Nigeria's central bank issues draft guidelines on eNaira CBDC project
CBN says the proposed central bank digital currency will offer parity of value and will operate as a non-interest-bearing CBDC. The Central Bank of Nigeria (CBN) has issued preliminary guidelines for its proposed eNaira digital currency.In a sensitization document sent to commercial banks in the country, the CBN outlined several design features of the central bank digital currency (CBDC).According to the document seen by Cointelegraph, Nigeria’s CBDC is codenamed “Project Giant” and will be pegged to the value of the naira.Thus, the eNaira will offer parity of value but will not be an....
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The President of Nigeria, Muhammadu Buhari, will formally unveil the much anticipated Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25th, October 2021, at the State House in Abuja. Related Reading | New Convert: Anti-Crypto Central Bank Of Nigeria Set To Launch Digital Naira The Central Bank of Nigeria (CBN) first announced the […]
Nigerian Central Bank governor Godwin Emefiele told attendees at the eNaira Hackathon that technical upgrades will add to the attractiveness and accessibility of the CBDC. The eNaira, Nigeria’s central bank digital currency (CBDC), will enter the second phase of its expansion with new technology to beef up its user base, Nigerian Central Bank governor Godwin Emefiele said Thursday, speaking at the 2022 eNaira Hackathon in Abuja. The eNaira, Africa’s first CBDC, was launched in October 2021.“The eNaira is a journey, not a one-time event,” Emefiele said, adding:“We don’t have a choice but to....
With less than 0.5% adoption, the central bank of Nigeria is struggling to push its eNaira CBDC to its citizens. Nigeria’s central bank digital currency (CBDC) is not getting the warm reception expected from its crypto-savvy population.According to a Bloomberg report, less than 0.5% of Nigeria’s 217 million population are using the government-issued digital currency — the eNaira — a year after its launch.This comes despite Nigeria being identified by Chainalysis as the top country in Africa for crypto adoption and ranking 11th globally, while a KuCoin report found that 35% of the Nigerian....
The Nigerian central bank digital currency was originally slated for launch earlier this month, but it has been delayed. Nigerian President Muhammadu Buhari is set to officially introduce the country’s central bank digital currency (CBDC), the eNaira.The Central Bank of Nigeria (CBN) has published a document in which it reaffirmed its intention to introduce the eNaira after previously attempting but failing to do so on Oct. 1. According to the design paper for the eNaira, the CBN now considers itself prepared to implement Nigeria’s CBDC. The CBN is working on a global cryptocurrency that....
"We're also excited that when working with central banks, we can do it in a way that is through regulation and compliance," says Bitt CEO Brian Popelka. Barbados, a paradise island in the West Indies, is known for its azure beaches, tidal waves, shipwrecks, homegrown grown Barbadian (Bajan) hospitality, and more recently, an influx of remote workers. Now, one can add cryptocurrency innovations to that list as well. Bitt, a Bajan fintech firm developing blockchain technology, has successfully created the eNaira central bank digital currency, or CBDC, for Nigeria and is on the path to....