The Nigerian News Agency (NAN) reports that there was a hybrid conference. “Leverage technology to gain a competitive edge” as the theme.
Mr. Ajej Bakasurged economists, especially the CBN, to base the naira on gold so that it can compete with the US dollar on value.
According to him, if CBN wants to keep Naira fairly strong and stable, it needs to be financed with gold, oil, gas and other commodities.
“The BRICS countries of Brazil, Russia, India, China and South Africa, these five powerful nations, are powerful and large economies with many initiatives that could be beneficial for Nigeria.
“They are coming up with a new global reserve currency based on gold, oil, gas and other commodities that will compete with the US dollar.” said the fool.
He said BRICS has also developed an alternative to the Society for World Interbank Financial Telecommunications (SWIFT) payment system, which is also used in the Netherlands and Nigeria.
“So they came up with a viable dollar alternative to SWIFT.
“And this new global reserve currency is based on gold and commodities.
“So my advice is for the Central Bank of Nigeria to base the naira on gold. You have to buy a lot of gold and we have a lot of gold.
“But it also needs to be based on all Nigeria’s oil and gas reserves, and naira is much more valuable.” said the fool.
Experts also urged banks to take advantage of both SWIFT and the new payment platform introduced by BRICS based on Alipay and WeChat.
“This is related to facial recognition, artificial intelligence and security. You can follow money and traces everywhere.” He said.
He urged banks to provide a better future for young people by acting in line with these technological trends that have boosted the world’s gross domestic product.
“Dive into this tech revolution as technology transforms blue-collar workers and devices take over much of our financial management.
“So as a bank, we need to serve millennials in particular quickly. We also love central bank digital currencies, so we also leverage digital Naira.” He said.
CBN, Director of Information Technology, Mrs. Rakia MohamedApex Bank said it was proactive by creating an environment for the banking industry to thrive.
She said the financial authorities have come up with guidelines, frameworks and innovative products to stimulate creativity in the banking sector without stifling healthy competition among industry participants.
“If there’s one thing we learned at CBN, it’s the fact that technology doesn’t wait for regulation, so we decided to be as agile as possible.
“We seek to be proactive in creating an environment through guidelines, frameworks and innovative products to stimulate creativity in the banking sector without impeding healthy competition among industry participants. Did.
“When the CBN announced its intention to roll out the first central bank digital currency in Africa in 2021, some were skeptical about its ability to achieve what other central banks were still reluctant to do.
“But the technology trends were clear, and I was convinced that was the way to go. Either embrace the chaos or become obsolete.
“Despite the negative feedback, eNaira has successfully launched and is gaining momentum in local and international adoption, with nearly 1 million wallet downloads among individuals and merchants.” she said.
She said the monetary authorities were recently using eNaira to facilitate payments for goods and services by the majority of unbanked Nigerian students living in the northern Cyprus city of Lefkosa, someone said on Twitter. He said he came across the post.
Muhammad, who represented Mr. Afolabi Adelei“These digital natives are not waiting.
“At CBN, we are starting discussions on monetary policy, open banking, digital IDs, etc. in the Metaverse.
“Leveraging the benefits gained from adopting eNaira, we recently completed our first hackathon focused on expanding the use of eNaira to facilitate financial inclusion and cross-border remittances. did.
“Employing technology as a business enabler to drive competitive advantage is no longer an option. It’s a matter of corporate survival going forward.”
Dr. Ken Opararepresented by the President/Chairman of the CIBN, the First Council Vice-President, Prof. Pius Olarenwaju Said, “This event provides another opportunity to deliver value to stakeholders looking to navigate the world of financial technology and digital finance.
“Certainly, this event could not have come at a better time as the way we do banking has changed dramatically since technology entered the fray.
“Banks are now focusing on advanced levels of personalization and tailoring solutions to meet customer needs made possible by the rapid pursuit of digital transformation.”
