Digital Currency Gains Traction as CBN Appoints Technical Partner IMF urges caution on adoption of cryptocurrency as national currency
Ndubuisi Francis and James Emejo in Abuja The Central Bank of Nigeria (CBN) yesterday announced the formal engagement of global fintech company, Bitt Inc., as technical partner for its proposed digital
currency, also known as e-Naira. CBN Governor, Mr. Godwin Emefiele, disclosed this in Abuja. But the International Monetary Fund (IMF) cautioned that countries seeking to adopt the digital currency should be wary of its disadvantages.
Emefiele said the Central Bank Digital Currency (CBDC) would bring about increased cross-border trade, accelerate financial inclusion, and lead to cheaper and faster remittance inflow. He said the digital money, also known as cryptocurrency, would lead to easier
targeted social interventions, as well as improvement in monetary policy effectiveness, payment systems efficiency, and tax collection. CBN’s Director, Corporate Communications Department, Mr. Osita Nwanisobi, explained, in a statement, that the e-Naira project had
been a long and thorough process for the apex bank following its resolve in 2017 to digitise the local currency after extensive research and exploration. Nwanisobi said CBN’s decision was in line with an unmistakable global trend in which over 85 per
cent of central banks were considering adopting digital currencies in their countries. The CBN pointed out that the selection of Bitt Inc. from among highly competitive bidders was Continued on page 40
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Insecurity: We’re Lucky to Have Buhari in Govt, Says Shehu of Borno Declares president’s administration has changed the tide Lawan applauds ongoing surrender by terrorists, rallies support for initiative Deji Elumoye in Abuja The Shehu of Borno, Abubakar ElKanemi, yesterday, said the people
of Borno State were lucky to have President Muhammadu Buhari in government as his reign has changed the tide against insecurity
significantly. This is as the President of the Senate, Dr. Ahmad Lawan, has also lent his support to the Boko
Haram terrorists turning themselves in to the Nigerian troops, saying the move should be seen as a welcome development and should
be encouraged to end insurgency in the NorthEast. The Shehu of Borno, who spoke when Lawan paid him a
courtesy call over the loss of his elder brother, said his people had Continued on page 40
CJN Moves to Save Judiciary, Summons Justices over Conflicting Court Orders Says NJC has always warned judicial officers to be circumspect in granting Exparte NBA threatens to sanction erring senior members SANs welcome Muhammad’s intervention Tobi Soniyi, Alex Enumah and Adedayo Akinwale in Abuja In obvious reaction to THISDAY lead report yesterday, the Chief Justice of Nigeria (CJN) Justice Tanko Ibrahim Muhammad immediately swung into action by summoning six Chief Judges of State High Court in the country in a bid to halt the apparent decay in the judiciary, often occasioned by indiscriminate granting of court orders and injunctions by some pliable judges who have by their dishonourable conduct brought the Bench to disrepute. Some of the states Chief Justices invited before the NJC include that of Rivers, Anambra, Jigawa, Kebbi, Continued on page 40
Cholera: NCDC Records 2,035 ON ECONOMIC RECOVERY... Deaths, 58,698 BRIEFING L-R: Statistician General of the Federation, Dr Simeon Harry; Minister of Information, Culture and Orientation, Alhaji Lai Mohammed ; Minister of Finance, Budget and National Planning , PHOTO: GODWIN OMOIGUI Cases... Page 5 Zainab Ahmed; and Minister of State,Budget and National Planning, Clement Agba, during a press briefing on the economic recovery in Abuja... yesterday.