Nigeria launches its own digital currency

ENaira is expected to make financial transactions easier for all segments of society

25.10.2021 - 10:05

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What's new? The Nigerian authorities are going to launch the digital currency of the country's Bank (CBDC) — ENaira on Monday, October 25. This is stated in the press release of the Central Bank.

Bank of Nigeria Press Release

What do the authorities say? The Central Bank of Nigeria believes that the new tool “will make financial transactions easier and smoother for all segments of society.”

The financial regulator notes that it will continue to develop eNaira in order to ensure trouble-free operation of the system for all customers, in particular, in rural areas of the country and for people who do not have a bank account.

What is known about ENaira? At the end of September, the Federal High Court of Nigeria had approved the issue of the national digital currency. Initially, the launching of CBDC was scheduled for the first days of October. However, it was postponed due to the celebration of the 61st anniversary of Nigeria's Independence on October 1.

The bank restrictions and fear of the devaluation are pushing Nigerian citizens to use cryptocurrency more widely in payments, while the authorities are trying to break this trend of distrust. The paper naira is now at its lowest level since 2003.

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