The Central Bank of Nigeria (CBN) on Monday issued the first digital currency in the continent, called the eNaira.
After President Muhammadu Buhari launched the digital currency at the Presidential Villa, Abuja, the CBN assured the general public that the e-Naira have the same value as the fiat Naira.
The apex bank also explained to the public that the eNaira will not replace cash, but will rather circulate alongside cash.
According to the apex bank, the eNaira will be beneficial to the public as it complements cash and it is a less costly, more efficient, generally accepted, safe and trusted means of payment.
It also stated that the digital currency makes use of blockchain technology, thereby guaranteeing its security.
See more benefits of the e-Naira as outlined by the CBN below:
- Fast, cheap, reliable, and available payment channel
- Support digital economy
- Improved economics activities
- Simplified and easy cross-border payment and trade.
- Inclusion of excluded people in the financial system
- Improved effectiveness of monetary policies.
- Easy in target social interventions to support Nigerians.
- Ease in tax remittance and collection to support the country’s growth.
