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e-Naira: 7 major things you probably don’t know about Nigeria’s digital currency

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The Central Bank of Nigeria (CBN) has expressed its readiness to launch the country’s digital currency known as e-Naira on October 1, 2021.

The CBN asked Nigerians to open e-Naira wallets which could be downloaded on their phones from October 1.

Techeonomy.ng obtained the seven major elements about the country’s digital currency from a statement by the CBN Director, Payment System Management, Musa Jimoh.

Below are seven major things you probably don’t know about e-Naira:

  1. e-Naira, Nigerian only digital currency would be launched on October 1, 2021

  2. The same way naira is accepted, it is the same way e-naira must be accepted.

  3. The CBN has directed all Nigerians to open e-wallets on their phones.

  4. The digital currency gives Nigerians the opportunity to bank with CBN.”

  5. The charges of transferring funds would be lower for those using the e-naira.

  6. The cost of producing the naira and coins is very high but the minting of e-naira is electronic, so it reduces cost.

  7. e-Naira comes with many benefits and would save the cost of printing more notes.

This medium previously reported that the apex bank had claimed to own a majority stake in Bitt Inc., CBN’s technical partner for digital currency, e-Naira.

The CBN Governor, Godwin Emefiele, made this claim at the end of the CBN monetary policy committee (MPC) meeting on Friday, September 17. 

This medium previously reported that the apex bank had announced that the pilot scheme of e-Naira would kick off on October 1, 2021.

Speaking about the CBN’s technical partner, Emefiele said: “We chose Bitts as a partner… that they will establish their company in Nigeria, the Central Bank of Nigeria will own a majority stake in that company.

“As with all attempts at choosing contractors, the CBN went through a rigorous vendor selection process in line with the Public Procurement Act conducted by seven departmental directors and a deputy governor.

“Ten companies were evaluated based on the following criteria: technology ownership and control; implementation timeline; efficiency and ease of adoption; support for anti-money laundering and combatting of terrorism; platform security; interoperability; and implementation experience”.

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