Nigerian Digital Currency E-Naira Is Officially Launched by Buhari

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Ebube Oge

Writer/Author at OGE LALA BUSINESS CONCEPT

Oge Ebube, a writer/singer and songwriter who is popular known as 6ixGig Willi, He is the owner of Validnewstoday. Oge began writing blog post in 2017 after finishing his Secondary Education at Saint Patrick's Secondary School Enugu. He attended Zhejiang University of science and technology at the department of Digital Media Technology also currently schooling at Enugu State University of science and technology (ESUT) In the department of Geology and Minning. Oge Ebube has many works in Music and he is currently writting a short novel 'Je suis Prisoner: I'm a Prisoner'.

Email: ogeebube@validnewstoday.com

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E–Naira, Nigeria’s digital currency, was introduced today at the States House in Abuja. President Muhammadu Buhari will debut the e-Naira on Monday (today), according to the Central Bank of Nigeria.

The CBN had suspended the launch of its digital currency, dubbed e-Naira, on September 30th, according to Validnewstoday. CBN spokeswoman Osita Nwanisobi announced the suspension of the launch while addressing to journalists in Abuja.

The rollout was halted, according to a CBN representative, to allow for other festivities commemorating the country’s 61st independence anniversary.

However, in a statement on Saturday, Osita Nwanisobi announced that the president is now anticipated to activate the e-Naira on Monday. The launching would take place at the States House in Abuja, according to the CBN Director.

President Buhari declared the official use of the new age electronic form of the nation’s indigenous paper money on Monday, bringing his promise to fruition.

According to Naija News, the Vice-President, Prof. Yemi Osinbajo, and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, were present at the unveiling.

The CBN will issue the E-Naira, which will have the same value as the paper currency.

The money, according to Nigerian authorities, is not designed to replace cash, but rather to serve as a safe and efficient means of payment.

The eNaira will be a government-issued Central Bank Digital Currency (CBDC) with the same value as the paper, or fiat, currency.

CBDCs are thought to be distinct from cryptocurrencies in that they are regulated and so subject to banking legislation. They are trusted by dealers since they are issued by a central authority. On October 1, the CBN released its eNaira regulatory rules.