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Six Things You Should Know About E-Naira

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Six Things You Should Know About E-Naira

In June 2021, the Central Bank of Nigeria (CBN) ascribed stability to the banking system as an advantage of adopting its soon to be launched digital currency, e-Naira.

The CBN’s decision followed two years of contemplation on digital currency technology. Additionally, the CBN’s intention to achieve 80% financial inclusion by the end of 2021 is another motivation to launch digital money.

While there is much information about this digital currency which is soon to be launched, below are six things you should know about the nature of this innovation:

 E-Naira is purely digital

The e-Naira would be a Central Bank Digital Currency (CBDC) which means that while it is regulated by the CBN, it is a token that would only exist in digital and electronic form.

 E-Naira is universally transferable

The CBDC would be eligible for local and international transfers with little to no time lag and cheaper transaction fees than physical currencies. Also, it would allow you to transfer existing funds in your bank to your digital currency account.

 E-Naira has a myriad of economic advantages

With the e-Naira, Nigerians can engage in easier cross-border trade, as well as enjoy a cheaper and faster inflow of remittances. Also, a digital currency would provide more financial opportunities for Nigerians as they would be able to create new business opportunities and financial products and services.

According to the CBN, another perk of the e-Naira is a reduction in the cost of operations and cash management. It would also leave a clearer footprint of digital transactions, making it easier for financial institutions to track transactions.

Financial Institutions would still be relevant

The digital currency would be implemented through a two-tiered model which would enable a structure that leaves room for public-private partnership. Just like the physical currency, the CBN will design the e-Naira but disseminate it through regulated financial institutions, which would then provide digital cash to individuals and businesses.

 E-Naira not a Cryptocurrency

While all cryptocurrencies are digital currencies, it is important to note that not all digital currencies are cryptocurrencies. The e-Naira would be regulated by the Central Bank of Nigeria, but cryptocurrencies are not regulated by any government.

Implementation is on track

A recent development in the process of implementing digital currency is the selection of a technical fintech partner, Bitts Inc. After a thorough selection process, as prescribed by the Nigeria Public Procurement Act, Bitts Inc. emerged as a partner to the CBN for this innovative project.

Bitts Inc. prioritises the creation of payment systems that ensures an increase in social inclusion, financial inclusion and overall sustainable economic growth; the excellence in their operation methods has earned them acknowledgment from the Bretton Woods Institutions – IMF/World Bank. This is one of the reasons the CBN enlisted them for this crucial exercise.

Also, the company was the first fintech to digitize a national currency on a blockchain by creating a synthetic CBDC with the support of the Governor, Central Bank of Barbados and the country’s Minister of Finance.

As Nigeria counts down to her 61st Independence Day celebration, citizens can look forward to the start of a digital era where the CBN prioritises making financial operations more citizen-centric.

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Trailblazing Govs Dauda Aliyu, Nwifuru, Ododo,Mbah,Sani Lights Up 8th NigeriaSMEAwards In Lagos

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The 8th edition of the Nigeria Small and Medium Enterprises Summit and Awards (NigeriaSMEAwards), for the first time in its history, will take place in the heart of Lagos. This annual event, endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), is a key highlight on the nation’s entrepreneurial calendar. It aims to recognize and celebrate the unyielding entrepreneurial spirit that drives both the public and private sectors of the Nigerian economy.

Amid global challenges such as inflation, geopolitical instability, and the ongoing conflict in Ukraine, Nigerians have continued to demonstrate exceptional resilience. Their efforts have not only contributed to job creation but also driven economic growth and prosperity.

The awards will spotlight governors who have played critical roles in boosting the SME sector in their states. “Governors from Zamfara, Sokoto, Ebonyi, Enugu, Ekiti, Benue, and Kaduna have spearheaded transformative initiatives that have greatly benefited local enterprises,” said Adedayo Olalekan, the visionary convener of NigeriaSMEAwards 2025. “Their contributions will be celebrated as a beacon of inspiration for the entire nation.”

During a recent press conference in Lagos, Adedayo emphasized that this year’s event would break away from tradition, embodying a fresh and unique approach. “Despite the harsh economic climate, Nigerians continue to demonstrate an unwavering can-do spirit, propelling the nation forward,” he said.

The awards are not only about honoring these trailblazers but also rewarding their relentless commitment to progress. Adedayo further highlighted the vital role state governments have played in nurturing vibrant SMEs, enriching local economies, and fostering a climate of progress. “It is a win-win for both the awardees and the system they are operating, creating a mutually beneficial cycle of support and growth,” he added.

The NigeriaSMEAwards promises to be a night of celebration, recognizing those who have made exceptional contributions to the country’s SME landscape.

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Vice President Shettima to Attend NACC 65th Anniversary Gala in Lagos

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The Nigerian-American Chamber of Commerce (NACC) is set to celebrate its 65th anniversary with a grand gala dinner, featuring His Excellency, Vice President of Nigeria, Alhaji Kashim Shettima, as the Special Guest of Honour.

The prestigious event will take place on April 12, 2025, at Lagos Continental Hotel, Victoria Island, Lagos, with the red carpet reception commencing at 5:00 PM.

The highlight of the evening will be the inauguration of Alhaji Sheriff Balogun as the 20th President of NACC.

