Economy

CBN sets to roll out eNaira

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CBN sets to roll out eNaira

By Olatunde Ajayi

The Central Bank of Nigeria (CBN) said on Wednesday that the umbrella bank concluded its plan to launch the central bank’s digital currency (CBDC) on October 1.

Rukiya Mohammed, chief information officer of apex bank, revealed this during a webinar on “Digital currency and the prospects for the CBDC in Nigeria”, hosted by the CEO’s committee. of Electronic Commerce in Nigeria (CeBIH).

According to her, the use of digital payment is increasing while cash payment decreases in Nigeria and around the world.

She said that more than 85% of central banks around the world are considering digital currency and therefore CBN is also innovative in dealing with global trends.

“The CBDC would contribute to the macroeconomic growth of the country, if people adopt more use of eNaira, it would improve more data for formulating macroeconomic policies.

“In addition, when more countries have their own digital currencies, it will increase currency trading and allow cross-border trade to grow at a lower cost.

“Even if Nigeria has a good payment system, it would also improve the efficiency of Nigeria’s payments,” she said.

She said the CBN had partnered with many experts from digital currency technology providers such as MasterCard to come up with the design and would publish the design soon.

“CBN would focus on small amount payments at the introductory stage, instant settlement at low cost.

“The CBDC would be legal tender with an e-Naira equivalent to one Naira, which shows fundamental differences between the CBDC and cryptocurrencies,” she said.

Also speaking, Dr Adesola Adedutan, Managing Director of First Bank Nigeria, said the CBN’s CBDC is a game changer that will provide an alternative payment system and radically transform the payments landscape.

Adedutan, who was represented by the bank’s deputy managing director, Mr. Francis Soba, said the CBDC provides a platform for the government to leverage blockchain technology to maintain a centralized and institutional role on the cash.

“It should be noted that there are significant differences between CBDCs and cryptocurrencies,” he said.

Source: NAN

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