E Naira Digital Currency

Oktober 26, 2021

What e-Naira means for the Nigerian economy government and other stakeholders. The Central Bank of Nigeria CBN has activated the e-naira portal ahead of the official launch of the digital currency on October 1.

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The CBDC has the potential to reduce cash handling costs by 5-7 deepening digital financial inclusion and promote the development of e-commerce.

E naira digital currency

. E-Naira would promote formal cross-border payments for efficiency convenience and affordability. Although the platform has been activated no transactions have been allowed on it for now. According to the CBN the e-Naira will aid financial inclusion and propel a cashless policy. Rotational presidency unconstitutional Northern Governors reply Southern counterparts Well no longer tolerate IPOBs sit-at-home order in.

By our reporters Ahead of the planned launch of the Central Bank Digital Currency CBDC Nigerians from all walks have E-Naira. The Barbados-based fintech company is the technical partner of the apex bank that will help launch Nigerias digital currency October 1. CBN to own a major stake in Bitt Inc. What bank customers plan to do with digital currency ADVERTISEMENT.

In a previous article I had argued that the proposed digital currency named e-Naira by the Federal government of Nigeria through the Central Bank of Nigeria is not cryptocurrency. E-Naira which was created to facilitate digital transactions does not need to be backed with physical cash. A digital currency issued by a government works differently from cryptocurrency like Bitcoin.

Cbn Lists Benefits Of Its Digital Currency E Naira In Financial System