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eNaira is a Central bank digital currency issued and regulated by the Central Bank of Nigeria. [1] It was the first of its type in Africa. [2] Denominated in naira, the eNaira serves as both a medium of exchange and a store of value and claims to offer better payment prospects in retail transactions when compared to cash.
The official exchange rate in Nigeria of the Naira to foreign currencies is set by the Nigerian Central Bank, [4] and thus not by forex markets. The central bank tends to devalue the Naira against other currencies. This devaluation is a factor that causes Nigerians to look elsewhere to preserve the value of the money they earn.
The Central Bank of Nigeria (CBN) considers abuse of the naira a serious offense, as it can lead to a shortage of currency in circulation, increased costs for printing and replacing damaged notes, and a loss of confidence in the currency. The CBN has implemented measures to prevent the abuse of the naira, including:
Nigeria on Wednesday launched newly designed currency notes, a move that the West African nation's central bank says will help curb inflation and money laundering. The newly designed denominations ...
Nigeria's central bank has lifted a ban on transacting in cryptocurrencies, while saying global trends had shown a need to regulate such activities, the bank said in its latest circular.
In May 2021, the Central Bank of Nigeria announced that Nigeria would create a digital currency. [53] In July 2021 it further said that it will launch the pilot scheme on 1 October 2021. [ 54 ] Following these announcements, the central bank named Bitt Inc. in August 2021 as its technical partner for Nigeria's digital currency that would be ...
Global bank messaging network SWIFT is planning a new platform in the next one to two years to connect the wave of central bank digital currencies now in development to the existing finance system ...
A central bank digital currency would likely be implemented using a database run by the central bank, government, or approved private-sector entities. [13] [14] [15] The database would keep a record (with appropriate privacy and cryptographic protections) of the amount of money held by every entity, such as people and corporations.