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

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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.

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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.

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.


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