Nigeria’s digital currency called the Nigeria e-Naira (e naira) would be launched by 1st Oct 2021. People are asking, what is the e-Naira (e naira)? Is the e-Naira (e naira) a type of bitcoin? Would the value of the e-Naira (e naira) rise and fall like the bitcoin?
Well, in this post, you will find everything you need to know about the Nigeria e-Naira (e naira)
Development
The Nigeria e-Naira (e naira) was developed in 2021, by the central bank of Nigeria (CBN) in collaboration with a Foreign FinTech company Bitt Inc. The development was a move to provide a digital currency alternative to the ban placed on cryptocurrencies by the Nigerian government. It is also developed as a move to catch up with the global trend of adopting digital currencies by more and more countries around the world. Possibly, the coming of the e-naira might checkmate scam operations in Nigeria.
e-Naira (e naira) will not operate as cryptocurrency (e.g. Bitcoin)
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- The e-Naira (e naira), as issued by the CBN would work differently from cryptocurrencies like Bitcoin.
- It will not grow in value like Bitcoin or other cryptocurrencies but it will function the same way the Naira does.
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- The e-Naira (e naira) value will be pegged to the Naira so their value remains the same. This implies that the value of the digital currency will only rise if the naira rises, and also fall if the naira falls, which is unlike all cryptocurrencies.
Usage and Importance
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- This digital currency will allow easy transaction but is it different from any other digital currency because it will be issued by a sovereign authority, which is the CBN.
- The e-Naira (e naira) will encourage digital marketing across the country. Digital marketing is the future for business growth. Find out all about digital marketing
- According to the CBN, the e-Naira will aid financial inclusion and propel a cashless policy.
e-Naira, which was created to facilitate digital transactions, does not need to be backed with physical cash.
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- The e-Naira will be created independently of bank accounts; the wallet will be created by financial institutions that will create customer identification through an application product interface.
- It is a legal tender for the entire country, it will have a non-interest bearing Central bank Digital Currency status, a transaction limit for customers and a value-based transaction limit.
- As a National Critical infrastructure, the e-Naira system will be subjected to comprehensive security check, all data and personally identifiable information (PII) will be kept off the ledger and will not be stored on the ledger.
Launching
According to the central bank of Nigeria, the e-Naira (e naira), would be launched by 1st October 2021. Only then, would its logo and identity would be unveiled to the public.
