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eNaira : I Know What I am Doing, Nigerians Should be Patience With Me, ...I gave Nigerians first digital currency in Africa ---- Buhari Brags of his Achievements

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AT OFFICIAL LAUNCH OF eNAIRA, PRESIDENT BUHARI SAYS DIGITAL CURRENCY WILL BOOST NIGERIA’S GDP BY $29BILLION IN 10 YEARS The adoption of the ...

AT OFFICIAL LAUNCH OF eNAIRA, PRESIDENT BUHARI SAYS DIGITAL CURRENCY WILL BOOST NIGERIA’S GDP BY $29BILLION IN 10 YEARS

The adoption of the Central Bank Digital Currency (CBDC) and its underlying technology, called block chain, can increase Nigeria’s GDP by $29billion over the next 10 years, President Muhammadu Buhari said Monday in Abuja at the official launch of the eNaira.

The President also declared that the introduction of the eNaira would enable the government to send direct payments to citizens eligible for specific welfare programmes as well as foster cross border trade.

President Buhari said that alongside digital innovations, CBDCs can foster economic growth through better economic activities, increase remittances, improve financial inclusion and make monetary policy more effective.

”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.

”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,” he said.

The President said with the launch of eNaira, Nigeria has become the first country in Africa, and one of the first in the world to introduce a Digital Currency to her citizens.

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