On the 25th of October, 2021, the Nigerian President Muhammadu Buhari launched Nigeria's digital currency at the Presidential Villa in Abuja.
Now, it can be recalled that on the 5th of February, this same year, the Central Bank of Nigeria released a circular addressed to all banks and financial institutions in the country with a directive that prohibited the carrying out of cryptocurrency transactions and facilitating payments in cryptocurrency.
It was quite surprising that the same government authority that banned and outlawed cryptocurrency in the country launched a project tagged "Project Giant" on the 24th of June, 2021. The project's aim was to produce and issue a government regulated digital currency in Nigeria.
The eNaira was launched on the 25th of October 2021
The eNaira is a digital currency owned and regulated by the Central Bank of Nigeria. According to the CBN Governor, Godwin Emefiele, the digital currency will share the same value as the country's local currency, Naira.
1. It is not a cryptocurrency: although the eNaira is a digital currency, the fact that it is controlled by the Central Bank of Nigeria, makes it a lot different than other cryptocurrencies like bitcoin. The eNaira is only a digital extension of Nigeria's fiat (local) currency, Naira. That means its value is set at par with the country's official currency.
2. Blockchain: though not a cryptocurrency, the eNaira is built on a blockchain technology. Which means it will be difficult if not impossible to create fake eNaira, thus, reducing the rate of fraudulent activities with fake fiat currencies both local and foreign.
3. Issued and regulated by the CBN: one feature that differentiates the eNaira from regular cryptocurrencies is the fact that it is controlled, issued and regulated by the central bank of Nigeria, similar to the Chinese digital renminbi and the Swedish e-krona. It is a digital version of the paper Naira currency.
4. Fully online: eNaira is fully digital currency, it is your regular Naira, only online. Unlike digital banking though, you do not need to go to a physical agent to deposit money into your eNaira wallet, your can easily make transfers from your bank directly to your Wallet. You can also receive payments for services, buy and sell goods using eNaira.
5. Is still subject to online attacks: be that as it may, the eNaira is still a digital product, it is online which means your data is still subject to online attacks. Not only attacks from hackers but also attacks from malicious software. Users of the eNaira are advised to do their best to secure their data online.
A website that has a lot of traffic helps the business to grow great. A lot of people go online to get useful information, make good use of that opportunity and blog about things that new customers would love to research on.
The principles of graphic design are rules and guidelines that govern the effective use of images and other design elements to efficiently solve a communication problem.
What are is traditional marketing, what are it's benefits? Read on....
Is html a programming language? Find out in this Uber short but enlightening post.
What is corporate graphic design and why is it important for business owners?
The four major business growth strategies.
Learn more about encryption and how it works...
Mentorship in business and what you stand to gain form a Mentorship as an entrepreneur...
ICT skills are part of the skills needed in order to succeed in the society. Before now, computers were not as rampant as it is. In fact, one will easily admit that information technology (IT) has gone really far in the last 15 years.
What are small businesses, what makes a company a small business? Learn more here...
Jhon Doe
- 20 October, 2018Lorem ipsum dolor sit, amet consectetur adipisicing elit. Accusamus numquam assumenda hic aliquam vero sequi velit molestias doloremque molestiae dicta?