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Website of Nigeria’s CBDC, the eNaira, is Live Ahead of October Rollout

A long time in the making, Nigeria’s own central bank issued digital currency, the eNaira, is soon to be a reality. Ahead of its scheduled October 1 rollout, the website for the eNaira has already gone live.

Nigeria’s digital currency will be issued and regulated by the Central Bank of Nigeria (CBN) and according to them, the eNaira is nothing less than a a “unique form of money” denominated in the national currency acting as both a medium of exchange and store of value.

The CBN claims that the eNaira will assure economic growth, provide cheaper remittances, limit fraudulent behavior, and is also secure. The digital currency will come with a wallet sanctioned by the CBN that can be linked to a bank account or used for payments “on the go”.

Nevertheless, Nigeria, with a population over 211 million and a median age of 18.1 years, has seen a staggering rise of cryptocurrency in the past year, with the asset generally seen as “freedom money” and used by a large part of the youngsters in the country. This has notably been something that officials in the country have been struggling with and looking to combat with the introduction of the eNaira.

Unsurprisingly, opponents are concerned about the greater control this brings to central banks and their government over citizens’ financial rights.

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Author: Peter Siu