Business
CBN Sets To Roll Out E-naira October 1
The director of Information Technology, Central Bank of Nigeria (CBN), Rukiya Mohammed, on Wednesday said the apex bank has concluded plans to launch the Central Bank Digital Currency (CBDC) on October 1.
Mohammed disclosed this in a webinar, themed “Digital currency and the prospects of CBDC in Nigeria”, organized by the committee of e-Business in industry Heads Nigeria (CeBIH).
Mohammed said that the use of digital payment was rising while cash payment was declining both in Nigeria and globally.
She said that over 85 per cent of Central Banks worldwide were considering digital currency and so CBN was also innovative to cope with global trends.
“CBDC would contribute to macro-economic growth in the country, if people adopt more of the usage of the e-naira, it would enhance more data to formulate macro economic policies.
“Also, when more countries have their own digital currencies, it would increase exchange of currency and be able to build cross border trade at lower cost.
“Even though Nigeria has a good payment system, this would also improve Nigeria’s payments efficiency,“ she said.
She said the CBN has partnered with a lot of experts in digital currency technology providers such as MasterCard, came up with the design and would soon publish the design.
“CBN would focus on low amount payments at the introductory stage, instant settlement with low cost.
“CBDC would be legal tender with one e-naira equivalent to one naira which shows fundamental differences between CBDC and crypto currencies,” she said.
Also speaking, Dr Adesola Adedutan, Managing Director, First Bank Nigeria, said that the Central Bank of Nigeria CBDC was a game changer that would provide an alternative payment system and would radically transform the payment landscape.
Adedutan, who was represented by the Banks deputy chief executive, Mr Francis Soba, said CBDC provides a platform for the government to leverage blockchain technology to maintain a centralised and institutional role over of the currency.
‘’It should be noted that there are significant differences between CBDCs and cryptocurrencies,” he said.
Wema Bank Children’s Day entries close on May 20 as the bank invites children to compete for a one-day MD/CEO experience
Nigerian investment platform XM Future Music Group collapses amid concerns leaves users unable to withdraw funds amid concerns over suspected Ponzi scheme promising high returns
Business
Kola Karim’s Shoreline Group Signs $300 million Deal With Accor to Develop Nigeria’s First National Hotel Platform
Kola Karim’s Shoreline Group has signed a letter of intent with Accor, a world leading hospitality group to establish Nigeria’s first national hotel platform.
The signing took place during the Africa Forward Summit 2026 hosted jointly by Kenya and France in Nairobi.
This ambitious partnership is set to make a significant contribution to the evolving Nigerian hospitality landscape with a substantial investment from Shoreline of $300 million, leveraging Accor’s renowned brand portfolio and expertise.
As gathered the strategic collaboration aims to develop a hotel network across Nigeria, encompassing 10 hotels across eight cities and over 1,200 rooms by 2030.
These properties will span various segments, from midscale to luxury, catering to diverse travelers and contributing significantly to the nation’s tourism growth. The project also includes the establishment of a dedicated hospitality training Academy to nurture local talent and create approximately 1,000 direct jobs.
Mr. Sébastien Bazin, Chairman and CEO of Accor, stated: “We are thrilled to partner with Shoreline Group to unlock the immense potential of Nigeria’s hospitality sector. This partnership is a testament to our belief in Nigeria’s dynamic future.
“By combining Shoreline’s deep understanding of the local market with Accor’s global expertise and diverse brand portfolio, we are poised to create an unparalleled hospitality offering that will set new benchmarks for quality and service.
“Crucially, the establishment of the Accor Academy is integral to this vision, enabling us to deliver immediate talent development for the Shoreline hotel portfolio, demonstrate our long-term commitment to Nigeria through dedicated training facilities, and solidify Accor’s position as the employer and educator of choice in West Africa.”
The Agbaoye of Ibadanland and Chairman of Shoreline Group, Karim, commenting on the development said: “This partnership is central to Shoreline’s strategy of building institutional-quality infrastructure platforms across Africa.
“We anticipate hospitality infrastructure becoming increasingly vital for capital movement and development, particularly in Nigeria where high-quality room supply is underserved. Our choice to partner with Accor highlights our focus on operational excellence and long-term value.
“The hospitality academy is crucial, alongside physical hotels, for developing local talent to sustain international standards. It will support our portfolio and enhance Nigeria’s hospitality workforce.
“This investment aligns with Shoreline’s broader focus on strategic assets in energy, infrastructure, and industrial development. We view hospitality as a natural extension: real infrastructure supporting economic activity, local capability, and national growth.”
-
Politics2 years ago
13 Ondo Assembly Members Disown Endorsement of Aiyedatiwa
-
Politics2 years ago
APC Group, Ondo Govt, Quarrel Over Money for Endorsement
-
Trending News5 years agoStop unsavoury, inciting statements – DSS warns
-
Others4 years agoAdron Homes Celebrates 10 Years Of Housing Excellence
-
Humanity4 years agoPresident Buhari Commiserates With Ambassador Maureen Tamuno Over The Loss Of Her Father
-
Others7 years agoEX- CUSTOMS BOSS, IBRAHIM MERA’S DWINDLING FAME
-
Business2 years agoBigi Carbonated Soft Drinks Treats 40 Consumers to an Epic Easter Movie Hangout
-
Business2 years agoWema Bank Shines at Global SME Finance Forum Conference Awards 2024 …Awarded: • SME Financier of the Year (Africa) • Platinum Award for Best Financier for Women Entrepreneurs (Africa)