{"id":13683,"date":"2021-10-28T10:54:19","date_gmt":"2021-10-28T10:54:19","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/cbdc-could-increase-nigerias-gdp-by-29-billion-in-10-years-president-buhari\/"},"modified":"2021-10-28T10:54:19","modified_gmt":"2021-10-28T10:54:19","slug":"cbdc-could-increase-nigerias-gdp-by-29-billion-in-10-years-president-buhari","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/cbdc-could-increase-nigerias-gdp-by-29-billion-in-10-years-president-buhari\/","title":{"rendered":"CBDC Could Increase Nigeria\u2019s GDP by $29 Billion in 10 Years: President Buhari"},"content":{"rendered":"

The Nigerian president, Muhammadu Buhari, suggested in a recent speech that the new e-naira central bank digital currency (CBDC) could lead to an increase in the value of his country\u2019s GDP by $29 billion in ten years. <\/strong><\/p>\n

Africa\u2019s First CBDC<\/h2>\n

President Buhari made bold remarks in his speech at Monday\u2019s launch of the e-naira CBDC, stating: \u201cIndeed, some estimates indicate that the adoption of CBDC and its underlying technology, called blockchain, can increase Nigeria\u2019s GDP by US$29 billion over the next 10 years.\u201d In addition to boosting Nigeria\u2019s GDP, President Buhari suggested that such a digital currency might help move more people and businesses from the informal sector to the formal sector.<\/p>\n

Although he acknowledges that many countries are still in the research and experimental stages, the Nigerian leader insists that the Central Bank of Nigeria (CBN) \u2014 which he says has been investigating CBDCs since 2017 \u2014 is well-positioned to launch the digital currency.<\/p>\n

In his speech<\/a>, published by Premium Times, Buhari gives his reasons for approving the CBN\u2019s request to explore the possibility of issuing what is now Africa\u2019s first CBDC. He explained:<\/p>\n

This move was underpinned by the fact that the CBN has been a leading innovator in the form of money they produce, and in the payment services they deploy for efficient transactions. They have invested heavily in creating a payment system that is ranked in the top ten in the world and certainly the best in Africa.<\/p>\n

E-Naira to Boost Monetary Policy Effectiveness<\/h2>\n

According to the president, it is on the basis of this payment system \u2014 as well as the central bank\u2019s support of several private\u2010sector initiatives to improve the existing payments landscape \u2014 that CBN is qualified to issue the e-naira.<\/p>\n<\/p>\n

However, despite his high praise of Nigeria\u2019s financial system, President Buhari said the pilot phase of the CBDC rollout will need to be closely monitored and supervised. Finally, when successfully tested, the e-naira is expected to help increase remittances, foster cross-border trade, improve financial inclusion, and make monetary policy more effective.<\/p>\n

What do you think of President Buhari\u2019s comments about the e-naira? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nEmerging Markets, CBDC, Central Bank of Nigeria, Digital Currency, e-naira launch, financial inclusion, Monetary Policy, Muhammadu Buhari, payment systems<\/p>\n","protected":false},"excerpt":{"rendered":"

The Nigerian president, Muhammadu Buhari, suggested in a recent speech that the new e-naira central bank digital currency (CBDC) could lead to an increase in the value of his country\u2019s GDP by $29 billion in ten years. Africa\u2019s First CBDC President Buhari made bold remarks in his speech at Monday\u2019s launch of the e-naira CBDC,…<\/p>\n","protected":false},"author":0,"featured_media":13684,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13683"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13683"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13683\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13684"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}