CBN to unveil eNaira today

By Lola Smith

Published: October 25, 2021 | 9:14 AM GMT

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.

About Lola Smith

Lola Smith is a highly experienced writer and journalist with over 25 years of experience in the field. Her special interest lies in journalistic writeups, where she can utilize her skills and knowledge to bring important stories to the public eye. Lola’s dedication to her craft is unparalleled, and she writes with passion and precision, ensuring that her articles are informative, engaging, and thought-provoking. She lives in New York, USA.