Months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies, the Central Bank of Nigeria (CBN) has announced it will launch a digital currency, eNaira today, 25th October 2021.
President Muhammadu Buhari will formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, at the State House, Abuja, today.
Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account.
He said that the eNaira therefore marks a major step forward in the evolution of money and the CBN is committed in ensuring that the eNaira, like the physical Naira, is accessible by everyone.
Nigeria has named Barbados-based Bitt Inc as a technical partner in developing the eNaira.