Finance

CBN: Other African countries understudying e-Naira

Economist wants CBN redesigned to allow low-interest rate

The Central Bank of Nigeria (CBN) has stated that the success and acceptance of the e-Naira has attracted other African countries to understudy the model and basics of the Central Bank Digital Currency (CBDC).

Speaking on the sidelines of the CBN special day at the ongoing Lagos International Trade Fair yesterday, Director, Corporate Communications of the apex bank, Osita Nwanisobi, noted that as one of the first countries in the world to have adopted the digital currency, Nigeria has become a role model to many other central banks in Africa and beyond.

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He said, “Presently, many African countries are in the country trying to understand and see how they can also start their own digital currency. Many central banks across the world are still trying to understand it and the CBN has made history as one of the first to achieve this. The world is moving away from fossil fuel and we are entering a digital world. If we do not join the train now, we would be left behind.”

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He further noted that with the upgrade in the e-Naira wallet application, there ha been increased traction in the acceptance and usage of the digital currency in the country. According to him, there is a whole lot of enthusiasm from the public on the e-Naira.

On her part, the president of the Lagos Chamber of Commerce and Industry (LCCI) organisers of the fair, Mrs Toki Mabogunje commended the apex bank on the launch of the eNaira which according to her will help to expand payment gateways for digital transaction.

“The launching of the Nigeria digital currency the e-Naira is highly commendable and marks a milestone in Nigeria digital economy it is equally remarkable that the e-Naira is the first in Africa’s financial market, “she said.

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