Central Bank Of Nigeria (CBN) is set to inaugurate the eNaira. The eNaira will be the first digital currency to be launched by the apex bank. Effective this Friday, October 1, 2021, eNaira will be the digital form of the Naira.
The eNaira will be at the same rate as the Naira, having the same exchange with the Naira. The eNaira will not bring profit or interest to the holders and it's will be built on an open ledger technology known as "Blockchain". Creating the eNaira on blockchain will make it not to be duplicated or faked.
How The Digital Currency Will Work?
Financial Institution Licensed under Central Bank Of Nigeria may be accountable for eNaiira payments, ID verification and wallet creating for holders of the eNaira. There will be a wallet to hold the eNaira connected to an existing bank account. The wallet will also be similar to a bank account. Transactions will take two parties with both having the wallet.
The world is going tech and digital, Nigeria is obviously not left behind.
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