Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has disclosed that Nigeria is in plans to introduce its own digital currency.
Tagged E-Naira, Emefiele noted that the currency will be launched in October this year. This is coming following the CBN ban on cryptocurrency transactions by financial institutions in the county. In February, the apex bank issued a circular to commercial banks, warning them of the risks of accepting cryptos as the virtual currency was not yet insured or regulated by CBN in Nigeria. With this advisory, there were reported halts in transactions by banks with lots of crypto-based virtual marketing platforms experiencing glut.
According to Emefiele, ‘E-Naira’ would operate as a wallet against which customers can hold existing funds in their bank account. CBN further revealed that the importance of eNaira includes macro management and growth, cross border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement and targeted social intervention.