Close Menu
  • Business
    • Market Place
  • Devices & Gadgets
    • Buyers Guide
    • Trending
    • Social
  • Mobile & Telecoms
    • Broadband
  • Innovations
    • APPS
    • Start-ups
    • Software
    • AI ( artificial intelligence)
    • Auto-Tech
  • Health
    • Security
  • State
    • NCC
    • NiRA and .ng
    • NITDA
  • i-Sports
    • i-tertainment/Gaming
    • I-TV/Podcast
  • Reviews
    • Opinion
    • Special Report
    • Editorial and Analysis
  • Others
    • Events
    • Archive
    • Interviews
Facebook X (Twitter) Instagram
Latest
  • KongaPay Raises the Bar with Three ISO Certifications
  • SeerBit, Spectranet Launch ExpressPay to Revolutionise Internet Subscription Payments
  • Zinox Group’s Vision for Empowering 10,000 Women in Tech
  • FBNQuest Hosts Estate Planning Summit
  • TD Africa’s TecHERdemy churns out 400 female graduands
  • PAFON 2.0: Experts Highlight Ingredients for Accelerated Financial Inclusion in Nigeria
  • Starlink Gen 3 Kit Revolutionizes Satellite Internet in Nigeria
  • NITDA calls for public inputs on Digital Public Infrastructure document
Facebook X (Twitter) Instagram YouTube LinkedIn
IT NEWS NIGERIAIT NEWS NIGERIA
Subscribe Now
  • Business
    • Market Place
  • Devices & Gadgets
    • Buyers Guide
    • Trending
    • Social
  • Mobile & Telecoms
    • Broadband
  • Innovations
    • APPS
    • Start-ups
    • Software
    • AI ( artificial intelligence)
    • Auto-Tech
  • Health
    • Security
  • State
    • NCC
    • NiRA and .ng
    • NITDA
  • i-Sports
    • i-tertainment/Gaming
    • I-TV/Podcast
  • Reviews
    • Opinion
    • Special Report
    • Editorial and Analysis
  • Others
    • Events
    • Archive
    • Interviews
IT NEWS NIGERIAIT NEWS NIGERIA
Home»Business»All set for unveiling of new digital currency, e-Naira today
Business

All set for unveiling of new digital currency, e-Naira today

ITNEWSNIGERIABy ITNEWSNIGERIAOctober 25, 2021No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
e-naira
Share
Facebook Twitter LinkedIn Pinterest Email

Central Bank of Nigeria (CBN) said recently that President Muhammadu Buhari will unveil the e-Naira on Monday.

Advertisement

According to the regulator, the launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of the payments system in order to make financial transactions easier and seamless for every strata of the society.

Mr. President will formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira today being Monday 25 October 2021, at the State House, Abuja.

CBDCs are regulated digital currencies issued by the central bank of a country. A CBDC can be a supplement or a replacement to traditional fiat currency. Unlike fiat currency, which exists in both physical and digital form, a CBDC exists purely in digital form. England, Sweden, and Uruguay are a few of the nations that are considering plans to launch a digital version of their native fiat currencies.

The  eNaira, IT NEWS NIGERIA learned, 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.

There have been series of engagements with relevant stakeholders including the banking community, fintech operators, merchants, and indeed, a cross-section of Nigerians.

“Given that the eNaira is a journey, the unveiling marks the first step in that journey; which will continue with a series of further modifications, capabilities, and enhancements to the platforms.

“The CBN will continue to work with relevant partners to ensure a seamless process that will benefit every user; particularly those in the rural areas and the unbanked population.

“Since the eNaira is a new product, and amongst the first CBDCs in the world; we have put a structure to promptly address any issue that might arise; from the pilot implementation of the eNaira.

Digital Currency: What you need to know

Digital currency types

Digital currency is used to describe different types of currencies that exist in the electronic format and there are identifiable 3 types:

Central bank digital currencies (CBDCs) are regulated digital currencies issued by the central bank of a country. A CBDC can be a supplement or a replacement to traditional fiat currency. Unlike fiat currency, which exists in both physical and digital form, a CBDC exists purely in digital form. England, Sweden, and Uruguay are a few of the nations that are considering plans to launch a digital version of their native fiat currencies.

Cryptocurrencies: These are digital money that use cryptography to secure and verify transactions in a network. Bitcoin, Dogecoin and Ethereum are in this category because Cryptography is also used to manage and control their creation and rarely regulated

Virtual Currencies: Virtual currencies are unregulated digital currencies controlled by developers or a founding organization consisting of various stakeholders involved in the process. Virtual currencies can also be algorithmically controlled by a defined network protocol. An example of a virtual currency is a gaming network token whose economics is defined and controlled by developers.

Digital money or Digital currencies are currencies that are only accessible with computers or mobile phones because they only exist in electronic form. Typical digital currencies do not require intermediaries and are often the cheapest method for trading currencies. All cryptocurrencies are digital currencies, but not all digital currencies are cryptocurrencies. Some of the advantages of digital currencies are that they enable seamless transfer of value and can make transaction costs cheaper. Some of the disadvantages of digital currencies are that they can volatile to trade and are susceptible to hacks.

Post Views: 205
Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Previous ArticleHow to register e-Naira account
Next Article Official launch of e-Naira by President Muhammadu Buhari
ITNEWSNIGERIA

Related Posts

2 Mins Read

KongaPay Raises the Bar with Three ISO Certifications

May 7, 2025
3 Mins Read

SeerBit, Spectranet Launch ExpressPay to Revolutionise Internet Subscription Payments

May 7, 2025
3 Mins Read

FBNQuest Hosts Estate Planning Summit

April 30, 2025
2 Mins Read

TD Africa’s TecHERdemy churns out 400 female graduands

April 24, 2025
Leave A Reply Cancel Reply

About Us
IT NEWS NIGERIA (www.itnewsnigeria.ng) is an on-line platform aimed at enriching Nigeria and Africa content in the cyberspace.

We believe the future is online.
Popular Updates

Design Bootcamps vs Self-Taught, A product designer’s perspective

March 22, 2024

How to get N100,000 loan @3% at Zenith Bank and other services

November 12, 2020

Interview: From Start-ups to Big Brands: Growth Marketing Strategies that work by Oluwasekemi Akinbo

May 18, 2023

Subscribe to Updates

Get the latest tech news & updates from IT NEWS NIGERIA

Facebook X (Twitter) Instagram Pinterest YouTube LinkedIn
  • About Us
  • Privacy Policy
  • Terms of Service
  • Advertise With Us
  • Contact Us
© 2025 IT NEWS NIGERIA.

Type above and press Enter to search. Press Esc to cancel.

Signup to our Newsletter