Recently there has been a speculative news that the Central Bank of Nigeria- CBN planned to launch a digital version of the Naira currency called "the e-Naira''. It has beenrumoured that it will be lauched October 1st.
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A what? A digital currency! Ok, before I say anything here is what Punch reported.
The Central Bank of Nigeria has announced the formal engagement of the global Fintech Company, Bitt Inc., as the Technical Partner for its digital currency, eNaira.
“Given the significant explosion in the use of digital payments and the rise in the digital economy, the CBN’s decision follows an unmistakable global trend in which over 85 per cent of Central Banks are now considering adopting digital currencies in their countries,” says Dr Godwin Emiefele - Governor of Central Bank of Nigeria at Abuja.
Emefiele listed the benefits of the Central Bank Digital currency- CBDC to include: Increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows.
Others are easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection.
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Ok, we are getting there! This is the same country where cryptocurrency is banned. I shall be back on October 1st when, if its launched. I'm reserving my comment for now.
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