Bukola Saraki, one of the Peoples Democratic Party’s fifteen presidential contenders in Nigeria’s next election, acknowledged that digital currencies may help the country’s young. Former Senate President Saraki believes he is the finest candidate to lead Nigeria in 2023, emphasising the importance of enacting legislation controlling actors in this area.
Digital currency will benefit the youth: Bukola Saraki
Bukola Saraki, one of Nigeria presidential hopefuls, was recently cited as stating he favours digital currencies and therefore does not believe they would harm the economy. Nonetheless, the presidential candidate urged that regulations and procedures be put in place to guide participants in this sector.
In an interview, Saraki, one of 15 candidates running for the opposition’s presidential nomination in Nigeria’s 2019 elections, admitted that digital currencies had opened chances for the country’s youth. He stated:
I also believe it has aided in the creation of employment and possibilities, particularly for the younger generation. And I support anything that produces jobs and a favorable atmosphere for individuals to do business. So, absolutely, I am in favour of it.
Regardless of central bank of Nigeria’s restrictions on cryptocurrency transactions, the crypto exchange Kucoin estimates about 34 million Nigerians exchange or possess virtual currency as of April this year.
Nigerian Central Bank issues digital currency
Nigeria inaugurated a digital currency in October of last year. the CBN described it as a “major step forward in the development of money”. However, the Central Bank of Nigeria has recommended that financial institutions restrict crypto-related transactions after February 2021.
Paxful, a Bitcoin marketplace, stated that Nigeria has the most peer-to-peer commerce outside of the United States.
Last year, in January, eNaira app had been installed 694,00 times from 160 countries and utilised in over 35,000 transactions three months after its launch. There have been around 700,000 downloads since last week.
The eNaira is Nigeria’s official currency and the country’s first national digital currency. Following the implementation, bank officials argued that it would enhance financial inclusion and fiscal benefits, which would boost the economy.
