“e-Naira – A Light of Hope In Boosting Country’s GDP”, Says Nigerian President
Muhammadu Buhari, the President of Nigeria, is very optimistic about the Central Bank of Nigeria’s (CBN’s) CBDC project and believes that 10 years from here onwards e-naira will eventually boost the country’s GDP at least by US$ 30 Billion.
Nigeria has announced the successful completion and the subsequent test launch of its official CBDC named as “e-naira”. The country has of course earned the title it wanted badly of becoming the continent’s first CBDC launcher. However, after the launch, there had been a few hick-ups in the testing phase. For instance, a digital wallet app was developed for e-naira users/testers, which they were supposed to download from Google Play App.
The app for e-naira was made available at Google’s platform many days ago prior to Nigerian CBDC’s official launch. Tens of thousands of Nigerian users had already downloaded the app from Google. However, soon after the launch, the application somehow vanished from Google Play Store. It remained unavailable for quite some time until it was restored once again. Resultantly, an official statement from the Central Bank of Nigeria (CBN) was issued which clarified that there was some glitch in the app. CBN said that the application was behaving strangely as it was facing huge traffic load because thousands of people were accessing it simultaneously.
But with non-permanent hurdles and a few hick-ups, e-naira is going through the testing process.
Now, recently, the country’s President has made some remarks regarding e-naira when he was addressed the public gathered to witness e-naira’s launch. Muhammadu Buhari said that undoubtedly Nigerian CBDC and its primary source, namely “blockchain”, will benefit the nation and national economy. They will introduce the change Nigerians needed. Most importantly, the use of blockchain, as well as e-naira, will boost the country’s GDP at least by 30 Billion. However, this is like to take place 10 years from here onwards, said President Buhari.
He also told the audience that Nigeria started to work on digital currency when most of the countries were only researching. Nigerians judged the time well in advance and this has resultantly put Nigerians in the limelight amongst many developed states. Launching e-naira for testing was first step towards digitalizing Nigeria’s financial and economic sectors. Nigerians would now need to make sure that they maintain this lead and become a better user of CBDCs of the world. There is ample opportunity for each Nigerian to contribute in the country’s economy and boost the GDP, emphasized President Buhari.
At the end of the Presidential speech, Buhari then suggested that now it is up to CBN to closely monitor e-naira. CBN will have to make sure that the roll out has been supervised in the best way possible. The country needs to move forward for the increase beyond border trading and remittances.