CBN eNaira – Africa Tech Digest

On Thursday, July 22, 2021, the Central Bank of Nigeria (CBN) revealed that the pilot scheme of its digital currency — eNaira — will launch on October 1, 2021. However, due to reasons ranging from a clash with Independence Day activities to the ill-preparedness of commercial banks, the much-anticipated launch was postponed While addressing the postponement, CBN’s Director of Communications, Osita Nwasinobi, again recited some benefits of the eNaira — peer-to-peer transactions, reduction of cash use, and financial inclusion. While the eNaira has its benefits, concerns have been pointed out regarding transparency and how it could aid illegal financial practices by those in control. Continue reading Image: Techpoint

The Central Bank of Nigeria (CBN) has officially launched its Central Bank Digital Currency (CBDC) website for the eNaira. Last month, the CBN announced that it was working with Barbados-based fintech firm Bitt Inc as a technical partner to launch the West African country’s own digital coin. The eNaira is set to launch in October. Godwin Emefiele, the CBN’s Governor, has said that the eNaira would operate as a wallet against which customers can hold existing funds within their bank accounts. According to the CBN, the eNaira is expected to become a legal tender for all of Nigeria and is set to be accessible to both bank account and non-account holders. It will be accepted by all merchants and business outlets in the country. Continue reading Image: Techgist Africa

Tag: CBN eNaira

eNaira: How much control does a private blockchain give the CBN?

Nigeria’s Central Bank Launches eNaira Website