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.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
-
Politics3 years ago
13 Ondo Assembly Members Disown Endorsement of Aiyedatiwa
-
Politics3 years ago
APC Group, Ondo Govt, Quarrel Over Money for Endorsement
-
Trending News5 years agoStop unsavoury, inciting statements – DSS warns
-
Others5 years agoAdron Homes Celebrates 10 Years Of Housing Excellence
-
Humanity5 years agoPresident Buhari Commiserates With Ambassador Maureen Tamuno Over The Loss Of Her Father
-
Others7 years agoEX- CUSTOMS BOSS, IBRAHIM MERA’S DWINDLING FAME
-
Business3 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)