Wednesday, May 25, 2022
Home Crypto News Market Nigerian President Believes State-Owned eNaira Will Increase Country's GDP By $29 Billion

Nigerian President Believes State-Owned eNaira Will Increase Country’s GDP By $29 Billion

- Advertisement -
Follow-Us-On-Google-News

Nigerian President Mohammadu Bukhari believes that the state-owned eNaira will increase the country’s GDP by $29 billion in the next 10 years.



Muhammadu Buhari said he has high hopes for eNaira to improve the country’s economic situation. He said that the state’s digital currency will help bring businesses and entrepreneurs out of the FATF “gray” zone.

“By our estimates, the introduction of government-owned cryptocurrency and the underlying blockchain technology could increase Nigeria’s GDP by $29 billion over the next 10 years,” he said.

 

As a reminder, eNaira was officially launched on October 25th. According to Bukhari, eNaira can improve the efficiency of remittances, stimulate international trade, improve access to financial services and make the country’s monetary policy more efficient.

The Central Bank of Nigeria (CBN) began investigating the possibilities of issuing digital naira back in 2017. In August, CBN unveiled preliminary government cryptocurrency issuance guidelines and use cases, and last month the Nigerian government launched a website to test digital naira and digital wallets.

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade and write on cryptocurrencies. My primary aim is to provide genuine information to cryptocurrency readers because crypto is filled with frauds and scams. Accurate information is scarce to get. So We at TheCryptoBasic will be providing accurate information about cryptocurrencies topics that users can trust.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Dogecoin Creator Says Terra 2.0 Launch Will Show the Dumbness of Cryptocurrency Gamblers

The Dogecoin creator still thinks the upcoming Terra 2.0 will encounter major issues along the way.   window.coinzilla_display...

Binance, Huobi, and Other Top Exchanges To Support Terra 2.0

Terra 2.0 Has Passed Voting Stage, And Top Exchanges are Already Getting Onboard. window.coinzilla_display = window.coinzilla_display ||...

Women in Finance: How Could Cryptocurrency Help Breach the Gender Gap?

The Financial Conduct Authority (FCA) has insisted that leadership boards of listed companies should be comprised of at least 40% women. Additionally, at least...

Can Quitriam Finance (QTM), Cardano (ADA), And Hedera (HBAR) Become Market-Leading Coins?

The number of cryptocurrencies on the market is soaring every day, making investing in them increasingly difficult due to the amount of opportunities. Here...

Lido Finance Will Not Launch on Terra 2.0 as Community Votes Against the Move

The Lido Finance community does not want the project to relaunch on Terra 2.0. As Terra edges closer to its much-anticipated fork that will give...

Terra’s Do Kwon Refuses Claims That He Lobbied Korean Exchanges To Accept Terra 2.0

Terra’s Do Kwon Refutes Claims That He Lobbied For Terra 2.0 To Be Accepted By Korean Exchanges. Reports are circulating in the crypto space that...

You Can Now Pay For Hotels, Airlines, Rental Services Worldwide With Shiba Inu as XcelTrip Adds Support for Shib

  Shiba Inu holders can now book 2.30 million hotels and over 450 airlines using their SHIB holdings. ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.