Nigeria’s Central Bank Set to Launch Digital Currency, eNaira

Nigeria will on Monday launch a digital currency, the eNaira months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies.

According to the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, he said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account.

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele

“The eNaira therefore marks a major step forward in the evolution of money and the CBN is committed in ensuring that the eNaira, like the physical Naira, is accessible by everyone,” the bank said in a statement.

Nigeria has named Barbados-based Bitt Inc as a technical partner in developing the eNaira.

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