President Muhammadu Buhari has said Nigeria’s new digital currency, enaira, will increase the country’s gross domestic product by $29 billion over the next 10 years.
The President said this on Monday at the unveiling of eNaira at the State House.
According to the President, the launch of eNaira makes Nigeria the first country in Africa and one of the first few countries globally to introduce a digital currency.
The new payment system, which took the Central Bank of Nigeria (CBN) four years to roll out, is expected to 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.
President Buhari also expects it to enable the government send direct payments to citizens eligible for specific welfare programmes as well as foster cross-border trade, a statement signed by presidential spokesperson Femi Adesina said.
The President also commended the Governor of the Central Bank, Godwin Emefiele, his deputies and the entire team of staff who worked tirelessly to make the launch of Africa’s first digital currency a reality.
