FG unveils eNaira today

President Muhammadu Buhari unveils the Central Bank Digital Currency (CBDC), known as the eNaira, today at the State House, Abuja.

The Central Bank of Nigeria (CBN) had in February barred banks and financial institutions from dealing in or facilitating transactions in crypto currencies, warning of “severe regulatory sanctions” and freezing accounts of firms using them.

According to CBN Governor, Godwin Emefiele the eNaira would operate as a wallet against which customers could hold funds in their bank account.

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

Information from experts have it that, Nigerians were turning to crypto for business, to protect their savings as the naira loses value, and to send payments abroad because of the difficulty in obtaining United States’ dollars.

 

Source: The Nation News