Nigeria’s Central Bank digital currency (CBDC), the eNaira, has been officially launched by President Muhammadu Buhari on Monday.
President Muhammadu Buhari, who was present at the launch of the digital currency at the State House in Abuja, commended the effort of the CBN Governor, Mr. Godwin Emefiele, toward achieving a more efficient payment system in the country.
During his address, Mr. Emefiele announced a new financial instrument titled “The 100 for 100 PPP – Policy on Production and Productivity,” to reduce the nation’s overdependence on imports. He clarified that “The purpose of this instrument is to take further steps to reverse our over reliance on imports,” and assured that the instrument “will be anchored in our Development Finance Department under my direct supervision.
He added that, “Under this policy the CBN will advertise, screen, scrutinize and financially support 100 targeted private sector companies in 100 days, beginning from 01 November 2021, and rolling over every 100 days with a new set of 100 companies, whose names will be published in National Dailies for Nigerians to verify and confirm.
According to Mr. Emefiele, working through banks, the financial instrument would be available to their customers in critical areas to boost production and productivity, with a view to immediately transforming and jumpstarting the productive base of the economy.
“We believe that if we target and support the right companies and projects, we will see a significant, 14 measurable and verifiable increase in local production and productivity, reduction in certain imports, increase in non-oil exports, and improvements in the FX-generating capacity of the economy.
“This, in my view, is the best and most sustainable way to address the Naira’s value – whether in hard currency or digital eNaira – through production, production and more production.”