inclusion, and make monetary policy more effective.
Explaining why he approved the e-Naira project, president Buhari said the use of physical cash in conducting business and making payments has been on the decline, forcing the search for alternatives.
He said the launch of the currency will cater for businesses and households seeking faster, safer, easier, and cheaper means of payments.
“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 said.
CBN governor, Godwin Emefiele, said the e-Naira was designed to complement and strengthen Nigeria’s payments and financial architecture.
He noted that the currency is a digital equivalent of the physical Naira.
“The eNaira and Naira will have the same value and will always be exchanged at 1 Naira to 1 e-Naira,” he said.
Emefiele said 33 banks have already been fully integrated on the e-Naira platform, with 500 million successfully minted by the CBN.
Over 2,000 customers have been onboarded, and over 120 merchants successfully registered on the platform.
N200 million has been issued to financial institutions, according to the CBN boss during Monday’s launch.