New naira notes for circulation before Dec 15

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has announced that the President, Major General Muhammadu Buhari, will unveil the new Naira notes during the weekly Federal Executive Council meeting at the Presidential Villa on Wednesday.

He also said that the new bills will be put into circulation before December 15, 2022, which the central bank announced earlier.

He made the announcement during a press conference after the Monetary Police Committee meeting in Abuja.

Meanwhile, the CBN’s Director of Information Technology, Rakiyat Mohammed, said about 36 million Nigerians currently lack access to financial services.

Mohammed, who spearheaded the development and launch of the eNaira, stated this on Tuesday during the Zenith Bank Tech Fair held in Lagos.

During her presentation at the fair, which was themed “Future Forward,” she said the CBN was the first central bank in Africa and the second in the world to launch a digital central bank currency.

According to her, the development of the CBDC was born out of the urgent need to “financially include the 36 million Nigerians who currently do not have access to financial services.”

She said, “Nigeria has the sixth most modern retail payment system. This is according to a report by the ACI. So if you look at this report, you will see why.

“Remember when the President introduced eNaira, he said we expect eNaira and related technologies to add $20 billion to our GDP in the next 10 years. We are working on that.”

She went on to explain that, given the emerging trends, it was appropriate to develop a currency that would be a legal tender and could play in the digital economy space.

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