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Nigeria’s central bank to launch ‘e-naira’ in Oct, says Emefiele

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Nigeria plans to launch its own crypto currency, called the “e-naira”, in October, its central bank governor said on Tuesday.

Nigeria barred its banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February.

Central Bank Governor Godwin Emefiele said the “e-naira” would operate as a wallet against which customers can hold existing funds in their bank account.

Emefiele who spoke after the Monetary Policy Committee (MPC) meeting in Abuja, also announced that the monetarists retained its benchmark interest rate at 11.5 percent and other parameters.

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Last week, CBN Director, IT Department, Rakiya Mohammed, disclosed that the regulatory bank had been conducting research towards the launch of digital currencies since 2017. Read More

She added that the central bank may conduct a proof of concept before the end of the year.

The CBN had mulled the adoption the digital currency was during the Monetary Policy Committee (MPC) in May after a ban was placed on dealing in cryptocurrency by banks.

Emefiele had said a digital currency will soon become a reality in the country, adding that the central bank had already set up its committee which was working on the concept.

The CBN governor had further restated the determination of the apex bank to drive the e-Naira project during the recent 306th Banker’s Committee meeting, pointing out that the process was ongoing.

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