He spoke on the topic: âCryptocurrency Vs E-Naira: Issues, Prospects And Challenges In The Nigerian Economy. ”
Adedipus, who was the guest speaker, said e-Naira cannot replace deposits or reduce the ability of banks to create loans.
“It has limits on the amount that can be easily carried in a physical wallet”, he said.
According to him, banks will not lose their digital naira deposits due to the limits on e-Naira wallet transactions.
The economist explained that the cumulative balance limits and transfer limits introduced by the CBN on the level 1, 2 and 3 e-Naira wallet were low compared to the activities of commercial banks.
The Nigerian News Agency (NAN) reports that the cumulative balance limit for level 1 is N300,000 with a transfer limit of N50,000; The level 2 unit of balance is 500,000 N with a transfer limit of 200,000 N.
The CBN also set the level 3 cumulative balance limit at five million naira with a transfer limit of one million naira.
X-raying the benefits of the e-Naira, he said it would eliminate the costs of printing and minting currencies in the country.
Adedipe said it would remove restrictions on cross-border payments, improve financial inclusion and allow users to avoid the costs and restrictions of transactions on commercial bank digital platforms.
The economist disagreed with the innuendo that the e-Naira was introduced due to currency volatility.
He attributed the currency volatility to speculation and the country’s huge dependence on imports.
Regarding cryptocurrency, the expert said that recognition of crypto as an asset, commodity or medium of exchange should be determined by its most widespread use in Nigeria.
He stressed the need for a regulatory framework underscored by the popularity of mobile money.
Adedipe noted that a regulatory framework was needed due to trading in cryptos as an alternative livelihood for unemployed and tech-savvy youth.
He said the framework should focus on what should be authorized, how it should be used, which financial institutions should be authorized, and the oversight framework and reporting requirements.
âBlockchain technology has come to stay and will become more important. Cryptos are based on blockchain technology.
âIf we want to encourage investment in blockchain technology (which is no longer the future, but already here), then we need to create space for cryptos and other adaptations of technology. he said.
Previously, the editor of National Business Extra, Mr. Odion Aideloje, said the newspaper was created to be an alternative business platform.
Aideloje said the company is ready to partner with businesses and other stakeholders for the country’s growth and development.
He said it had not been easy for the company over the past four years of operation due to a tough operating environment.
The publisher assured stakeholders that the company would improve from the shortcomings of previous years.