CBN to launch eNaira on Monday
Buhari to launch eNaira on Monday
The Central Bank of Nigeria (CBN) will launch its digital currency, the eNaira, on Monday.
The ceremoney will be performed by President Muhammadu Buhari.
The eNaira, which is intended to complement the physical Naira rather than replace it, will “make financial transactions easier and seamless for every strata of the society,” the CBN said in emailed statement on Saturday, according to the report.
The launch had originally been set for October 1 to October 4 but was delayed in deference to the 61st anniversary of Nigerian independence on October 1.
Nigerian financial officials have struggled with cryptocurrency’s rising use in the country. Nigeria banned crypto transactions within the banking sector in February and four months later announced plans to introduce the eNaira.
The eNaira will be accompanied by a wallet sanctioned by the CBN that users can either link to their bank accounts or pay as they go with a prepay option, according to the CBN web site.
