Abuja, Nigeria – Coalition of Nigeria’s foremost public policy reform groups, led by a dedicated political reformer Jonah Ubanmhen, has taken steps to support a ground-breaking proposal aimed at addressing the country’s inflation problem and transforming her financials landscape. The proposed legislation, known as the Digital Broadcast Currency Act (DBCA), seeks to establish a government-run digital broadcast currency system that could revolutionize how Nigerians interact with money by offering a potential solution to the country’s economic challenges.
In a statement signed on Monday by Jonah Ubanmhen, the group’s Executive Director, outlining how the Digital Broadcast Currency would function. “It would serve as a government-backed, digital currency accessible to all Nigerians through broadcast channels, mobile devices, and digital platforms”. The currency would be issued and regulated by Nigeria’s Central Bank, with the primary goal of stabilizing the nation’s economy and mitigate the impact of inflation, which can significantly affect many citizen’s purchasing power
“Nigeria’s economy is at a critical moment, and inflation its harmful enough reducing people’s purchasing power and causing uncertainty, which leaves millions in difficult situations,” Jonah stated further that “ By introducing a digital broadcast currency backed by the government, we can create a more resilient and transparent financial system, reduce inflationary pressures, and offer new opportunities for economic inclusion.”
Also Read: Nigeria’s Jonah announces digital broadcast ordinance to combat modern slavery
The Digital Broadcast Currency would operates similarly to traditional digital currencies while providing a greater degree of stability and trust, but with the added benefit of being fully regulated by the government. According to Jonah, this new currency would also provide faster and more productive transactions for citizens, enabling businesses and individuals to engage in commerce more efficiently and effectively.
Experts have already begun weighing in on the proposal, with many expressing cautious optimism. Many believe that a government-backed digital currency would alleviate inflation by providing more control over the money supply, while others caution about possible implementation issues and the necessity of strong security measures to guard against misuse or cyber threat
However, the group remains confident that the Digital Broadcast Currency Act would have a transformative impact on Nigeria’s economy, particularly in light of the country’s increasing reliance on digital technologies to drive most of its operations.
“Inflation poses a significant threat to our economy and can undermine the stability of businesses. We acknowledge that digital currencies have the potential to enhance financial inclusion for all. The representative for the group stated, “ This is not just about tackling inflation – It’s about creating and nurturing a financial system that will drive economic growth for every citizen.” the statement emphasized.
The proposed legislation is expected to be reviewed by lawmakers, with Jonah’s team calling for widespread public consultation before the bill’s introduction to the National Assembly. If passed, the Digital Broadcast Currency Act would mark a historic shift in Nigeria’s economic policy and potentially set the stage for other nations to adopt similar digital currency models.
As Nigeria navigates its complex economic challenges, the introduction of a digital broadcast currency act could represent a bold step towards stabilizing the country’s economy by reducing inflation and securing a more prosperous Nigeria for generations to come.
