Sun. Sep 25th, 2022

The Ibolo Chamber of Commerce Industry Mines and Agriculture( ICCIMA) has organized a webinar programme on the benefits, aims and objectives of Central Bank Digital Currency(CBDC) for its members.

The webinar was held on the 19th of April, 2022 via zoom.

While speaking during the webinar, the resource person, Mrs. Jemila Yusuf, a staff of the Financial Policy and Regulation Department at the Central Bank took the ICCIMA members through an educative session on Central Bank Digital Currency and how ICCIMA members can be of benefit and be a digital entrepreneur.

Participants during webinar on zoom

Mrs Yusuf defines Digital Currency as any currency, money, or money-like asset that is primarily managed, stored, or exchanged on digital computer systems over the internet. She further explained how the Central Bank Digital money is beneficial to ICCIMA members, to government, to economy, and other stakeholders in the community.

While noting some of the objectives of the digital currency, she stated that the Central Bank’s digital currency will boost empowerment and reduce poverty, increase financial inclusion, increase growth in cross-border trade, and improve monetary and financial stability policies among others.

Mrs. Jamila Yusuf giving presentation during the webinar

According to her, ” what central bank digital currency means for the economy is to reduce potential cash handling cost by 5-7%, deepens digital financial inclusion, promote digitization of cash and development of e-commerce. What central bank digital currency means for the government is by providing a reliable mechanism to distribute fiscal stimulus to citizens, reduce the overall indirect cost of cash to the broader community, reduce tax leakages from evasion and illicit money flows, promote and support the implementation of government objectives. What central bank digital currency means to other stakeholders is to reaffirm participants’ contribution to nation-building and financial enablement, create sustainable value pools by unlocking new market segments, reduce inefficiencies from dealing with physical cash, unlock new revenue and growth opportunities.”

Earlier, the ICCIMA President, Mr. Paul Olagunju welcomed members to the webinar and acknowledged the relentless efforts of the resource person for a time well spent on educating the participants on digital currency

He noted that the webinar is the second of such in the year 2022 which is aimed at enlightening ICCIMA members on the benefits of the CBN initiative and how to take maximum advantage of it towards ensuring more effective business development and trade promotion.

He said the webinar will also educate the members on all the need to know about eNAIRA.

According to him, ” As you are all aware, the Nigerian economy slowed down exhibiting a high inflation rate of 15.60% as of January 2022 with an Unemployment rate of 33.3%.

“These and other relevant statistics indicate that Nigeria is at a critical make or break point, and to ensure a return to sustained economic growth and development, the private sector, particularly the Chamber of Commerce must step up to harness the ingenuity of private sector innovation as well as take advantage of every opportunity available.

“This is why this webinar and other activities are being put in place to activate this ingenuity. In this light, I look forward to your active participation.

“As an Organized Private Sector to develop Ibolo land by encouraging businesses we need to continue working round the clock to ensure we carry out our mandate in advocating and strengthening those sectors of the economy that are of keen interest to our members.”

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