President Muhammadu Buhari has stated that the eNaira could increase Nigeria’s GDP by $29 billion over the next 10 years.
This was disclosed during the launch of the eNaira held today at the State House in Abuja, where the Central Bank of Nigeria (CBN), Godwin Emefiele, and other dignitaries were in attendance.
The digital currency has two applications; speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store.
What President Buhari is saying
President Buhari said, “estimate suggests the adoption of new CBN digital currency is estimated to increase Nigeria’s GDP by $29 billion over the next 10 years.
“We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens.”
Other countries like China, the Bahamas, and Cambodia have also launched digital currencies.
The President said that the digital currency’s new payment system which has taken four years to crystallise, will drive financial inclusion, serve as a backbone for electronic payment in Nigeria and also enable the movement of more people from the informal to the formal sector, hence scaling up the tax base of the country.
He also stated that the eNaira would increase remittance, improve cross border trader and push more people from the informal sector to the formal sector in order to drive financial inclusion.