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.
Air Peace Boss, Allen Onyema, Flying Like An Eagle
With his huge body of work available as evidence, no wise person will dare bet against the indefatigable Air Peace Chairman, Allen Onyema, as he focuses again on performing new streaks of magic.
The aviation top shot is not one of your run-off-the-mill businessman. In several ways, he has proved to be head and shoulders above several competitors in the industry having proved himself to be one of the few Nigerians that rub shoulders with other top executives around the world.
From law to aviation, this great achiever has soared high on the wings of his uncommon brilliance and business acumen to become a shinning light in the sectors.
Like the majestic eagle, he perches atop the leading airline, Air Peace. Vigilant-eyed and sharp-nosed, he has never disappointed his mentees and admirers, and he doesn’t look like he’s going to start now.
After delivering such a resounding slap to the face of his numerous doubters who insist on remaining blind and deaf to his incontestable greatness, he has continued to do triple digit successes in all of his endeavours.
While many of his counterparts continue to groan in the midst of unforeseen economic hardship, Onyema’s has kept with the quote of a notable Zimbabwe politician, Roy Bennett that says, “Your hardest times often lead to the greatest moments of your life. Keep going. Tough situations build strong people in the end.”
Under his watch, Air Peace has confidently kept to this vision of providing seamless connections and expanding existing network to accommodate the evolving air travel needs of the flying public.
Few weeks ago, the airline expanded its network to Asia with the commencement of a direct one-weekly flight to Guangzhou, China.
It was gathered that a total of 240 passengers were carried out from Lagos directly to China on its Boeing 777 aircraft, while it also plans to connect Beijing, Shanghai, others from Nigeria and utilising interline arrangement with Asian airline, soonest.
Many would recall that Air Peace successfully operated several evacuation/special flights to the country at different times in the past, especially in 2020, during the COVID-19 lockdown. After entering the China air travel market, Air Peace is now focused on growing its route networks to India and Israel.
Onyema began to show traces of greatness early in life. As a child, his dream was to become one of the greatest businessmen in the world. Luckily, providence has granted him his heart’s desire.
He has been able to stand tall despite all odds against him particularly in his business is what astounds many.
But what they don’t understand about this lawyer cum entrepreneur is that he was born with the proverbial lucky star.
Nevertheless, he has never taken the grace of God in his life for granted.
All his life, he has always aimed for the best. Even so, he has an abiding trust in the almighty God. He remains unshaken even when things are difficult and seem almost impossible to actualise.
Earlier in life, he started off as a lawyer and later ventured into the real estate business. As fate would have it, he again joined the players in the aviation sector.
Today, he’s regarded as one of the major players in West Africa’s Aviation Sector.
He is graceful in his fine grasp of business intricacies, with a very strong sense of deep erudition in discussions, especially in the area of aviation as well economic development in Nigeria. Also, he has deep fountain of knowledge and a shining light in the business firmament.
Those close to him revealed that he has remained relevant based on his wonted tenacity and doggedness.
No doubts, evidence abounds. Despite a series of negative media attacks targeted at maliciously denting the reputation he has built over the years with dedication, selflessness and hard work, he has always been vindicated.
The cosmopolitan business magnate, who had sowed in tears, is currently reaping bountifully, as his airline, Air Peace, is being showered accolades by all for its seamless services and good customer relations.
Leveraging on his intelligence in the business, Onyeama has been able to move his company from an indigenous airline leasing a few planes to owning fleets plying international routes; thus, putting Air Peace in the leagues of industry players in Africa and the rest of the world while also according Nigeria the great prestige she deserves among the comity of nations.
He has created well over 5000 jobs through the establishment of Air Peace in 2014. And in less than eight years, the airline has grown to own the largest fleet in West Africa.
Araoyinbo Scores Another goal, Emerges 21st Ondo Commerce Chamber president
Organisers of Africa-Canada Investment Summit Announces New Date
In a bid to ensure proper preparation with logistics and planning, organisers of the Africa-Canada Investment Summit, have announced a new date for the summit.
According to the organisers, the summit will now hold between 23rd July and 15th August, 2022. The change in date was made known via a communique to journalists and the general public by the convener and head honcho of Hope ForSureFoundation, Ms. Peju Naomi Sigismund.
Ms. Naomi disclosed that due to the array of high-profile guests and speakers they are expecting all over the world, they needed to make sure everyone is fully ready. The change in date will avails them the opportunity to cross their T’s and dot our I’s. “Some of our attendees and speakers that have had one engagement or the other on the previous date are fully ready to attend. We have also used the change in date to secure travel visas for those attending from African soil as well. The change in date is to ensure that preparation is in top gear so we can have a top-notch event and summit. Nothing has changed in the event lineup. The arrival will start from the 23rd of July while the main event commences on the 25th.” She said.
Our plans are still intact.
Ms. Sigismund also used the opportunity to apologise for the change in date.
‘’To all those who have booked their tickets for the previous date, we are sorry for the inconvenience; we will surely it worth the while. The change is to enable us to host you better and make the event a memorable one.” She added.
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