According to the Governor of the Central Bank of Nigeria, the newly introduced digital currency e-naira can boost investment and trade in Nigeria. He added the digital currency “would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital.”
CBDC Gateway to Digital Economy
Godwin Emefiele (Nigeria’s central bank governor) stated that Nigeria is now more competitive due to the introduction of the e-naira digital currency. According to Emefiele, specifically, Nigeria’s central bank will introduce the digital currency CBDC (central bank digital currency) into the payment system. This is said in a report.
Emefiele makes remarks that are latest from either the government or CBN officials in an effort to calm doubting Nigerians. At the launch of the CBDC in October 2021, the country’s president, Muhammadu Buhari, similarly touted the introduction of the e-naira as something that would result in Nigeria’s GDP growing by $29 billion in 10 years.
The CBN makes reassuring statements and hosts various events to promote the CBDC. The latest of such events is the “eNaira – Africa’s Gateway to a Digital Economy” hackathon, which is set to commence on June 27 and is expected to run until July 21.
Identification and elimination of glitches
The Eagle Online reports that the CBN encouraged Nigerians register for the enaira hackathon. It believes this event could be beneficial in helping to invent solutions to the CBDC. Emefiele added:
The new CBDC (eNaira), which was introduced in Nigeria, is essential to make Nigeria competitive. In the last few years, we have witnessed how digital currencies opened up international economies and made it easy to trade, buy, invest, and many other economic activities.
A statement was reportedly made by organizers as well as the CBN stating that innovators at the event would look into ways to fix any glitches that could affect e-naira transactions. The report stated that they will be required to design an e-naira system that addresses cross-border remittances and blockchain.
Let us know your opinions on the story. Comment below and let us know how you feel.
Credit to Image: Shutterstock, Pixabay, Wiki Commons, mundissima / Shutterstock.com
DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.