ENaira

Swetha 21/07/2023

ENaira
News
ENaira adoption remains low
<0.1% of people using it
In the country
What
Central bank digital currency
Of Nigeria
Why
To promote financial inclusion
To increase cross-border transactions
To facilitate diaspora remittances
To complement existing payment systems
Significance
First African country to launch a CBDC
How
Doesn't replace physical Naira
Functions as digital representation
ENaira wallets
Similar to bank accounts
Kept separate from existing bank accounts
Licensed financial institutions responsibilities
ID verification, payment processing
Creating wallets for CBDCs
Who
Launched by Central Bank of Nigeria
When
Launched in October 2021

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Categories: Africa, Banking

Tags: 21.07.2023, Newsbits

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