Some potential implications of e-Naira


THE Central Bank of Nigeria on Monday, 25th October 2021, launched Nigeria’s Central Bank Digital Currency (CBDC), known as the eNaira. Like other CBDCs, the e-Naira is essentially the digital equivalent of the physical Naira stored in an electronic wallet. Similar to paper naira bills, the eNaira is issued and backed by the CBN with full legal tender status and will not yield interest. CBDCs, in broad terms, are digital innovations that will fundamentally revolutionise the financial sector as we know it. The adoption of CBDCs have benefits and implications for monetary authorities, commercial banks and the ultimate end-users. For end-users, the e-Naira’s (and other CBDCs’)…

Source: Nigerian Tribune

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