The Central Bank of Nigeria (CBN) will launch its digital currency, the eNaira, today on Monday, the 25th of October 2021.
E-naira was originally set to be lunched between October 1st to October 4th, but was delayed in deference to the 61st anniversary of Nigerian independence on Oct. 1.
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 a report by Bloomberg.
Nigerian financial officials have struggled with cryptocurrency’s rising use in the country, thinking it was going to harm the economy but on the contrary, I feel it could save the economy but that’s just my opinion.
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.