The Central Bank of Nigeria (CBN) stated in a statement issued on Sunday that Nigeria will launch a digital version of its currency eNaira on Monday, October 25. The currency’s original launch in early October has been postponed.
“President Muhammad Buhari will officially launch the Nigerian Central Bank digital currency called eNaira at the Presidential Palace on Monday, October 25.”, Means this press release.This digital currency “Must be activated” On the same day, he said.
Facing the growth of online payments and competing with cryptocurrencies that are free from national control or global regulatory agencies, central banks around the world are seeking to create a digital version of their currency, the CBDC.
Nigerians will be able to download the eNaira app and use their existing bank account to fund their mobile wallet. Through this release, Nigeria, Africa’s GDP-leading economy and the most populous country on the African continent (nearly 220 million inhabitants), has become a pioneer in the African continent. Ghana has been testing since September. e-Cedi, as a new exchange method.
Escape the devaluation of the naira
The digital currency will be officially launched on January 1stUh In October, the central bank postponed the launch on the grounds of celebrating the country’s anniversary of independence.
Cryptocurrency is widely used in Nigeria. According to a study by professional research company Statista, Nigeria will become the world’s third largest virtual currency user after the United States and Russia in 2020.
In recent years, most Nigerians hope to use cryptocurrency to escape the constant devaluation of the naira. They also make it easier for them to receive money from expatriates or take their savings out of the country.
In recent years, the Central Bank of Nigeria has been concerned about the impact of cryptocurrencies on its economy, particularly believing that they are used for money laundering and terrorist financing.
China becomes the first major economy to launch a beta version of a digital currency in 2020. According to the Atlantic Council, a US think tank, at least five countries have introduced virtual currencies since then.
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