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Business News of Monday, 27 September 2021

Source: www.sunnewsonline.com

Anxiety, expectations as CBN rolls out e-Naira October 1

CBN Governor, Godwin Emefiele CBN Governor, Godwin Emefiele

With a few days to the official launch of the Central Bank Digital Currency (CBDC), eNaira, in partnership with Bitt Inc, Nigerians are anxiously waiting to experience a new banking product touted to be a game-changer on the local business landscape.

When the Director of Information Technology, Central Bank of Nigeria (CBN), Rukiya Mohammed, mooted the idea few months ago, it was greeted with mixed feelings. While some people believed it would be a federally administered cryptocurrency, many others, especially the illiterate population, thought it was just another bogus hoax meant to titillate them.

According to records, 85 per cent of Central Banks globally are working dedicatedly on their digital currencies by gradually weaning themselves off rapidly-declining cash payments; and this forms the reason the CBN joined the fray so that Nigeria is not left in the lurch.

According to the CBN Governor, Mr Godwin Emefiele, the eNaira, among others, seeks to help it achieve the apex bank’s monetary policy and financial inclusion objectives. It is also expected to increase the exchange of currency and facilitate cross border trade at a lower cost, especially when more countries unveil their own digital currencies.