Bobos & Wojaks

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Nigeria To Launch eNaira Digital Currency

The Central Bank of Nigeria announced on Monday that it will collaborate with Bitt Inc as a technical partner in its effort to establish its own cryptocurrency, the “eNaira.” After Nigeria outlawed banks and financial organisations from dealing in or supporting transactions in cryptocurrencies in February, the Central Bank revealed intentions to introduce its own digital currency later this year.

 

According to Central Bank Governor Godwin Emefiele, the eNaira will function as a wallet against which users can hold existing funds in their bank accounts. Emefiele said in a statement on Monday that the currency will enhance financial inclusion and allow for cheaper and faster remittance inflows.

According to Central Bank Governor Godwin Emefiele, the eNaira will function as a wallet against which users can hold existing funds in their bank accounts. Emefiele said in a statement on Monday that the currency will enhance financial inclusion and allow for cheaper and faster remittance inflows.

 

Barbados-based Bitt led the development of the Eastern Caribbean Currency Union’s “DCash” earlier this year, the first digital cash issued by a currency union central bank.