E-Naira: Everything you need to know about the new Central Bank Digital Currency

After several months of speculations, the Central Bank of Nigeria is finally coming out with more details about the much anticipated central bank digital currency “the e-Naira”.

Nigeria’s apex bank, has released new guidelines on how e-Naira, a state-supported digital currency, will be regulated, designed, and issued.

Talks about a digital currency started a few months after the present government placed a ban on Cryptocurrency trading, the CBN governor, Godwin Emefiele, announced plans to launch a national digital currency.

Table of Contents
What is E-Naira?
Central Bank Digital Currency vs Cryptocurrency?
How the E-Naira works

What is E-Naira?
eNaira is simply an electronic legal tender for the entire country. It is the same Naira currency but this time a digital version.

The apex bank added that

“As a National Critical Infrastructure, the e-naira system will be subject to comprehensive security checks, all data and personally identifiable information (PII) will be kept off the ledger and will not be stored on the ledger”

Read more: https://techibytes.com/e-naira-the-new-central-bank-digital-currency/

They had to hire a foreign firm to design the blockchain platform for them, but we have as many developers in this country as possible!

Can I use it to buy goods abroad

I guess only time will tell.

ericuzor:
Can I use it to buy goods abroad