Central Bank of Nigeria Governor, Mr. Godwin Emefiele, in this interview at the end of the Monetary Policy Committee meeting yesterday spoke about recent initiatives by the banking sector regulator…
Central Bank of Nigeria Governor, Mr. Godwin Emefiele, in this interview at the end of the Monetary Policy Committee meeting yesterday spoke about recent initiatives by the banking sector regulator.
So, we think that this is a noble idea and we are not the first, many other central banks are at advanced stages of revealing their own digital currency. And our own digital currency which is tagged e-Naira will certainly come into operation by October and we are working very hard for this. So, what are the objectives? On payment system, we believe that transactions will be cheaper and more efficient.
So, that policy still remains in place and I am not sure we are about to change that policy. That will be my response on whether or not crypto currency is allowed. Then by way of update, I must say that we have made advanced progress on our digital currency and we have already appointed Bits Incorporation as our technical partner.
I expect that in the course of this week, we would place an advert on the appointment of the Chief Executive Officer and the Chief Investment Officer of the Infraco and he has to be a world-class person who understands infrastructure financing and infrastructure business and must be a well-respected person. So, we are not just going to take any person because we want to make sure that we get this right.
We got to a point where people who produce drugs held on to their drugs, and people who produced food, held back their food. So, how would a 200 million population country survive? That is the reason we are saying if assessing credit is your problem, we would solve that problem for you, but just be committed to see that when you take a loan, you repay. So, between the time when I held that lecture at UNILAG and now, we have sent our Development Finance officers to all the universities.
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