eNaira will help combat tax evasion, says CITN president

Speaking during a webinar organised by the Chartered Institute of Taxation of Nigeria, its president, Adesina Adedayo, said that tax evasion would be reduced with the introduction of eNaira.

“With the implementation of the eNaira, it is expected that ultimately, tax evasion will be minimal as it seeks to ensure the traceability of tax assets and enforces transparency in the taxation system, thereby increasing government revenue,” Mr Adebayo said.

eNaira is a digital currency issued and regulated by the Central Bank of Nigeria. The government promised that it would provide a fast, safe, and simple transaction to the Nigerian citizens.

CITN Taxation Faculties Coordinating Dean Dr Mark Abani said that the institute’s latest priority was to educate the public about the importance of adopting the eNaira in their transactional activities.

Dr Abani claimed that eNaira would add $29 billion to the Gross Domestic Product of Nigeria over the next decade. He underlined the government’s optimism that the adoption of the eNaira would improve commerce and financial inclusion in the country.

Bloomberg reported on Monday that 488,000 people had downloaded the eNaira wallet app. The central bank digital currency had also been used for NGN 62 million (US$150,000) in transactions, according to Osita Nwanisobi, a spokesman for the Nigerian Central Bank.

CBN Governor Godwin Emefiele said during the launch of the electronic currency that Nigeria had minted about $1.2 million eNaira.

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