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Nigeria to Launch Its ENaira Digital Currency on Monday: Report

The launch was originally set for the start of October.

Par Kevin Reynolds

Mise à jour 11 mai 2023, 7:06 p.m. Publié 23 oct. 2021, 7:30 p.m. Traduit par IA

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.

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Kevin Reynolds

Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.