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The Central Bank of Nigeria (CBN) Set to unveil Digital Currency eNaira today

The Central Bank of Nigeria (CBN) Set to unveil Digital Currency eNaira today

The Central Bank of Nigeria (CBN) Set to unveil Digital Currency eNaira today

The Central Bank of Nigeria plans to unveil the Central Bank Digital Currency (CBDC), known as the eNaira, today, October 25, the digital currency will be unveiled by President Muhammadu Buhari at the State House, Abuja.

Godwin Emefiele the Governor of the Central Bank of Nigeria has said the eNaira would operate as a wallet where customers could hold funds in their bank account.

“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,” the apex financial regulator said in a statement.

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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.

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