Home Business Nigerian central bank to launch digital currency within days

Nigerian central bank to launch digital currency within days

by centra
A view shows Nigeria's Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. REUTERS/Afolabi Sotunde/File Photo

The Central Bank of Nigeria (CBN) will launch the eNaira, its digital currency, in a couple of days from now, Governor Godwin Emefiele told a conference on Thursday.

He said this would make Nigeria “one of the first countries in Africa, and indeed the globe, to adopt the digitisation of its national currency”.

The CBN had announced plans to launch its own digital currency this year after Nigeria barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February.

Emefiele had previously said the eNaira would operate as a wallet against which customers could hold existing funds in their bank accounts, and that this would accelerate financial inclusion and enable cheaper and faster remittance inflows.

The CBN had named Barbados-based Bitt Inc as its technical partner in developing the eNaira. @reuters

Nigeria's Central Bank Governor Godwin Emefiele briefis the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi Sotunde/File Photo
Nigeria’s Central Bank Governor Godwin Emefiele briefis the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi Sotunde/File Photo

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