Nigeria’s President Announces Central Bank Digital Currency eNaira

Nigerian President Muhammadu Buhari will officially launch the country’s digital central bank currency (CBDC), eNaira.

The Central Bank of Nigeria (CBN) has released a document reiterating its intention to introduce eNaira after previous attempts failed but failed on October 1. According to the design paper for eNaira, CBN is now ready to introduce a digital currency from the Nigerian central bank.

CBN is working on a global cryptocurrency that will be used as a means of payment and a store of value in addition to cash.

CBN stated that it downplayed the risk of missing the deadline. Instead, the bank emphasizes the importance of getting things done the first time and how that will contribute to the long-term success of digital currencies. CBN emphasizes the need to stay on track rather than rushing to issue a digital currency that hasn’t received all of the necessary approvals.

As previously reported by Cointelegraph, the Federal Court of Justice of Nigeria approved the implementation of the CBDC as legal tender on October 2nd.

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CBN has published a document of design principles for eNaira, along with an overview of what to expect from the Nigerian digital currency. Two documents are available in English on the bank’s website and also in Hausa and Yoruba.

According to the CBN, instead of focusing all of their efforts on getting eNaira up and running on time, they have devoted themselves to the design and architecture of eNaira. It has also spent a lot of time educating potential users about the possibilities and risks of the coin and how they are mitigated.

The central bank stated that these important events will reassure Nigerians that eNaira, which will be accessible to offline users, has been carefully planned and prepared for launch.