Friday, March 29

Tag: eNaira

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

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

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
eNaira: Five things Nigerians can do on the new website
Cryptocurrency, Nigeria

eNaira: Five things Nigerians can do on the new website

The website of Nigeria’s official digital currency, eNaira, went live on Monday, four days before its planned launch on October 1, as disclosed by Central Bank governor, Godwin Emefiele. Developed by Barbados-based fintech company Bitt Inc., eNaira is a legal tender just like the naira. According to the apex bank, it must be accepted by all merchants and business outlets as a form of payment in Nigeria. A welcome note on the website describes the eNaira as a “Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.” The website is a central repository where users can find comprehensive information about the official digital currency, but it offers much more than just details of the eNaira. TechCabal reviewed the website and here a...
Nigeria’s Central Bank Launches eNaira Website
Cryptocurrency, Nigeria

Nigeria’s Central Bank Launches eNaira Website

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
Nigeria Prepares to Launch Own Cryptocurrency – “eNaira”
Cryptocurrency, ecommerce, Fintech, Nigeria

Nigeria Prepares to Launch Own Cryptocurrency – “eNaira”

Nigeria is working with fintech Bitt Inc as a technical partner to launch the country’s own cryptocurrency – the eNaira – according to the Central Bank of Nigeria (CBN). The Barbados-based Bitt Inc earlier in 2021 led the development of the Eastern Caribbean Currency Union’s ‘DCash’ – the first digital cash issued by a currency union central bank. Reuters writes that the CBN plans to launch the digital currency in October after the country barred its banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies at the beginning of the year in February. 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. In a statement on Monday, Emefi...