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With the rise in popularity of cryptocurrencies like Bitcoin, governments around the world have begun to consider producing their own digital currencies.
Nigeria is no exception.
Recently, the Central Bank of Nigeria (CBN) announced plans to launch their own digital currency called the eNaira.
Here’s what we know about it.
What is eNaira?
eNaira is the name given to the CBN’s first proposed digital currency.
The new currency will not replace the physical Naira but will act as a digital representation of it.
When will the CBN launch eNaira?
The CBN has announced they will launch a pilot scheme of the eNaira starting on October 1st, 2021.
It is still unclear how the CBN will roll out the launch and who will have access to the new currency from the start.
How will the eNaira work?
The eNaira will work as a digital version of the physical Naira.
Financial institutions licensed by the CBN will be responsible for ID verification, eNaira payment processing, and creating wallets for customers to hold their eNaira.
The eNaira wallet is similar to a bank account and is created in the same way; however, it will be a separate account that is not connected to an already existing bank account.
Transactions will be possible between two parties that both have an eNaira wallet, which allows you to store, send, and receive eNaira.
Source: Majority
