President Muhammadu Buhari will unveil the Central Bank Digital Currency (CBDC), known as the eNaira, today at the State House, Abuja.
The Central Bank of Nigeria (CBN) had in February barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies, warning of “severe regulatory sanctions” and freezing accounts of firms it said are using them.
CBN Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers could hold funds in their bank account.
“The eNaira, therefore, marks a major step forward in the evolution of money and the CBN is committed to ensuring that the eNaira, like the physical Naira, is accessible by everyone,” the bank said in a statement.
Nigeria has named Barbados-based Bitt Inc as a technical partner in developing the eNaira.