Nigeria to launch digital currency today, central bank says

PUBLISHED: Mon, 25 Oct 2021 06:57:16 GMT
Camillus Eboh
Reuters
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A view shows Nigeria’s Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. REUTERS/Afolabi Sotunde/File Photo

ABUJA, Oct 24 (Reuters) – Nigeria will on Monday launch a digital currency, the eNaira, the central bank said, months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account.

“The eNaira therefore marks a major step forward in the evolution of money and the CBN is committed in ensuring that the eNaira, like the physical Naira, is accessible by everyone,” the bank said in a statement.

Nigeria has named Barbados-based Bitt Inc as a technical partner in developing the eNaira.

This is a developing story.

(Reporting by Camillus Eboh, Writing by MacDonald Dzirutwe)

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