President Muhammadu Buhari says the adoption of Central Bank Digital Currency (CBDC) will increase Nigeria’s Gross Domestic Product (GDP) by $29 billion in 10 years.

“Alongside digital innovations, CBDCs can foster economic growth through better economic activities.

“Indeed, some estimates indicate that the adoption of CBDC and its underlying technology, called blockchain, can increase Nigeria’s GDP by 29 billion dollars over the next 10 years,” the president said.

Mr Buhari made this submission on Monday while performing the formal unveiling of Central Bank of Nigeria (CBN) Digital Currency, eNaira at the Presidential Villa, Abuja.

He said a handful of countries including China, Bahamas, and Cambodia have already issued their own CBDCs, making Nigeria the first country in Africa, and one of the first in the world with the introduction of the eNaira.

The president said there were Nigeria-specific benefits of the digital currency, whose creation began in 2017, and “intensified over the past several months with several brainstorming exercises, deployment of technical partners and advisers.”

He noted that the CBN had collaborated with the Ministry of Communication and Digital Economy, Nigerian Communications Commission, to ensure the robustness, safety and scalability of the CBDC System.

Mr Buhari commended CBN Governor, Godwin Emefiele, his deputies and the entire CBN members of staff who worked tirelessly to make the day a reality.

In his remarks, Mr Emefiele said the eNaira was Nigeria’s CBDC and the digital equivalent of the physical Naira, adding that the eNaira was a legal tender like the paper naira.

“The eNaira and Naira will have the same value and will always be exchanged at 1 naira to 1 e-Naira,” the CBN governor said.

(NAN)