The President, Major General Muhammadu Buhari (retd.), has said the Central Bank Digital Currency, eNaira, and its underlying blockchain technology can increase Nigeria’s Gross Domestic Product by $29 billion over the next 10 years.
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President Buhari disclosed this during the official unveiling of Nigeria’s digital currency- eNaira at the state house.
According to the President, Nigeria becomes the first country in Africa and one of the first few globally to introduce the digital currency (which is one of the most advanced payment systems in the world) to its citizens after countries like China, Bahamas and Cambodia.
Additionally, the new payment system which has taken four years to crystallize, 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.
©ControlTV2021.
