CBN Gov: CBDC Makes Nigeria Competitive In Digital World 

According to reports, the Central Bank of Nigeria (CBN) Governor has great hopes for the eNaira. Since Nigeria introduced a CBDC in 2021, the CBN has taken steps to increase its adoption.

The Governor believes it can boost trading activities and investment opportunities in Nigeria. He also believes that this would ensure that Nigeria is competitive in the digital world.

CBDC: The Gateway To The Digital Economy 

According to Godwin Emefiele, the Governor of Nigeria’s central bank, the eNaira has several benefits. It would put Nigeria at the forefront in the digital space.

As the world is going digital, Emefiele stated that Nigeria’s eNaira is a good decision. He expects the CBDC to increase investment and trading activities in Nigeria.

Although Nigeria issued a CBDC last year, the rate of adoption has been quite low. Several Nigerians have remained skeptical about electronic currency while turning to digital currencies like BTC. 

In 2021, Muhammadu Buhari, the President of Nigeria, applauded the release of the digital Naira. He said it would increase the nation’s GDP by over $29 billion in ten years.

However, apart from reassuring words, the CBN has taken steps to boost its eNaira usage. The latest event on its list is the eNaira codefest. The event will begin on the 27th of June and end on the 21st of July.

Innovators To Identify And Eliminate Glitches 

According to The Eagle Online’s report, Nigeria’s central bank is hosting an eNaira codefest. As a result, the central bank has encouraged all Nigerians to register and participate. 

Additionally, the CBN believes this event might help innovators to develop solutions for the eNaira. 

“It is quite evident that the recently issued eNaira is the future of Nigeria. This is because it would give the country a sound footing in the digital world. With recent events, we have witnessed how people can access international economies using crypto. As a result, buying, selling, investing, and trading has become seamless and secure,” Emefiele added.

Meanwhile, the CBN and event organizers have issued a new statement. They believe innovators at the event can assess ways to remove glitches hindering eNaira transactions. 

Also, they will help develop a CBDC design that will address cross-border and blockchain remittances. All of these are to increase the features and potential of the eNaira. Consequently, the central bank hopes that this will increase adoption and usage.