E-Naira To Raise Nigeria’s GDP by $29bn in 10 years — Buhari

Buhari unveiled the Central Bank of Nigeria’s digital currency, the e-Naira, claiming that the currency and its underlying blockchain may boost Nigeria’s GDP by $29 billion in ten years.

This comes as the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, revealed that since the eNaira platform went live, there has been an overwhelming interest and encouraging response from Nigerians and other parties around the world, with over 2.57 million daily visits to the website.

The President also stated that the implementation of the e-Naira will allow the government to make direct payments to residents who are eligible for specific welfare programs, as well as encourage cross-border trade.

See Also eNaira; 10 Amazing Facts About Nigeria’s New Digital Currency.

He stated that, in addition to digital advancements, digital currencies might promote economic growth by increasing remittances, improving financial inclusion, and making monetary policy more effective.

Buhari remarked during the presentation of the eNaira in Abuja that Nigeria’s digital currency will assist shift individuals and businesses from the informal to the official sectors, thereby expanding the country’s tax base.

He stated that eNaira will appeal to businesses and households wanting faster and cheaper payment methods as opposed to “private currencies” that have acquired popularity and acceptability around the world, including in Nigeria.