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Nigeria to launch digital currency on Monday, central bank says

Economy Oct 24, 2021 04:35AM ET
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© Reuters. FILE PHOTO: A view shows Nigeria's Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. REUTERS/Afolabi Sotunde/File Photo

ABUJA (Reuters) - Nigeria will on Monday launch a digital currency, the eNaira, the central bank said, months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account.

"The eNaira therefore marks a major step forward in the evolution of money and the CBN is committed in ensuring that the eNaira, like the physical Naira, is accessible by everyone," the bank said in a statement.

Nigeria has named Barbados-based Bitt Inc as a technical partner in developing the eNaira.

Nigeria to launch digital currency on Monday, central bank says
 

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Comments (4)
Vishnujana Dasa
Vishnujana Dasa Oct 24, 2021 7:59AM ET
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Not at all good for the sovereignt of the people. A gimock to introduce more governmetn control over individuals and the economy. We’ve seem how well that’s worled out for wocilaist countires lile Venezuela and North Korea etc
CHIGOZIE URUAKPA
CHIGOZIE URUAKPA Oct 24, 2021 7:48AM ET
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that's good.
ytuve salisu baba
ytuve salisu baba Oct 24, 2021 6:58AM ET
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we are really happy to hear diz news I love my country up naija
David Michael
David Michael Oct 24, 2021 5:02AM ET
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This is a great news but how will one be part of this?
 
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