Nigeria Can Become World Leader in the Digital Economy Says Vice President Ye...
According to Nigerian Vice President Yemi Osinbajo, his country is well-positioned to become a global leader in the digital economy. However, for that to happen, Nigeria must choose the right approach and spend more time developing digital skills. Nigeria Better Equipped Than 3 Decades Ago The Nigerian vice president, Yemi Osinbajo, recently claimed that his country has enough human capital to see it become a world leader in the digital economy. The vice president, however, said for this to become a reality, Nigeria must choose the right approach and policies. According to a News Ghana....
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Nigeria’s proposed digital currency, the e-naira, is likely to be a welcome boost to ongoing efforts to reduce the number of Nigerians that are financially excluded, a leader of a stakeholders’ body has said. However, according to Senator Ihenyen, the president of Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), the success of such a digital currency will depend on its design. A Hybrid CBDC As per reports, the Central Bank of Nigeria (CBN)’s proposed digital currency, whose piloting phase is set to commence on October 1, will be a hybrid central bank....
In an apparent rebuke of the Central Bank of Nigeria (CBN), the Vice President of Nigeria Yemi Osinbajo says the country’s monetary authorities must consider regulating crypto assets. He adds that instead of “killing the goose that might lay the golden egg”, Nigerian monetary authorities must consider providing a “robust regulatory regime” that addresses their concerns. The Importance of Disruptive Technologies Still, in his address at a Bankers Committee meeting, Osinbajo says “he fully appreciates the position” that has been articulated by the....
The governor of the Central Bank of Nigeria (CBN) has insisted the recently introduced e-naira digital currency can potentially boost trade and investment activities in the country. He added the digital currency “would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital.” CBDC Gateway to Digital Economy The Nigerian central bank governor, Godwin Emefiele, has said the recently introduced digital currency, the e-naira, ensures Nigeria will remain competitive in a world that has gone digital. Specifically, the introduction of....
Nigerian Vice President Yemi Osinbajo recently warned that the country’s official naira exchange rate of N411 for every dollar is artificially low. This exchange rate, according to Osinbajo, discourages foreign exchange entrance into the country. Naira Exchange Rate Must Reflect Realities of Market Consequently, Vice President Osinbajo says he wants the Central Bank of Nigeria (CBN) to allow the naira to “reflect the realities of the market.” As a report by The Cable details, Osinbajo also wants the CBN to rethink its foreign exchange management strategy. He explained:....
The Ghanaian Vice President, Mahamudu Bawumia, has implored African governments to start exploring digital currencies as such alternatives have the potential to enhance intra-African trade. In addition, such digital currencies allow African countries to carry out all cross-border payments smoothly, the leader explained. Ghana Government Backing for CBDC According to a report, Bawumia made these comments while addressing guests at the opening ceremony of the Ghana International Trade and Finance Conference (GITFIC) in Accra. The report also quotes Bawumia commending the Ghanaian central....