As Nigeria Launches E-Naira, Experts Raises Concern.

After the launch of the much anticipated digital currency, e-Naira, which is the first of its kind in Africa, a social justice expert has raised concerns.

President Muhammadu Buhari launched the e-Naira on Monday in the Presidential Villa, Abuja.

He said that the Central Bank Digital Currency (CBDC) and its underlying technology, called blockchain, has the ability to improve Nigeria’s Gross Domestic Product, GDP, by $29 billion over the next 10 years.

E-Naira, according to Buhari would enable the government send direct payments to citizens eligible for specific welfare programmes as well as foster cross border trade.

The digital currency has the capacity to ensure economic growth through better economic activities, increase remittances, improve financial inclusion and make monetary policy more effective.

But speaking on the issue, the Lead Director of Centre for Social Justice, CSJ, Eze Onyekpere, condemned the launch of e-Naira.

Onyekpere lamented that the newly launched e-Naira adds “no spectacular value” to the economy.

Describing the latest action of the government as “cosmetic,” the CSJ Lead Director wondered what value the digital currency would add to the economy.