Central Banks

Nigeria’s eNaira set to launch on Monday: Report

  • The Central Bank of Nigeria will launch its digital currency, the eNaira, tomorrow
  • The eNaira was initially set to launch on October 1 but was postponed
  • Nigeria remains one of the top countries in the world in terms of crypto adoption

Nigeria will launch its digital currency tomorrow following the earlier delay.

eNaira will launch tomorrow

The Central Bank of Nigeria (CBN) will launch its digital currency, the eNaira, according to a recent report by Bloomberg. The CBN is following the move by other central banks across the world by launching a central bank digital currency.

The eNaira was supposed to be launched at the start of the month. However, it was shifted forward for some reasons. The CBN explained that the eNaira is intended to complement the physical Naira rather than replace it. The digital currency will also make financial transactions easier and seamless for every stratum of society.

Nigeria is one of the leading nations in terms of crypto adoption

The CBN banned banks and other financial institutions from providing services to cryptocurrency companies. Hence, making it tough for people to get involved with cryptos. Despite that, Nigeria remains one of the leading countries in the world in terms of cryptocurrency adoption.

The crypto enthusiasts in the country have turned to peer-to-peer trading to gain access to BTC and others.

 

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