Reasons Why CBN Postpones Launch Of E-Naira and Its Impact on Nigerian’s Economy.
The Central Bank of Nigeria (CBN) has announced the postponement of the planned unveiling of the country’s digital currency, e-Naira.
The Spokesman of the CBN, Mr Osita Nwanisobi, announced this postponement in a statement issued on Thursday titled ‘CBN defers eNaira launch to mark independence anniversary.’
The Spokesman explained that the apex bank decided to postpone the launch, which had been initially planned to coincide with the independence anniversary celebration, in deference to the mood of national rededication to the collective dream of one Nigeria.
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While assuring that there was no cause for alarm, he added that the CBN and other partners were working hard to ensure a seamless process that would be for the overall benefit of the customer, particularly those in the unbanked population and in the rural areas.
Mentioning the benefits of the e-Naira, the Spokesman explained that Nigerians would be able to carry out peer-to-peer transfers to another person’s e-Naira wallet as well as pay for goods and services at selected merchants.
Nwanisobi added that the digital currency would also help reduce the use of physical cash and ensure the stability of the economy of Nigeria.
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Expressing the readiness of various banks and other financial institutions in the financial ecosystem for the launch of the e-Naira, the CBN Spokesman said the e-Naira was a journey, and that not all bank customers were expected to commence transactions on the day of the launch.
However, he assured that Nigerian financial institutions remained key players and were a critical part of the Central Bank Digital Currency (CBDC).
He further noted that the CBN was mindful of various concerns expressed about the e-Naira, being among the first CBDCs in the world.
According to the CBN Spokesman, the bank had put a proper structure in place to promptly address any issue that might arise from the pilot implementation of the digital currency.
Criminals Now Prefer Bitcoin, Ethereum To Transact Or Receive Illegal Monies – EFCC Boss, Bawa
Recall that the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa says digital or virtual currencies like bitcoin and ethereum are now criminals’ favourite means of exchange.
Bawa called for a collaborative approach by authorities around nations of the world in dealing with financial crimes.
The Chairman spoke at the 38th Cambridge International Symposium on Economic Crime, with the theme, “Economic Crime – Who pays and who should pay?”
The symposium was organized by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge, United Kingdom.
Bawa noted that economic crimes, which are largely illegal acts committed for private gain, affect global economies and deprive developing countries of resources for sustainable growth and development.
The anti-graft agency boss said the new typologies of economic crimes such as the growth of digital currencies, otherwise known as cryptocurrencies, portend greater danger.
He said, “Criminals now elect to transact or receive illegal monies, such as ransom money, for cyber-attacks in cryptocurrencies with bitcoin and ethereum as the most commonly used medium of these exchanges.”
Bawa added that as victims continue to suffer from the effects of financial crimes, the determination of who pays or who should pay becomes a critical measure of the criminal justice system.
He pointed out that reforms such as Treasury Single Account and Whistle Blower Policy, under the President Muhammadu Buhari administration, have recorded milestones in investigations, prosecutions, and assets recovery.
He confirmed that the Commission has recorded more than 3,500 convictions and recovered assets of significant value including properties in Nigeria, the UK, the USA, and the UAE.
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