eNaira: Buhari roll out Nigeria first digital currency - All you need know

Nigeria president Muhammadu Buhari don launch di kontri first digital currency, eNaira.

Di digital currency don also dey downloadable for mobile applications according to di Nigeria goment.

Federal goment bin plan to unveil di currency on 1 October to mark Nigeria 61st Independence anniversary but President Buhari officially launch di currency on Monday for State House, Abuja.

'eNaira dey your mobile applications'

Di official title of di currency na Nigerian Central Bank Digital Currency (CBDC), but e dey simply known as eNaira.

Di Central bank of Nigeria roll out di application for di new currency on Monday.

Di digital currency get two applications wey be - eNaira speed wallet and eNaira merchant wallet.

How eNaira dey different from your bank account

CBN say di eNaira na direct liability on di Central Bank of Nigeria while di customer deposits na direct liabilities on financial institutions.

Dem say di eNaira go get di same value as physical naira. E no go replace cash and go circulate alongside am.

"Di eNaira go complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment."

Wetin be di benefit of eNaira?

Such launch of di eNaira dey come at a time di appex bank for Naira don ban other digital currency transactions for di kontri like cryptocurrency.

But di CBN don argue say di eNaira app wey dem launch so go support Nigeria digital economy.

Dem say di eNaira benefits go dey "fast, cheap, reliable and e go be available payment channel."

"E go also improve effectiveness of monitary policies and go ease tax remittance and collection," CBN add.

One tin to note about di eNaira na say dem no dey offer any interest rates, unlike fintech platforms.

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