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President Muhammadu Buhari has said eNaira can increase Nigeria’s Gross Domestic Product (GDP) by $29 billion dollars over the next 10 years.
Buhari stated this on Monday while unveiling eNaira, Nigeria’s digital currency in Abuja.
He said eNaira would cater for businesses and households seeking faster and cheaper means of payment instead of “private currencies” that have gained popularity and acceptance across the world, including Nigeria.
“In recent times, Your Excellencies, the use of physical cash in conducting business and making payments has been on the decline. This trend has been exacerbated by the onset of the COVID-19 pandemic and the resurgence of a new digital economy.
“Alongside these developments, businesses, households, and other economic agents have sought new means of making payments in the new circumstances.
“The absence of a swift and effective solution to these requirements, as well as fears that Central Banks’ actions sometimes lead to hyperinflation created the space for non-government entities to establish new forms of “private currencies” that seemed to have gained popularity and acceptance across the world, including here in Nigeria.
“In response to these developments, an overwhelming majority of Central Banks across the world have started to consider issuing digital currencies in order to cater for businesses and households seeking faster, safer, easier and cheaper means of payments,” the president said.
He added that the benefits of digital currencies cut across different sectors of and concerns of the economy.
“Let me note that aside from the global trend to create digital currencies, we believe that there are Nigeria-specific benefits that cut across different sectors of and concerns of the economy.
“Alongside digital innovations, Central Bank Digital Currency (CBDC) 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 $$29 billion over the next 10 years.
“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.
“It is on this basis that I am delighted to officially launch the Central Bank of Nigeria Digital Currency, called the eNaira, and in so doing, we have become the first country in Africa and one of the first in the world to introduce a digital currency to her citizens,” Buhari said.
In his remarks, the Central Bank of Nigeria Governor, Godwin Emefiele, said the eNaira will make a significant positive difference to Nigeria and Nigerians.
CBN rolls out eNaira app, merchant wallets
The Central Bank of Nigeria (CBN) has rolled out two applications — eNaira speed wallet and eNaira merchant wallet.
The two apps were rolled out on Google playstore and iOS store on Monday.
In a statement on the eNaira website, CBN said interested individuals can sign-up on the eNaira speed wallet by inputting their details as captured during BVN enrollment.
The details include First Name, Last Name, Date of Birth, State of Origin, and Email.
“Your Banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira Platform.
“Remember Your BVN details is YOUR Personal Information, Do not disclose to Anyone,” the statement said.