JUST IN: eNaira Set For Launch Today

The President of the Federal Republic of Nigeria, Muhammadu Buhari will launch the Central Bank Digital Currency (CBDC), eNaira, today.

THE NATION reports that Nigeria has chosen Barbados-based Bitt Inc as a technical partner in developing the eNaira. Jamb Results

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Recall that the Central Bank of Nigeria (CBN) had in February barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies stating that it will freeze the account of firms that are using them.

As reported by THE NATION, experts have revealed that Nigerians were turning to crypto for business in order to protect their savings due to the fact that naira is losing value.

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According to THE NATION, Nigerians also used crypto to send payments abroad because it is often hard to obtain United States’ dollars.

Speaking about eNaira, the Governor of the Central Bank of Nigeria, Godwin Emefiele said that the eNaira will be a wallet for customers to hold funds in their bank account. Information Guide Nigeria

According to THE NATION, Godwin Emefiele “The eNaira, therefore, marks a major step forward in the evolution of money and the CBN is committed to ensuring that the eNaira, like the physical Naira, is accessible by everyone.”