AfCFTA: Adoption Of ENaira As Driving Force

November 5, 2021 New Telegraph 0 Comments

Recently, Nigeria adopted the Central Bank’s Digital Currency (CBDC) otherwise known as eNaira in supporting blockchain technology innovation. For the feat, the Manufacturers Association of Nigeria (MAN) and other private sector operators agree that the digital currency is needed to play a role in trade and exchange during AfCFTA implementation. TAIWO HASSAN reports

The African Continental Free Trade Area (AfCFTA) agreement has been the much talked about issue in recent time in the continent. However, Nigeria’s part has been peculiar because members of the organised private sector have been raising concerns about Nigeria’s preparedness, since the basic social amenities (infrastructure) needed to accelerate growth and development are not in place. Nigerian manufacturers are insisting that, no doubts, for Nigeria to remain a big player in Africa, a digital currency is needed to play a role in trade and exchange. Therefore, they are suggesting that adopting and keying into blockchain technology to drive business, regulatory and governance processes are needed by Nigerians in the private and public sectors Read More.

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