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Nairaland Forum / Nairaland / General / Politics / CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System (18876 Views)
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CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by milann: 8:42am On Sep 10, 2021 |
The Central Bank of Nigeria (CBN) has said that its soon to be launched digital currency, e-Naira, will strengthen the stability of the banking system as deposits become more diversified when more people are banked. The Central Bank Digital Currency (CBDC) will also make it easier for the banking system to comply with existing laws such as anti-money laundering, customer protection against fraud and ensuring the safety and stability of the payment system. This was made known by CBN’s Deputy Governor, Operations, Mr Folashodun Shonubi, at the Chartered Institute of Bankers of Nigeria (CIBN) advocacy dialogue series 4 webinar held on Thursday in Lagos. The theme of the event was, ‘Central Bank Digital Currencies: Insights for the 21st Century Banker.’ What the Deputy Governor of CBN said Shonubi said, “The Central Bank in its implementation has ensured the e-Naira feeds our economy and provides greater value. “The central bank digital currency offers all the benefits of cash but in digital form. Every single digital currency is an electronic version of the cash, the legal tender. When you make a cash payment, settlement is done instantly; digital currencies entail the same promises and even more. “CBDC offers a safer option from the privately issued cryptocurrency which have been based on the possibility to enable cheaper transactions but have now been used for investment. “The intention is not to eliminate other forms of payment but to complement the current areas of payment options, thereby ensuring the stability of the payment system in the long run. I expect in the coming days we will see rapid inclusion rates. “For banks in developing nations, it will enhance their liquidity, efficiency in national remittances and challenge the high cost of remittances as the world rebounds in the post-pandemic. I am of the view that the era of CBDC promotes greater opportunities, and the central bank must be aware of the risks and mitigate them.” Speaking at the event, Lamido Yuguda, the Director-General of the Securities and Exchange Commission (SEC), one of the key players in the successful operation of the digital currency, said that the e-Naira, which is about to be launched in October, would help improve the capital market when combined with vibrant inter-developmental policies, which would lead to financial inclusion, especially in the capital market. The SEC boss said, “This is an opportunity for the fintech market to connect our people to existing opportunities in the financial market, connecting our people with investment opportunities in other climes. Once we do that, we would grow our market, Nigeria has 200 million people. We are blessed with a hardworking youthful population. “This capital market would in turn finance the necessary infrastructure investment that this country needs today.” What you should know Recall that on July 27, 2021, the CBN Governor, Godwin Emefiele, after the Monetary Policy Committee (MPC) meeting, confirmed the launch of its digital currency (e-Naira) pilot program in October. He also spoke on the importance of eNaira in Africa’s largest economy that included cross-border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement, and targeted social interventions. Earlier in September, SEC, which had sought to regulate crypto on the grounds that they qualify as securities transactions, disclosed that the recent launch of the country’s digital currency, e-naira, is the result of its engagement with the CBN. https://nairametrics.com/2021/09/10/cbn-lists-benefits-of-its-digital-currency-e-naira-in-financial-system/ u 1 Like 2 Shares
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Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Tintinnoty(m): 8:45am On Sep 10, 2021 |
CBN is so confuse right now. You banned cryptocurrency only to introduce your own digital currency 86 Likes 4 Shares
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Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Fahdiga(m): 8:45am On Sep 10, 2021 |
If they like they can launch B naira nothing works under the lifeless 39 Likes 2 Shares |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by honest1480(m): 8:45am On Sep 10, 2021 |
They keep going after cryptocurrency trading and they expect theirs to stive? 39 Likes 1 Share |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by anochuko01(m): 8:45am On Sep 10, 2021 |
555 |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Terrier99: 8:46am On Sep 10, 2021 |
Time will tell |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Olujoe1(m): 8:46am On Sep 10, 2021 |
If there's any benefit, maybe it's for the government. 8 Likes |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Enn214(m): 8:46am On Sep 10, 2021 |
