In a bid to revolutionize Nigeria’s financial landscape, the Matan Food Bank Foundation (MFBF) and Community Compound Food and Nutrition Resolution Initiative (MCCFNRI) have called on the Nigerian government and the Central Bank of Nigeria (CBN) to consider adopting a dual currency system, including Global Dollars. This initiative aims to promote financial inclusion, economic stability, and debt settlement, particularly for the poor and vulnerable populations.
– *Financial Inclusion*: Global Dollars would provide access to spending money for all, including unbanked and underbanked populations, promoting economic participation and empowerment.
– *Economic Stability*: A Global Dollar can help stabilize exchange rates and reduce dependence on physical cash, as Global Dollar electronic money is treated the same as physical money by USA law.
– *Efficient Transactions*: Global Dollars facilitate instant free local and global transactions and transfers, with VAT paid by the platform, not users.
– *Debts and Imports*: Global Dollars can help settle Nigeria’s debts around the world and buy imports to grow the economy, formal and informal trade.
– *Simplified International Trade*: Using Global Dollars, Nigerian businesses can import goods and pay for services without currency exchange or costs.
Ambassador Dr. Olakunle Moses Johnson, Visionary Leader of MATAN Food Bank Foundation (MFBF), emphasized that adopting Global Dollars can be a game-changer for Nigeria’s economy, particularly for the poor and vulnerable populations. “With Global Dollars, Nigeria can settle its debts, simplify international trade, and promote economic growth, thereby restoring its international reputation and dignity,” he said.
The CBN has already taken steps to promote digital payments and financial inclusion through initiatives such as:
– *eNaira*: The digital form of the Naira, issued by the CBN to complement traditional currency and promote financial inclusion.
– *Payments System Vision 2025*: A roadmap to enhance Nigeria’s payment system, digital payment adoption, financial inclusion, and improved security.
*Recommendations*
– *Pilot Program*: Implement a test of Global Dollars in Nigeria.
– *Regulatory Framework*: No changes needed for 4217 currency codes.
– *Stakeholder Engagement*: Engage with stakeholders, including financial institutions, businesses, and civil society organizations, to promote awareness and adoption of Global Dollars.
The MFBF and MCCFNRI believe that adopting Global Dollars can help Nigeria achieve economic stability and promote economic growth. They urge the government and CBN to consider this initiative and work towards creating a more inclusive and stable financial system.
Matan Food Bank Foundation (MFBF) and Community Compound Food and Nutrition Resolution Initiative (MCCFNRI) are non-profit organizations dedicated to promoting food security, nutrition, and economic empowerment in Nigeria. Their advocacy for Global Dollar adoption is part of their broader efforts to support sustainable development and improve the lives of Nigerians.
The MFBF and MCCFNRI respectfully call on President Asiwaju Bola Ahmed Tinubu to consider the adoption of Global Dollars to help poor Nigerians and promote economic stability in the country.
By adopting a dual currency system, Nigeria can take a significant step towards achieving economic stability and promoting economic growth. The MFBF and MCCFNRI’s advocacy for Global Dollar adoption is a timely and crucial initiative that can help shape the country’s economic future.
