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Nigeria to Launch Its ENaira Digital Currency on Monday: Report

Kevin Reynolds
Updated ·1-min read

The Central Bank of Nigeria (CBN) will launch its digital currency, the eNaira, on Monday, Bloomberg reported.

  • The eNaira, which is intended to complement the physical Naira rather than replace it, will “make financial transactions easier and seamless for every strata of the society,” the CBN said in emailed statement on Saturday, according to the report.

  • The launch had originally been set for Oct. 1 to Oct. 4 but was delayed in deference to the 61st anniversary of Nigerian independence on Oct. 1.

  • Nigerian financial officials have struggled with cryptocurrency’s rising use in the country. Nigeria banned crypto transactions within the banking sector in February and four months later announced plans to introduce the eNaira.

  • The eNaira will be accompanied by a wallet sanctioned by the CBN that users can either link to their bank accounts or pay as they go with a prepay option, according to the CBN web site.

Read more: Nigeria’s CBDC: The Good, Bad and Ugly