CBDC Could Increase Nigeria’s GDP by $29 Billion in 10 Years: President Buhari
The Nigerian president, Muhammadu Buhari, suggested in a recent speech that the new e-naira central bank digital currency (CBDC) could lead to an increase in the value of his country’s GDP by $29 billion in ten years. Africa’s First CBDC President Buhari made bold remarks in his speech at Monday’s launch of the e-naira CBDC, stating: “Indeed, some estimates indicate that the adoption of CBDC and its underlying technology, called blockchain, can increase Nigeria’s GDP by US$29 billion over the next 10 years.” In addition to boosting....
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The Nigerian President, Muhammadu Buhari, is expected to formally launch the country’s central bank digital currency (CBDC) on October 25, 2021.
High-Level Endorsement of the CBDC
According to a statement released by the Central Bank of Nigeria (CBN), the formal event marking the e-naira’s launch will be held at the Buhari’s official residence. After the initial launch was postponed due to different factors, the CBN suggests in the statement that it has done enough to prepare for the launch this time around.
The press statement explains:
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The Nigerian central bank digital currency was originally slated for launch earlier this month, but it has been delayed. Nigerian President Muhammadu Buhari is set to officially introduce the country’s central bank digital currency (CBDC), the eNaira.The Central Bank of Nigeria (CBN) has published a document in which it reaffirmed its intention to introduce the eNaira after previously attempting but failing to do so on Oct. 1. According to the design paper for the eNaira, the CBN now considers itself prepared to implement Nigeria’s CBDC. The CBN is working on a global cryptocurrency that....
Nigeria’s national currency Naira plummeted in value against the US dollars, amid the collapse of global oil prices. Although the Bitcoin industry and the market for the digital currency is still fairly small in size, ice3x.com founder Gareth Grobler predicts to see a rapid change in the rate of adoption and awareness of Bitcoin in Nigeria in the near future. Nigeria’s national currency Naira plummeted in value against the US dollars, amid the collapse of global oil prices. The central bank of Nigeria and President Muhammadu Buhari has already begun implementing various currency controls....
Smart contracts can help avoid human error and prevent fraud in countries like Nigeria. Among many vices, corruption in Nigeria stands as one of its biggest problems. Several administrations have been and gone with claims of fighting corruption. Despite the application of orthodox methods, not much has been achieved. Will smart contracts help solve this problem which has given the biggest black nation such a bad image? Nigeria is “fantastically corrupt”. British Prime Minister David Cameron was caught on camera telling Queen Elizabeth that leaders of some “fantastically corrupt’’....
Nearly half a million e-naira wallets have been downloaded a few weeks after the central bank digital currency (CBDC) was officially launched by Nigerian President Muhammadu Buhari, the central bank has said. E-Naira’s Initial Trade Volumes In addition to the 488,000 wallets that have been downloaded, Osita Nwanisobi, who is the Central Bank of Nigeria (CBN)’s spokesman, is quoted confirming that a total of 78,000 merchants from 160 countries have now enrolled to become a part of the e-naira ecosystem. Despite the CBDC’s seemingly early success, a report by Bloomberg....