CBN’s Digital Currency eNaira Set to Launch With Strict Guidelines

• The Central Bank of Nigeria has set strict guidelines that will govern the use of the eNaira as it launches on October 1st

• The CBN announced global fintech company Bitt Inc. as the technical partner for the digital currency

• The report stated that the currency will have a CBDC status and also a transaction limit for customers

It’s no longer news that the central bank of Nigeria is set to launch Nigeria’s own digital currency, the eNaira.

The CBN has sent out a detailed presentation that explains the basis and operation mode of the project.

The apex bank disclosed that the digital currency will be the legal tender of the country and it will be launched in collaboration with Fintech company, Bitt Inc as the technical partner.

A recent report also revealed that the e-Naira will have a non-interest-bearing digital currency status and a transfer limit for users.

The governor of the CBN, Godwin Emefiele also disclosed that the Central bank digital currency (CBDC) will facilitate cross-border trade.

He also revealed the digital currency will accelerate financial inclusion and enable cheaper and faster remittance inflows.

Emefiele also added that the CBN has been working towards the launch of the eNaira since 2017 and it puts us down the part of a global trend as other central banks are about to do the same.

“Given the significant explosion in the use of digital payments and the rise in the digital economy, the CBN’s decision follows an unmistakable global trend in which over 85 per cent of Central Banks are now considering adopting digital currencies in their countries, ”.