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Central Bank to Introduce Nigeria’s Digital Currency e-Naira in October

The Central Bank of Nigeria has announced plans to unveil a digital currency they said it would be called ‘e-Naira’ by October 2021.

According to the CBN, the e-Naira is a legal tender equal to the value of the Naira and thus must be accepted as a form of payment by all merchants and business outlets in the country.The Apex Bank said the e-Naira is a currency that only exists in an electronic form. The liability of the e-Naira money is directly borne by the CBN, same way the liability of the physical Naira rests on the central bank.

From October 1st, 2021, when the currency goes into effect, Nigerians can open e-wallets on their phones. They said one of the benefits of digital currency is that it would reduce the cost of minting the physical naira and kobo.

The CBN Director, Payment System Management, Mr. Musa Jimoh added that charges of transferring funds would be lower for those using the e-naira.

In addition, based on a CBN presentation on eNaira, banks will be responsible for promoting and marketing the centrally issued digital.

The eNaira’s system will be subjected to comprehensive security checks, and all data and personally identifiable information will be kept off the ledger and not be stored on the ledger.

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