Nigeria will launch e-naira on its 61st Independence Day

 Nigeria will launch e-naira on its 61st Independence Day

Nigeria will launch e-naira on its 61st Independence Day.

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After four years of development, the Central Bank of Nigeria (CBN) is finally ready to launch its digital currency project. Possibly on October 1, the 61st anniversary of the country’s Independence Day.

Users must undergo strict identity verification to use eNaira, according to a draft copy of the project. A tiered ID verification system will be implemented by the CBN, with every level of verification having a different transaction limit.

Bitt Inc., a global fintech giant, is working with the Central Bank of Nigeria on its digital currency. The central bank evaluated Bitt for its role as a tech partner along with 15 other companies.

Additionally, the Nigerian Central Bank also outlined the transaction costs associated with the e-Naira wallet.

Transactions between users and merchants as well as transactions between P2P wallets are free.

The apex bank of Nigeria shall encourage and market digital currency to potential and existing customers as a cash alternative in support of its financial inclusion goals.

Banks will help banks onboard and provide customers with world-class service to catalyze e-naira adoption.

E-Naira registration will be allowed for all Nigerian banks’ customers. In addition to pre-generated codes, banks can issue onboarding codes to a specific list of customers. Customers who have been assigned a code by their banks will undergo onboarding. Validation and verification of these customers will be completed by the banks.

Globally, a number of governments have instituted CBDCs in response to cryptocurrencies and private stablecoins. As soon as China’s digital currency project reached the public testing phase, it intensified its crypto crackdown activities.

Olumide Adesina

Olumide Adesina a France-born Nigerian, a Certified Investment Trader, with more than a decade of working expertise in Investment and Trading. He is also a reputable author and writer for CoinDesk and FxEmpire.

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