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Nigerian President Muhammadu Buhari has just launched eNaira today, a new digital currency, on October 25. In addition to replacing cash, this cryptocurrency will be utilized as a form of payment and a store of value. “Even in naira, there are more options.” Nigerian President Muhammadu Buhari launched eNaira on Monday, October 25, from the presidential mansion of Aso Rock in Abuja, with this tagline.
One of the goals of this new currency is to combat the use of cryptocurrencies, of which the West African country, with its 170 million residents, is the world’s third largest user, behind the United States and Russia, with 400 million dollars in transactions in 2020.
In February, Nigeria attempted to outlaw all cryptocurrency transactions, claiming that they constituted a threat to the country’s financial system.
According to Nigerian news outlet The Nation, 500 million eNaira have already been created, with 33 banks completely connected into the new currency’s web infrastructure. More than 2.5 million people visit the website every day, and 120 merchants have successfully registered on the platform, according to other statistics.
The benefits of this currency are also highlighted by The Nation: customers who download the eNaira Speed Wallet program will be able to build their wallet, fund it with eNairas from their bank account, transfer eNairas from one wallet to another, and pay for purchases from registered businesses.
eNaira, which had took several years to create, “would make financial transactions easier and more transparent for all parts of society,” according to the South African publication Daily Maverick, citing the Central Bank of Nigeria. The financial magazine Nairametrics questioned the safety of this digital currency created by the Central Bank of Nigeria in an essay published a month ago.
Proof of ownership is required to secure the eNaira, according to this online Nigerian evaluation. A bank account or an electronic wallet can be used to store the currency. Furthermore, worldwide banking standards for verification and authentication, or KYC standards, have been implemented “to prevent money laundering, terrorist financing, and other financial crimes,” according to this review.
Also according to Nairametrics, this cryptocurrency
Would boost the stability of the financial system as deposits diversify when more people have a bank account,” citing a Central Bank of Nigeria official.