The use and adoption of cryptocurrencies continues to increase day by day. While some countries approach cryptocurrencies positively, some countries are going to ban their use.
Although Nigeria is one of the countries with one of the highest cryptocurrency adoption rates in the world, the use of cryptocurrencies was banned in the country in February on the grounds of money laundering and terrorism.
Following this ban, the Central Bank of Nigeria (CBN) announced that they will issue their own digital currency “e-Naira” with the aim of improving the payment system in the country.
The launch of “e-Naira,” which was announced to be released on October 1, was delayed due to the independence day celebrations in the country.
The e-Naira will be officially announced by Nigerian President Muhammadu Buhari and will be launched on 25 October, the Central Bank said in a statement.
Central Bank Governor Godwin Emefiele continued after stating that “e-Naira” will function as a wallet where customers can keep existing funds in their bank accounts:
“e-Naira” is a huge step forward in the evolution of money. The Central Bank of Nigeria is determined to ensure that “e-Naira” is accessible to all, as is the physical currency “Naira”.
With President Buhari officially launching e-Naira today, Nigeria will become the first African country to launch its own central bank digital currency (CBDC).
As the interest in CBDCs continues to progress day by day, Iran has recently officially announced that it will start piloting its own digital currency, apart from Nigeria.