Professor of Capital Market, Uche Uwaleke, has highlighted the differences between e-naira and cryptocurrency.
Uwaleke, a former Commissioner for Finance in Imo State, identified the differences just about a week to the October 1 date the Central Bank of Nigeria will inaugurate e-naira.
According to the scholar, who described e-naira as a legal tender with parity value, it is different from cryptocurrency because the authority issuing it is known – the CBN.
Besides, he said, the e-naira – unlike cryptocurrency – was private driven and subject to regulation.
Speaking on a programme on TVC on Tuesday, Uwaleke commended the CBN for introducing the digital money, saying it would be beneficial to all and sundry.
“The e-naira is a product whose time has come. From October 1, you can convert some of your deposit to e-naira and you are good to go. It is a win-win for Nigeria,” he said.
Meanwhile, the director of Information Technology, CBN, Rukiya Mohammed, on Wednesday said the apex bank had 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”, organised 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.
