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CITN sensitises on fundamentals of adopting e-Naira for transactions

By Gloria Nwafor
19 November 2021   |   2:53 am
The Chartered Institute of Taxation of Nigeria (CITN) has sensitised members on the fundamentals of adopting the e-Naira for transactions. The institute said the move was to keep members abreast with the recent development ..

eNaira … Photos:Tekedia

The Chartered Institute of Taxation of Nigeria (CITN) has sensitised members on the fundamentals of adopting the e-Naira for transactions. The institute said the move was to keep members abreast with the recent development as it affects the economy and taxation, as well as to proffer professional solutions to the envisaged challenges that would be associated with the implementation of the e-Naira project.

President and Chairman in Council, CITN, Adesina Adedayo, said with the implementation of the e-Naira, tax evasion would be minimal as it seeks to ensure the traceability of tax assets and enforces transparency in the taxation system, thereby increasing government revenue.

Noting that the sensitisation exercise would espouse the fundamental issues in digital currency operations, he said the main objective of e-Naira as stated by the Central Bank of Nigeria (CBN) was to enable households and businesses make fast, efficient and reliable payments, while benefiting from a resilient, innovative, inclusive and competitive payment system.

Speaking on ‘Understanding Digital Currency Operations: The e-Naira Project’, Partner, PwC Nigeria, Kenneth Erikume, said some of the disadvantages of the e-Naira is that it does not grow in value, it has risk of fraud and has no interest.

On some of the grey areas in digital currency, considering the fintech industry, financial disintegration and data protection, he said the implementation of the e-Naira, if not done right will widen the inequality gap between Nigeria and other African countries.

On data protection, he said the information of tens of millions of Nigerians will be in the hand of the CBN and a single private company. He queried if e-Naira would face-out big payment providers that have invested in data protection and those that have also invested huge amounts in fintech.

Similarly, Chairman, CITN internet payment sub-committee, Dr. Zainab Gobir, said the e-Naira will provide a better alternative for Nigerians in the diaspora to send money home and in the long run increase remittances into the country which will in turn increase GDP. She also listed some of the pros and cons of the digital currency, adding that it could substitute a weaker country’s currency.

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