Highlights
- The Central Bank of Nigeria to launch eNaira digital currency on Feb 14th
The CBN Is To Roll Out Its Crypto Soon
Nigerian President Muhammadu Buhari will officially debut the eNaira, the country’s central bank’s digital currency, on February 14. (CBDC). Following a failed attempt to launch the eNaira on October 1, the Central Bank of Nigeria (CBN) recently produced a document reiterating its intention to introduce the currency. According to the concept paper for the eNaira, the Central Bank of Nigeria thinks it is presently equipped to carry out Nigeria’s CBDC.
Along with replacing cash, the Central Bank of Nigeria is building a global cryptocurrency that will serve as a medium of exchange, a store of value, and a means of payment throughout the globe. The Central Bank of Nigeria (CBN) downplayed the consequences of missing a deadline in its statement. Instead, the bank emphasized the necessity of doing things correctly the first time and how doing so contributes to the long-term viability of digital currency in the long run.
Furthermore, the Central Bank of Nigeria (CBN) stressed the necessity of getting off to a strong start rather than rushing into releasing a digital currency that has not yet received the necessary approvals. The Nigerian media outlets recently reported that on October 2, the Federal High Court of Nigeria recognized the legality of CBDCs in the country.
The CBN Explains The Idea Behind eNaira
Earlier this month, the Central Bank of Nigeria (CBN) released a document explaining its design concepts for the eNaira and an overview of what the Nigerian digital currency is expected to achieve. It is possible to view the two documents in English on the bank’s website, and they have also been translated into Hausa and Yoruba. While the Central Bank of Nigeria (CBN) has concentrated its efforts on ensuring that the eNaira is launched on time, it also claims to have focused on inventing and architecting the eNaira.
Additional resources have been dedicated to informing prospective users about the currency’s capabilities, potential risks, and the methods they will be handled. As indicated by the central bank, these essential elements should persuade Nigerians that the introduction of the eNaira, which will be accessible to offline users, was properly planned and prepared.
