e-Naira – Following the Central Bank’s preparedness and commitment to fulfil its promise on creating/designing a home grown digital currency the apex bank has sent guideline and expected transaction dynamics to Nigerian participating banks in view of the kick off date. Recall, the apex bank had earlier scheduled October 1 as the flag off of the indigenous digital currency. In February 5, 2021 the Central Bank sent out a circular to all DMBs issuing immediate order to stop facilitating Bitcoin and other crypto related transactions. Following its ban on Bitcoin/cryptocurrency in Nigeria, the Central Bank came under heavy criticism by Nigerians across all fronts. Sequel to this, in a bid to right things the apex bank ventured into creation of home grown indigenous digital currency it now termed the e-Naira. In the Apex bank’s latest guideline to the banks, it was clear that e-Naira is a legal tender meant to serve the country, a non-interest bearing CBDC, a value based transaction , transaction limit tender. Transactions under the e-Naira in a latest program were categorized into:

Continue reading at https://www.coin-finex.co/2021/08/e-naira-cbn-issues-guideline-and-usage.html