E Naira: What to Expect From Nigeria’s Digital Currency

• The Central Bank of Nigeria has concluded plans to launch the country’s first official digital currency, the E Naira

• The launch of the coin has been slated for Nigeria’s independence day, October 1st as the country switches to online cash payments

• The apex bank has explained the importance of the centralized and regulated currency for Nigeria’s economy

The central bank of Nigeria has explained has reiterated its intentions to launch the country’s official digital currency on October 1st, 2021.

The director of Information Technology CBN, Rukiya Mohammed, on Wednesday disclosed that Nigerians will begin to have access to the E Naira from Independence Day.

The apex bank has gone on to disclose the economic implications of the regulated centralized digital currency in Nigeria.

Muhammed made a virtual appearance at the Third Quarter Industry Forum of the Committee of E-business Industry Heads held in Abuja on Wednesday.

According to the CBN IT Director, the E Naira, a digital equivalent of the naira is capable of boosting Nigeria’s economy and facilitate trade across the border.

She stated that as the adoption of the digital currency grows, Nigerians will be able to formulate better macroeconomic policies.

Muhammed also stated that the E Naira will increase payment efficiency and catalyze a digital economy.

“Of course payment efficiency, even though we know that Nigeria has one of the best payment systems in the world, we will still be able to improve on that.

“We believe that the e-naira will be a catalyst for digital economy because the people who are outside the formal banking sector will be integrated.”

According to the CBN, the design of the digital currency has been concluded and will be revealed soon.

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Muhammed also disclosed that the e-naira will not replace naira but complement it and enable anonymity of transactions.

It is worth noting that unlike cryptocurrencies, the e-naira is regulated and will serve as Nigeria’s legal tender.

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