According to Godwin Emefiele, the governor of Nigeria's central bank, the recently launched digital currency, the e-naira, assures that Nigeria will stay competitive in a world that has gone digital. In particular, trade and investment activities are anticipated to be boosted by the introduction of the central bank digital currency (CBDC) to the Nigerian payment area, according to a report quoting Emefiele.
Emefiele's remarks are the most recent by either a government official or a CBN representative to reassure doubtful Nigerians. President Muhammadu Buhari of Nigeria pitched the adoption of the e-naira at the CBDC inauguration in October 2021 as something that would cause Nigeria's GDP to increase by $29 billion in ten years.
Identifying and Eliminating Glitches
According to a report, the CBN hopes that encouraging Nigerians to sign up for the e-naira hackathon, will inspire innovators to come up with creative solutions for the CBDC.
Meanwhile, a statement purportedly released by the CBN and the event's organizers stated that innovators attending the event would consider solutions to fix bugs that may impair e-naira transactions. According to the report, they would also be required to develop an e-naira design that considers blockchain and international money transfers.
