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- The primary webpage for Nigeria’s central bank digital currency (CBDC) has gone live ahead of the digital naira’s anticipated launch next month
- The CBN will issue and oversee Nigeria’s digital currency
- Nigerian financial officials have been grappling with the emergence of cryptocurrency in the African country
According to TheCable’s inspections, the website, www.enaira.com, went live on Monday, but it is still in progress. Certain of the website’s details have yet to be hyperlinked, and some functions have yet to be activated. The governor of the Central Bank of Nigeria, Godwin Emefiele, has stated that the eNaira pilot scheme would begin on October 1, 2021.
The Central Bank of Nigeria digital currency is operational
According to the Nigerian outlet THISDAY, the official website of the Central Bank of Nigeria (CBN) digital currency is now operational. The currency, known as the eNaira, is set to go live in a week. According to the report’s statistics, the site received more than 1 million hits in 24 hours, demonstrating the widespread interest in digital currency. According to the article, the website promises simpler financial transactions, peer-to-peer (P2P) payments, the ability to monitor balances and view transaction history, and the ability to make in-store payments using an eWallet via QR code scans.
According to the report, CBN Governor Godwin Emefiele has said in recent lectures that there will be various benefits. According to the article, they would be the first country in Africa to create a digital currency. It’s a novel concept, but we believe it will help trade. Nigeria, as Africa’s largest economy, will set the tone by indicating that they are ready to lead and that we would actually lead in trade, which they will ensure.
According to the newspaper, he expects that a digital currency could aid cross-border trade by allowing for greater financial inclusion and facilitating more economical and speedy remittances. He also suggested that targeted social interventions, as well as more effective monetary policies, payment systems, and tax collection, may be implemented.
CBN’s partnership with fintech giant Bitt
According to the research, central bankers in the Economic Community of West African States (ECOWAS) are collaborating to integrate trade, payment, and banking systems to provide an example for the African Continental Free Trade Area (AfCFTA).
The CBN is the latest central bank in the world to announce plans to launch a digital currency (CBDC). According to the news, it just established a technical partnership with Bitt, a worldwide FinTech company, as the project’s technical partner. China is one of the countries that is the furthest along with a CBDC, having taken moves to crack down on cryptocurrencies in the hopes of easing the country’s route to launching the CBDC.
The website claims that the eNaira will help with cash distribution in the government’s social assistance programs. According to the website, eNaira is a digital currency issued by the Central Bank of Nigeria that provides a unique form of money denominated in Naira. When opposed to cash payments, the eNaira acts as both a means of exchange and a store of value, providing better payment prospects in retail transactions. The eNaira has a unique operational structure that sets it apart from other forms of central bank money.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
