President Muhammadu Buhari will unveil the Central Bank Digital Currency (CBDC), known as the eNaira, today, October 25, at the State House, Abuja.
CBN Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers could hold funds in their bank account.
“The eNaira, therefore, marks a major step forward in the evolution of money and the CBN is committed to ensuring that the eNaira, like the physical Naira, is accessible by everyone,” the apex financial regulator said in a statement.
Nigerians were turning to crypto for business, to protect their savings as the naira loses value, and to send payments abroad since it is often hard to obtain United States’ dollars.
Then, in February 2021, the Central Bank of Nigeria (CBN) barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies, warning of “severe regulatory sanctions” and freezing accounts of firms involved.