E-Naira - Nigeria To Launch Digital Currency In October 2021

Godwin Emefiele, the Central Bank Governor of Nigeria and and Director IT, Mohammad said they have planned to launch its own crypto currency, called the “e-naira”, in October 2021. 

On how the e-naira will work, Emefiele said if you choose to convert some of the naira in your account to e-wallet or digital currency, we will support that.

When this starts the CBN will move some of the balances in CBN to those banks into digital currency. You go to your bank, you decide to move N2 million from the N10 million you have in your account to digital currency they will debit your account and move it into your e-wallet.

Then you have N2 million digital currency which you can spend across countries

He noted that “the use of cash is declining all over the world,” noting that “with the advent of digital currency, more and more people are adopting the use of electronic money to facilitate little commerce”.

He said cryptocurrencies are private monies that are not regulated and under one control, therefore using them is a personal decision.

“if you decide to use them, it means you are taking your risk. If you make your money, we will wish you good luck but if you lose your money, we will laugh at you,” he said.

At the end of the MPC meeting, members of the Committee decided by a unanimous vote to retain the Monetary Policy Rate (MPR) at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent, and retain the Liquidity Ratio at 30 per cent.

The Nigeria Apex Bank underlined the benefits and important for the fintech ecosystem that include enhanced operational efficiency, opportunities for fin-tech, start-ups in building services/products like financial inclusion that will contribute to the economic growth, also with the creation of a new system complimenting the traditional payment system.


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