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E-Naira can raise Nigeria’s GDP by $29bn in 10 years — Buhari

President Muhammadu Buhari yesterday launched the Central Bank of Nigeria’s digital currency, the e-Naira, saying that the currency and its underlying blockchain can increase Nigeria’s Gross Domestic Product, GDP, by $29 billion in 10 years.

This is even as Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, disclosed that since the eNaira platform went live, there had been overwhelming interest and encouraging response from Nigerians and other parties across the world, with over 2.57 million daily visits to the website.

The President also declared that introduction of the e-Naira will enable the government to send direct payments to citizens eligible for specific welfare programmes as well as foster cross-border trade. 

He said that alongside digital innovations, digital currencies could foster economic growth through better economic activities, increase remittances, improve financial inclusion and make monetary policy more effective.

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