Nigerian Central Bank Introduces ENaira As Official Digital Money

Central bank of Nigeria, re-launch eNaira. (photo: doc. unsplash)

JAKARTA— The Central Bank of Nigeria (CBN) has published a document in which it has reaffirmed its intention to introduce eNaira after previously trying but failing to do so on October 1. According to the design paper for eNaira, CBN now considers itself ready to implement a Nigerian CBDC.

CBN is working on a global cryptocurrency that will be used as a means of payment and a store of value in addition to replacing cash.

CBN, in its own statement, downplayed the risk of missing the deadline. Instead, the bank emphasizes the value of getting things right the first time and how it contributes to long-term success for digital currencies. CBN stressed the need to take the right steps rather than rush into releasing a digital currency that has not yet received all the necessary approvals.

As previously reported by Cointelegraph, Nigeria's Federal High Court approved the launch of CBDCs as legal tender on October 2.

CBN published a document containing design principles for eNaira along with an overview of what to expect from a Nigerian digital currency. Both documents are available on the bank's website in English as well as in Hausa and Yoruba.

According to CBN, instead of concentrating all its efforts on launching eNaira on time, CBN has spent its efforts on designing and designing eNaira. It has also allocated a lot of time to educate potential users about the currency's capabilities, risks, and how they will be mitigated.

The central bank stated that these key facts should convince Nigeria that eNaira, which will be accessible to offline users, was carefully planned and prepared for launch.