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Buhari – eNaira will increase Nigeria’s GDP by $29 billion in 10 years

Buharia
Nigerian President Muhammadu Buhari speaks during a news conference during a visiit to Pretoria, South Africa, October 3, 2019. REUTERS/Siphiwe Sibeko/File Photo

eNaira could boost Nigeria’s GDP by $29 billion over the next decade, according to President Muhammadu Buhari.

This was disclosed at the introduction of the eNaira today at the State House in Abuja, which was attended by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and other dignitaries.

There are two eNaira wallet apps available for Android and iOS users: fast wallet and eNaira merchant wallet.

President Buhari said,

“Estimate suggests 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.”

China, the Bahamas, and Cambodia are among the countries that have created digital currencies.

The President stated that the digital currency’s new payment system, which took four years to develop, will drive financial inclusion, serve as a backbone for electronic payments in Nigeria, and allow more people to move from the informal to the formal sector, thereby increasing the country’s tax base.

In order to drive financial inclusion, he also asserted that the eNaira will enhance remittances, improve cross-border trade, and push more individuals from the informal to formal sectors.

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Written by Babatunde Okerayi

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