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

CBDC Ensures Nigeria Remains Competitive in Increasingly Digital World — The recently introduced digital currency, the e-naira, is what will keep Nigeria competitive in a world that has gone digital, according to Godwin Emefiele, head of Nigeria’s central bank.

According to a report citing Emefiele, the introduction of the central bank digital currency (CBDC) to the Nigerian payment system is expected to bolster trade and investment operations.

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Emefiele’s remarks are the most recent by a government or CBN official to reassure doubtful Nigerians. Nigeria’s president, Muhammadu Buhari, promoted the adoption of the e-naira as something that would cause Nigeria’s GDP to rise by $29 billion in 10 years during the CBDC launch in October 2021.

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Along with providing assurances, the CBN has promoted the usage of the CBDC by hosting a number of events. The most recent of these occasions is a hackathon called “eNaira – Africa’s Gateway to a Digital Economy,” which will start on June 27 and last through July 21.

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The CBN, which has urged Nigerians to sign up for the e-naira hackathon, is said to have thought the event may be helpful in encouraging entrepreneurs to conceive of new solutions for the CBDC. 

Emefiele also added:

“It is indisputable that the recently implemented CBDC (eNaira) would be required in the future if Nigeria is to remain competitive as the world becomes more digital. In recent years, it has been clear how easily trading, purchasing, investing, and other economic actions have become possible for people who own digital currency.”

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In the meantime, a statement purportedly released by the CBN and the event’s organizers stated that innovators attending the event will consider solutions to fix bugs that might impair e-naira transactions. According to the report, they would also be required to develop an e-naira design that takes blockchain and international money transfers into account.

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