blockchain, Cryptocurrency, can increase Nigeria’s GDP by US$29 billion over the next 10 years – President Buhari Speak on e-Naira

President Muhammadu Buhari has speak on the recent Launch of Online digital currency, called e-Naira by Nigerian government.

The President who launch the currency yesterday, today give insight of the currency advantage to Nigerian Economic.

He said in a post made available on his Facebook page that the digital currency will foster Nigeria Economy Growth.

President Buhari said:

“On Monday this week, Nigeria become the first country in Africa, and one of the first in the world, to introduce a Digital Currency to her citizens, with the launch of the Central Bank of Nigeria Digital Currency, the eNaira.

While the journey to create a digital currency for Nigeria began sometime in 2017, work intensified over the past several months with several brainstorming exercises, deployment of technical partners and advisers, collaboration with the Ministries of Communications and Digital Economy and its sister agencies like the Nigerian Communications Commission, integration of banking softwares across the country, and painstaking tests to ensure the robustness, safety and scalability of the Central Bank Digital Currency (CBDC) System.

There are multiple Nigeria-specific benefits that cut across different sectors of the economy.

The use of CBDCs can help move many more people and businesses from the informal into the formal sector, thereby increasing the tax base of the country.

Alongside digital innovations, CBDCs can foster economic growth through better economic activities.

Indeed, some estimates indicate that the adoption of CBDC and its underlying technology, called blockchain, can increase Nigeria’s GDP by US$29 billion over the next 10 years.

The CBDCs can also help increase remittances, foster cross border trade, improve financial inclusion, make Monetary Policy more effective, and enable the government to send direct payments to citizens eligible for specific welfare programmes.

I commend the Governor of the Central Bank, his Deputies and the entire team of staff who worked tirelessly to make this launch a reality.

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