CBN To launch Digital Naira October

The Central Bank of Nigeria has concluded plans to launch the Central Bank Digital Currency (CBDC) on October 1.

The director of Information Technology, Central Bank of Nigeria (CBN), Rukiya Mohammed, disclosed this on Wednesday.

She made the disclosure in a webinar, themed “Digital currency and the prospects of CBDC in Nigeria”.

It was organised by the committee of e-Business in industry Heads Nigeria (CeBIH).

Mohammed said that the use of digital payment was rising while cash payment was declining both in Nigeria and globally.

She said that over 85 per cent of Central Banks worldwide were considering digital currency and so CBN was also innovative to be in tune with global trends.

“CBDC would contribute to macro-economic growth in the country, if people adopt more of the usage of the e-naira, it would enhance more data to formulate macroeconomic policies.

“Also, when more countries have their own digital currencies, it would increase the exchange of currency and be able to build cross border trade at a lower cost.

“Even though Nigeria has a good payment system, this would also improve Nigeria’s payments efficiency,“ she said.

She said the CBN has partnered with a lot of experts in digital currency technology providers such as MasterCard, came up with the design and would soon publish the design.

“CBN would focus on low amount payments at the introductory stage, instant settlement with low cost.

“CBDC would be legal tender with one e-naira equivalent to one naira which shows fundamental differences between CBDC and cryptocurrencies,” she said.

Also speaking, Dr Adesola Adedutan, Managing Director, First Bank Nigeria, said that the Central Bank of Nigeria CBDC was a game-changer that would provide an alternative payment system and would radically transform the payment landscape.

Adedutan, who was represented by the Banks deputy chief executive, Mr Francis Soba, said CBDC provides a platform for the government to leverage blockchain technology to maintain a centralised and institutional role over the currency.

‘’It should be noted that there are significant differences between CBDCs and cryptocurrencies,” he said.

Comments

937 People Killed In Attacks In Kaduna In 2020

At least 937 people died in violent attacks and mass atrocities in Kaduna State last year, an annual security report by the state government has shown. The report released Wednesday attributed the deaths to kidnappings, banditry and other criminal activities that cut “across all ethnic and religious groups” in Kaduna State. “Victims of criminal acts like banditry and kidnapping are to be found across ethnic, religious or political leanings and persuasions,’’ Samuel Aruwan, the state’s commissioner for internal security and home affairs, said while presenting the report. In his presentation, Mr Aruwan said that of the 937 killed, Igabi Local Government Area recorded the highest number of casualties (152), followed by Kajuru Local Government Area with 144 casualties. He added that Birnin Gwari, Igabi, Giwa and Chikun local governments in Kaduna central accounted for about 50 per cent (or 468 deaths) of the entire fatalities in the state. Meanwhile, 286 died in Kaduna South from the viole...

Buhari Refuses To Act On Magu’s Probe Report Five Months After Submission.

President muhammedu Buhari Refuses To Act On Magu’s Probe Report Five Months After Submission One of Magu’s lawyers, Tosin Ojaomo, said Magu remained in the service of the Nigeria Police Force though the police has yet to post him anywhere after his suspension as EFCC chairman. Ibrahim Magu’s fate remains uncertain five months after the submission of the report of the Justice Ayo Salami Judicial Panel of Inquiry on the former acting chairman of the Economic and Financial Crimes Commission to President Muhammadu Buhari. There have been concerns about the fate of Magu after the appointment and confirmation of Abdulrasheed Bawa as the new Executive Chairman of EFCC in February. Although sources in the office of the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), said the panel faulted some procedures in the management of recovered assets under Magu, the presidential white paper on the report had yet to be announced. One of Magu’s lawyers, Tosin Ojaomo, s...

$114.28m COVID-19 loan: SERAP asks World Bank to make Nigeria ‘publicly commit to transparency’

Socio-Economic Rights and Accountability Project, (SERAP) has sent an open letter to the World Bank President Mr David Malpass, urging him to use his “good offices to encourage the Federal Government and 36 state governments to publicly commit to transparency and accountability in the spending of the $114.28m credit and grant for COVID-19, which the Bank’s Board of Directors recently approved for Nigeria, including by publishing details on a dedicated websit". SERAP also urged Mr Malpass to “put pressure on authorities and the 36 state governors to accept voluntary scrutiny by Nigerians and civil society regarding the spending of the funds and use of the resources, including on how they will spend the money to buy medical equipment, and improve access to clean water, sanitation and hygiene" The World Bank Board of Directors last Friday approved a $114.28 financing “to help Nigeria prevent, detect and respond to the threat posed by COVID-19 with a specific focus on state level...

ExtMedia

Search This Blog