CHANNELS TELEVISION
CHANNELS RADIO
NIGERIA's 14-TIME TV STATION OF THE YEAR
Business Morning
Network Africa
Sports This Morning
Sunrise Daily
About Channels Television
Nigeria Launches Digital Currency eNaira
President Buhari during the launch said the adoption of new CBN digital currency is estimated to increase Nigeria's GDP by $29 billion.
President Muhammadu Buhari has launched the country's digital currency, eNaira.
The event was held on Monday at the State House in Abuja, with the Vice President, Yemi Osinbajo; governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and other dignitaries in attendance.
During the launch, President Buhari said the adoption of new CBN digital currency is estimated to increase Nigeria's GDP by $29 billion over the next 10 years.
"We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens," Buhari said at the event.
Other countries like China, Bahamas, and Cambodia have also launched digital currencies.
READ ALSO: eNaira Will Open New World Of Innovations – Expert
The digital currency has two applications – eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store on Monday at the State House, Abuja.
A statement on the eNaira website explained the overall function of the currency and its value to Nigeria's economy.
"eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.
"eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments," the statement read in part.
Additionally, the new payment system which has taken four years to crystallise, 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.
More on Business
Nigeria's Economy To Grow By 2.5% In 2022 – World Bank
Bitcoin Slides Below $40,000
NLC Rejects FG's Plan To Increase Tax On Carbonated Drinks
Buhari Demands Transparency, Accountability From New NNPC Board
MORE FROM CHANNELS TV
FG Projects N10.7trn Revenue Target For 2022
Name And Prosecute Terrorism Financiers, Ndume Tells FG
Insecurity: FG Should Deploy Drones Everywhere, Says Stan-Labo
Diplomatic Channels
Aviation This Week
Copyright © 2022 Channels Incorporated Limited. All rights reserved.