Alhaji Balogun will also unveil his leadership team, while outlining strategic initiatives to strengthen bilateral trade relations between Nigeria and the United States.

As part of the evening’s programme, 40 new members will be inducted into the chamber, and the NACC multi-storey building project will be officially launched.

The gala will also honour outstanding Nigerian and American companies and distinguished individuals, including past presidents of the chamber, for their contributions to economic growth and trade relations.

The President of Africa Finance Corporation (AFC), Mr. Samaila Zubairu, will chair the event.

Dignitaries confirmed to attend include Governor Uba Sani  of Kaduna State, Governor Dauda Lawal of Zamfara State, Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, Founder and Chairman of Elizade Group, Chief Michael Ade-Ojo and Chairman of Odu’a Group, Otunba Bimbo Ashiru.

Others are Founder of Afe Babalola University, Aare Afe Babalola, Chairperson of Brittania-U Nigeria Limited, Catherine Uju Ifejika, Comptroller General of the Nigerian Customs Service, Bashir Adewale Adeniyi, and Chairman of Zinox Technologies Limited, Leo Stan Ekeh.

His Excellency, Governor Babajide Sanwo-Olu of Lagos State, will serve as the Chief Host of the occasion.

For 65 years, the Nigerian-American Chamber of Commerce has been at the forefront of fostering bilateral trade relations between Nigeria and the United States, serving as the premier platform for business growth, networking, and investment opportunities.

The Chair of the Planning Committee, Dr.Ikenna Nwosu, says all the guests will be treated to one of the grandest anniversary galas ever experienced in the country.

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President Tinubu Reaffirms Commitment to Pro-Business Reforms in Meeting with Airtel Chairman

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In a meeting with Airtel Chairman Sunil Bharti Mittal at the State House in Abuja, President Bola Tinubu emphasized his administration’s dedication to creating a conducive environment for business growth, particularly in the telecom sector. The President stated that Nigeria’s regulatory framework for telecommunications would be revised to align with global best practices, with a strong focus on safeguarding infrastructure.
During the meeting, President Tinubu expressed appreciation for the confidence and readiness demonstrated by Mittal and his delegation. He highlighted the fruitful discussions held during the recent visit of India’s Prime Minister and reaffirmed Nigeria’s openness to learn from successful global models. “I am grateful for your openness, readiness, and confidence, which moved us very close to the Prime Minister of India. When he was here, we discussed things at length,” said the President.

He further assured that Nigeria is prepared to adopt policies that have proven successful elsewhere, particularly if they contribute to economic growth. “The entire ecosystem will be further examined, and if there is anything we can copy from India, we are ready to do so. We are prepared to learn. We are not ashamed of copying what is working in other climes,” he said, emphasizing the critical need to adopt revolutionary strategies that benefit the nation. Tinubu added, “It is for the good of all of us, and Nigeria is so critically important that we must give attention to those revolutionary intentions that can make business work. I am pro-business, and I will continue to be that. I can give you that assurance.”
The President also spoke on the importance of ongoing tax reforms in fostering a more investor-friendly climate, pledging to work with tax administrators to encourage growth and create opportunities.

Bosun Tijani, Nigeria’s Minister of Communication, Innovation, and Digital Economy, thanked President Tinubu for his continued support of the telecom industry. Tijani specifically highlighted the President’s recent approval to classify fiber optic and undersea cables as critical national assets, a move expected to enhance the sector’s growth. He confirmed that the National Security Adviser’s office has already started enforcing this protection.

Mittal commended the President for the impactful economic reforms he has undertaken, drawing parallels between Nigeria’s current transformation and India’s economic resurgence in the early 1990s. Reflecting on India’s struggles at the time, Mittal noted, “When you took office, you made some promises. Given the country’s situation, I was unsure how deep and far you could take your commitments.” He compared the reforms in Nigeria to those that had propelled India into one of the largest economies in the world, saying, “The duties went down, the rupee was floated, and it depreciated significantly. Relicensing happened, and it was the dawn of a new world in India. We just moved forward.”

He praised Tinubu for his resilience and decisive actions, such as floating the naira and removing the petrol subsidy, both of which had significant economic impacts. “I feel that what you have done here is unprecedented in a challenging time. Only people of resolve and steel can endure this huge pressure, floating the naira, which moved from N450 to about N1900 and is now coming back to N1400 to N1500. It has been a remarkable achievement celebrated by the entire world. This was much required, and you delivered on your promises,” he said.
Acknowledging the tough decision to remove the petrol subsidy, Mittal added, “The second one was the removal of subsidy, which was a very tough decision for any politician. It was unpopular and difficult, but you held your position, knowing fully that not doing it would not help the country. You have taken a long-term position. It is my belief and hope that you have created a legacy for yourself. Your first term as President will mark a watershed in the development of your country.”
He concluded by urging more Nigerians, especially those with substantial financial portfolios abroad, to invest back into the country. He noted that many local businesspeople are now feeling more optimistic and ready to invest, echoing his experiences in India. “I have been speaking to people in Nigeria, friends and business people, and they are all now feeling calm, and when they start to get back, they will move very fast. I have experienced this in India,” he stated.
The exchange highlighted President Tinubu’s commitment to supporting policies that ensure long-term economic growth and sustainability, positioning Nigeria as an attractive destination for investment.

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