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Central Bank Of Nigeria Launches E-Naira Digital Currency

Philip Aladino

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President of Nigeria Muhammadu Buhari along side CBN launches E-Naira a digital currency (Photo by John Angelillo – Pool/Getty Images)

Aimed at improving Nigeria’s system of payment, the federal banking Authority of Nigeria will launch a digital currency today known as E-Naira.

The eNaira, which is aimed to accompaniment Nigeria’s physical currency (Naira note), will “initiate easy financial transactions and seamless efforts for every echelon,”

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The Central Bank Of Nigeria in an email issued out during the weekend point out the launch of E-Naira to be Monday given that the launch had originally been scheduled for October 1 to the 4th of October but was later delayed in respect to the 61st anniversary of Nigerian independence on October 1.

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E-Naira will launch with a dedicated wallet app for transaction

However, Nigerian financial authority have struggled with cryptocurrency’s increased use in the country and thus had banned crypto currency transactions within the banking district sometime in February following suite in the later announced plans to institute the eNaira.

The eNaira will launch along side a registered wallet Authorized by the CBN which users can either link to their bank accounts or pay as they go with a prepay option, according to the CBN web site.

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Dino is a Tech Consultant. Entrepreneur, Website/Blog Developer, Graphic Designer, Blogger and Digital Marketer, he has long been freelancing for more than 6 years before starting up Smartcoretech, during this time was writing for websites like Opera News Hub, Paulworkspace, thescoove.africa etc. He is currently reporting on tech related contents on company's such as Apple, Google, Microsoft, Xiaomi, Facebook, Twitter etc. He also writes on Phone Reviews and Movies. When he is not writing he is working as an IT Manager for a company in his Local. Feel free to contact him via any of the available channels present

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