As early as October, the Central Bank of Nigeria (CBN) may conduct a test of a digital currency.
During a private webinar on Thursday, Rakiya Mohammed, the bank’s director of information technology, said the trial programme would begin on Oct.1.
Leader of a stakeholders’ group says the e-naira, Nigeria’s proposed digital currency, will likely be a welcome boost to existing efforts to lower the number of financially excluded Nigerians.
A digital currency’s success will depend on its design, though, according to Senator Ihenyen, the president of Stakeholders in Blockchain Technology Association of Nigeria.
CBN’s proposed digital currency, whose piloting phase is set to begin on October 1, will be a hybrid central bank digital money, according to media reports (CBDC).
In other words, the e-naira will be able to perform both retail and wholesale functions. As a result, the e-naira will not impact the operations of intermediaries like as banks and other financial institutions, according to SIBAN’s boss.
Twitter reacts in its own way. A twitter user refuses the fact that goverment is doing any good by introducing new CBDC banning Cryptos in the Country.
Another twitter user looks happy and asked everyone that, “Who’s buying e-naira” as he looks super excited.
It’s been a long time coming for the CBN since it ordered banks to stop serving crypto businesses back in February.
As a result of this, some observers believe that the central bank is trying to suppress crypto trade while at the same time trying to promote the e-Naira.
If successful, e-naira will surpass bitcoin in terms of popularity.The CBN or any other central bank-issued digital money can never replace bitcoin, Ihenyen said when asked if that was the case.
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