CBN to unveil eNaira today

CBN to unveil eNaira today

Today, October 25, at the State House in Abuja, President Muhammadu Buhari will announce the Central Bank Digital Currency (CBDC), also known as the eNaira.

Governor of the Central Bank of Nigeria, Godwin Emefiele, has stated that the eNaira will function as a wallet for users to save monies in their bank accounts.

“As a result, the eNaira represents a significant advancement in the evolution of money, and the CBN is committed to ensuring that the eNaira, like the physical Naira, is accessible to all,” the apex financial regulator said in a statement..

Nigerians were turning to crypto for business, to protect their savings as the naira loses value, and to send payments abroad since it is often hard to obtain United States’ dollars. Then, in February 2021, the Central Bank of Nigeria (CBN) barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies, warning of “severe regulatory sanctions” and freezing accounts of firms involved.

»CBN to unveil eNaira today«

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