In the wake of introduction of unified dollar rate and bid to make doing business in Nigeria easy and faster, Boom DAO is introducing Wrapped-eNaira (WeNGN) on the Ethereum blockchain to make movement of large sum of money within and outside Nigeria easier and faster.
WeNGN is an open-source and permission-less version of the Nigerian Central Bank Digital Currency (“CBDC”), the eNaira. WeNGN brings fiat-level liquidity from Africa’s largest economy and most crypto-centric population into the Ethereum ecosystem. WeNGN is pegged 1:1 to the eNaira. Therefore, one WeNGN equals one eNaira which equals one Naira.
According to a statement signed by Samuel Olatunji of Heavyweight Media, the PR Agency, he said Nigerians and foreign businesses can now move money abroad without limit.
‘WeNGN will enable Nigerians to pay for international goods, services and subscriptions (Netflix etc) in Naira, Foreign businesses and Nigerian holiday makers to repatriate their funds abroad seamlessly and without limits and Everybody to portably take their Naira with them globally and cash out in any currency worldwide.
To summarise, Wrapped eNaira creates global liquidity and utility for the Naira making it a currency that is acceptable for trades outside of Nigeria’.
According to Mr. Peter Alfred-Adekeye, Founder of Boom, WeNGN can be used by foreign companies operating in Nigeria and other African countries to repatriate their earnings abroad without relying on banks for foreign exchange.
‘The WeNGN extends the utility of the eNaira, the CBDC of Africa’s largest economy and most crypto-centric population, into the Ethereum ecosystem, from where it can be lent, borrowed, swapped, yield-farmed, used in liquidity pools, or integrated into smart contracts.
Some of the benefits of the Wrapped eNaira include, but are not limited to: WeNGN onboards eNaira into the ERC-20 format, enabling its integration into Ethereum smart contracts, WeNGN can be used in DeFi for lending, borrowing, token-swapping, yield-farming, and in liquidity pools.
WeNGN allows holders to swap it into other ERC-20 tokens such as WBTC, WETH, MTCN, USDT, USDC and more. WeNGN enables global institutional traders and investors to access it and trade it.
Speaking further on the operational method of WeNGN, the founder, Mr. Peter says people just need to transfer or deposit whatever amount they want to repatriate, pay, move or use into a dedicated account in Zenith Bank and they will get a token that will enable WeNGN to credit any account in any bank in the world’.
WeNGN minting, distribution, and burning are managed on-chain by the Boom DAO as its custodian. As an open-source protocol, all WeNGN transactions are viewable publicly on the Ethereum blockchain and the DAO’s proof-of-reserves are published online in the interest of transparency, and these reserves guarantee 100% redeemability 24/7.
WeNGN can be exchanged for eNaira or Naira 1:1 via participating merchants worldwide and is available on decentralised exchanges like Uniswap from where it can be acquired with any ERC-20 token.
