CBDC Ensures Nigeria Remains Competitive in Increasingly Digital World — Central Bank Governor

The governor of the Central Bank of Nigeria (CBN) has claimed that the recently introduced digital currency e-naira has the potential to boost trade and investment activities in the country. He also said the digital currency “will be necessary in the future to ensure Nigeria’s competitiveness as the world becomes increasingly digital.”

CBDC Gateway to the Digital Economy

Nigeria’s Central Bank Governor Godwin Emefiele said the recently introduced digital currency, e-naira, will help keep Nigeria competitive in an increasingly digital world. In particular, the introduction of the Central Bank Digital Currency (CBDC) into the Nigerian payments space is expected to enhance trade and investment activities, reports quoted Emefiele as saying.

Emefiele’s statement is the latest by a government or CBN official aimed at reassuring skeptical Nigerians; during the launch of the CBDC in October 2021, the country’s President Muhammadu Buhari similarly said that the introduction of e-naira would help Nigeria’s GDP growth of $29 billion over 10 years.

In addition to reassuring statements, the CBN has used the various events it hosts as a platform to promote the use of CBDC. The latest event is the “eNaira – Africa’s Gateway to a Digital Economy” hackathon, which kicked off on June 27 and is scheduled to run through July 21.

Identify and Resolve Deficiencies

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According to The Eagle Online’sreport, CBN is encouraging Nigerians to register for the e-naira hackathon, saying the event could help innovators come up with innovative solutions for CBDC They believe it may help them come up with innovative solutions. Emefiele also added that

As the world becomes increasingly digital, there is no denying that the new CBDC (eNaira) will be needed in the future to ensure Nigeria’s competitiveness. We have witnessed over the past few years how digital currencies have opened up the international economy to the individuals who exercise them, making transactions, purchases, investments, and other economic activities seamless.

Meanwhile, according to a statement released by the organizers and the CBN, innovators participating in the event will be looking at ways to eliminate glitches that could hinder e-naira transactions. They will also be asked to devise a design for e-naira that supports blockchain and cross-border remittances.

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