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Nigeria introduces eNaira after a one-month delay



The Nigerian central bank is due to launch the digital currency eNaira today. CoinDesk reports this, citing Bloomberg . The digital coin supported by the central bank (Central Bank Digital Currency, also CBDC) will exist parallel to the currency of the country Naira, but not replace it. According to a statement sent by Bard via email, eNaira will "make financial transactions easier and more seamless for all walks of life".

The launch of eNaira was originally planned for the beginning of October

ENaira took several years to develop. In August, Bitt Inc was selected as the technical partner for the development of the digital currency. The central bank announced plans to launch the virtual registry four months after banning crypto transactions in the country. The tough measure went into effect in February as cryptocurrencies are seen as a threat to the financial system.

The introduction was originally planned for October 1st to 4th, but has been postponed due to the 61st anniversary of the country's independence. The currency is intended to help reduce Nigeria's dependence on cash and promote the country's economic stability. The central bank doesn't expect all bank customers to start using the currency right away.

Government has problems with cryptocurrencies

The Nigerian government, especially the tax officials, are grappling with the increasing popularity of cryptocurrencies in the country. The country sees the CBDCs as an effective means of countering the popularity of digital assets in these new times. A wallet approved by the central bank will accompany eNaira. Users can use them for payments on the go or link them to their bank accounts.

CBDCs work just like the money people see in their bank accounts. The central bank will have complete control over eNaira. The residents of the country can store the digital currency directly in their wallets. Central bank digital currencies have some advantages over decentralized coins. They are regulated and secured by a government agency, usually the country's central bank. As a rule, CBDCs are linked to the paper money used in the country. In contrast, Bitcoin and other cryptocurrencies are unsecured, unregulated and are often used for criminal activities.

Commenting on the news, Samuel Sule, a director at investment bank Renaissance Capital, said:

eNaira is the Nigerian central bank's attempt to keep up with other countries around the world, as decentralized forms of store of value and payment transactions are becoming more and more important. There are fundamental philosophical questions related to the centralization of digital currencies. That could make them unattractive for a large part of their users. Apart from that, from a legal point of view, monetary policy remains the exclusive competence of the central banks. Therefore, all work that deals with new forms of storage and transfer of value is defensible.

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