Home BUSINESS NIGERIA – the authorities will launch the eNaira this Monday 25 October

NIGERIA – the authorities will launch the eNaira this Monday 25 October

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After banning cryptomonay transactions last February, Nigeria announced in August its partnership with Bitt Inc, a fintech based in Barbados, to create a digital Naira. Originally scheduled for October 1, this launch was postponed due to the national holiday.

In Nigeria, President Muhammadu Buhari will launch eNaira, the national central bank’s digital currency, on Monday. The information was announced by a representative of the financial institution on October 23 in a press release. “The launch of eNaira is the culmination of several years of research by the Central Bank of Nigeria to push the boundaries of the payment system to make financial transactions easier and more transparent for all layers of the society», indicates the Bank’s press release.

She said eNaira “will make financial transactions easier and more transparent for all layers of society.”

The financial institution had previously announced this launch by 1 October before postponing it because of the events planned for the 61st anniversary of the independence of the Federal Republic.

Last August, the central bank chose Bitt Inc. as its technical partner to help it create this digital currency, about 4 months after banning cryptocurrency transactions. At that time, the authorities declared “that they were a threat to the financial system”.

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Source : Agence Ecofin

       

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