Nigeria became the first African country to adopt a digital currency, the eNaira, in October 2021. Three months later, only 10% of digital currency transactions have been peer-to-peer transactions. This was revealed by Godwin Emefiele, Governor of the Central Bank of Nigeria, at the first MPC meeting of 2022. According to a Nairametrics report, the…
African central banks are looking to learn from Nigeria’s turbulent but historic launch of the continent’s first state-backed digital currency, eNaira. Tanzania announced last week that it intends to launch its own digital currency in order to reduce transaction costs and increase citizen participation in the formal financial system. In September, the South African central…
The Central Bank of Nigeria (CBN) has revealed that the country’s digital currency will be implemented in four stages, culminating in the eNaira’s interoperability with those of other central banks. Mrs Rakiya Mohammed, Director of the CBN’s Information Technology Department, stated this at the licensed payment service providers’ engagement session in Lagos on Monday, as…
The International Monetary Fund (IMF) has issued a statement regarding its observation on eNaira, the new digital currency of Nigeria’s central bank (CBDC). The IMF, in the statement, said: “The Central Bank of Nigeria (CBN) officially launched the ‘eNaira’, a central bank digital currency (CBDC), on October 25, 2021. This is the second CBDC fully…
eNaira is more or less like a digital version of the physical Naira. It is a Central Bank Digital Currency (CBDC) issued by the Central Bank of Nigeria (CBN) and will exchange 1:1 to the physical Naira. The eNaira was launched by Nigeria’s President flanked by the VP and CBN Governor on October 25, 2021…
Less than 48 hours after its official launch by President Muhammadu Buhari, the individual wallet for eNaira has recorded more than 100,000 thousand downloads on Google Playstore alone. Apple’s App Store does not readily show an estimate of downloads. The Nigerian official Central Bank Digital Currency (CBDC) was initially scheduled for launch on October 1…
Nigerians without access to internet-enabled phones would also be able to utilize the eNaira currency. This was revealed by the Central Bank of Nigeria, CBN, in a document titled “Design paper for the eNaira”. The CBN, through this document, stated that the eNaira solution will take into consideration all Nigerians, irrespective of the device type they…
The Central Bank of Nigeria (CBN) has postponed the launch of the eNaira — its digital currency — slated to launch on October 1, 2021. According to The Punch, the launch was postponed to prevent it from clashing with the lineup of events planned for the Independence Day celebration. In a statement attributed to the CBN’s Director of Communications,…
Nigeria’s central bank digital currency (CBDC) website has gone live, signaling that the eNaira digital currency will be launched on October 1. The Central Bank of Nigeria (CBN) sent local banks a paper last month that detailed the architecture of its soon-to-be-launched virtual currency, as well as details on the duties given to participants in the currency…
Exactly three days before the official launch of Nigeria’s digital currency called eNaira, the Central Bank of Nigeria opens the website. Before now, CBN governor, Godwin Emefiele, had announced that the eNaira would be launched officially on Independence day, October 1st, 2021. According to the CBN, the digital currency is a legal tender just like…
Nigeria to Launch Its Own Cryptocurrency ‘eNaira’ in Partnership With Bitt Nigeria barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February. Nigeria will work with Bitt as a technical partner in its bid to launch its own cryptocurrency, the “eNaira”, the Central Bank said on Monday. The Central Bank…