Pls help.. which Nigerian banks are good for payoneer account? Now wey dollar don high, make I follow tap 2 Likes 1 Share |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by MrMcJay(m): 8:46am On Sep 10, 2021 |
That is not even my problem. My problem is how can someone spray bitcoin and all these digital currencies? Wear white agbada enter party, I wan spray Etherium, how I go do am na? 7 Likes |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Alloyhardu(m): 8:46am On Sep 10, 2021 |
Okay but btc to the world sha 3 Likes |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Nahunger(m): 8:46am On Sep 10, 2021 |
Lol |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by qanda: 8:46am On Sep 10, 2021 |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by JohnDazzy: 8:47am On Sep 10, 2021 |
Bleep |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Chudifab(m): 8:47am On Sep 10, 2021 |
Dis pple |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Simpubozz(m): 8:47am On Sep 10, 2021 |
Lol, clown people. Does it mean they will now unbanned cryptocurrency 3 Likes 2 Shares |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by inoki247: 8:48am On Sep 10, 2021 |
Me neva still understand the E Naira shiit looks like a normal Kudaa Wallet to me... Cos I don't think d thing will b rising like BTCc... 5 Likes |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by JohnDazzy: 8:48am On Sep 10, 2021 |
Xnxx |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by AfroAgroPower: 8:48am On Sep 10, 2021 |
E-naira, Poverty Alleviation Coin (PAC) and NairaMarley Coin (NMC).... The Game Changers 3 Likes 1 Share
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Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by JohnDazzy: 8:49am On Sep 10, 2021 |
E-naira my axx |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by McOluOmo: 8:49am On Sep 10, 2021 |
F |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Seniorwriter(m): 8:49am On Sep 10, 2021 |
Financial Matters arising.... inoki247: honest1480: Simpubozz: Fahdiga: The present leadership administration does not have a good economic track record to really make Nigerian citizens to trust this their crypto product! My opinion though...... In another news if you have access to Internet + browsing gadgets and you ain't earning via your online activities in this times of economic crisis in Nigeria then you are very unwise. To earn online you have to possess and make use of one or all three of this basics; # Skill # Service # Investment Capital. learn how to earn $100 weekly or monthly with skills like Copywriting, Content Monetization, Whiteboard Animation to name a few for just a token mentorship of $20 or it's equivalent in Naira.....you will be held by the hand for a 4weeks training towards the mastery and earning even before the end of the training period. reach out via the facebook id on my profile...i won't respond to email requests. Remain financially intelligent! Deep Quote: The greatest investment you can embark on is to invest in/on yourself. @SENIORWRITER 1 Like 1 Share |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Fasindo: 8:49am On Sep 10, 2021 |
Something that will benefit only the elites Well, someone once said it's better to invest money in cow than invest in cryptocurrency. I am waiting for Adamu Garba to equally kick against the e-naira But be it as it may be I still prefer Bitcoin the their e-naira. |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by shegzhkn: 8:49am On Sep 10, 2021 |
Lol. |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by emmabest2000(m): 8:50am On Sep 10, 2021 |
Weta isi bia welu isi 4 Likes 1 Share
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Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Firstandonly(m): 8:50am On Sep 10, 2021 |
I like the idea. It's a good thing that we are thinking outside the box 1 Like |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by abhosts(m): 8:50am On Sep 10, 2021 |
Real Naira dey tumble but na E-Naira una dey hype. |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Vlibray: 8:51am On Sep 10, 2021 |
e naira ko e money ni |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Franzinni: 8:51am On Sep 10, 2021 |
It will be easy to siphon and launder ... after all it's just a pack of one's and zeros now. Brown envelope and Ghana must go will be a thing of the past. E naira di mma maka demdem. 2 Likes |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Chrisvotel: 8:52am On Sep 10, 2021 |
These are the same pipo who banned cryptocurrency� Well am looking for a whatsapp group that teaches programming |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by Topmaike007(m): 8:52am On Sep 10, 2021 |
My question goes thus, will the digital currency be peg with naira? if yes, then it is a bad idea. because with the look of things before December the 1usd might be equal 1k Nigeria naira in black market. Economist over to Una.. Na computer science I do for school 1 Like |
Re: CBN Lists Benefits Of Its Digital Currency, E-naira In Financial System by saferoom: 8:53am On Sep 10, 2021 |
Ok |
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