Nigeria’s Central Bank has launched a website for its digital currency,eNaira ahead of the official launch which is to take place on October 1, 2021.The website details the digital currency, eNaira. The eNaira, both a medium of exchange and store of value, will be used in retail payments and remittances.

Whiles the official launch of Nigeria’s CBDC is tomorrow Oct 1, the eNaira app is already available for downloads. The app features bank account integration. The launch will serve as a pilot for the CBDC, with a full launch expected by the end of 2021.

In relation to this, the Central Bank has decided to send documents to local banks on the digital currency which describes the roles the banks will play in the change.

The asset will be a legal tender and have a non-interest-bearing status. The country is one of the most tech-savvy nations in Africa, with proof in the fact that its citizens are among the most active in the crypto market. It even has one of the highest rates of adoption of cryptocurrency, with 31.9% owning some cryptocurrency or the other.




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