As Nigeria Launches E-Naira, Experts Raises Concern.

todayOctober 27, 2021 5

share close

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.

Written by: administrator

Rate it

Previous post


Enyimba, Rivers Battled tough CAF Matches

Two Nigeria football teams, Enyimba and Rivers United have been drawn against North African teams in the group stage playoffs round of the Confederation Cup. The draw took place at the CAF headquarters in Cairo on Tuesday. Rivers United, who crashed out of the Champions League, will face Al Masry with the winners of the tie advancing to the competition’s group stage, while Enyimba battle Libya’s Al Ittihad. The People’s […]

todayOctober 27, 2021 7

Post comments (0)

Leave a reply

Your email address will not be published. Required fields are marked *