• WWDC 2025
  • Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home African

The Nigerian Central Bank Will Launch A Digital Naira In October

...e-Naira will be added to the blockchain network as an official digital currency

Emeka Eni by Emeka Eni
July 27, 2021
in African, Cryptocurrency, Government
Share on FacebookShare on Twitter

In preparation to celebrate Nigeria’s forthcoming independence day, the Central Bank of Nigeria, CBN, intends to launch its official digital currency. On October 1st, e-naira will be available in your wallet as a cryptocurrency.

Now, blockchain transactions will be added to the federal government’s ledger per CBN Governor, Godwin Emefiele’s previous announcements. At the time, Nigerians have shown anticipation in experiencing how the proposed e-Naira will progress economically in a graphical approach.

According to the CBN’s findings, the blockchain possesses a complex network that covers illegitimate transactions with ease. Several Nigerians have reportedly indulged in using cryptocurrency to replace  the legitimate legal tender in Nigeria.

Godwin noted there is a higher tendency for Nigerians to use cryptocurrency to make more illegitimate accounts. ”Under cryptocurrency and Bitcoin, Nigeria comes 2nd while in the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.”

The CBN governor expects Rakiya Mohammed to have concluded his projected research — he represents the CBN in the consorted research project they embarked on with Apex Bank. This project started in 2017 and it is scheduled to end as 2021 runs out.

Project GIANT as the federal government dubbed the research project applies the custom Hyperledger Fabric Blockchain that depicts Nigeria is on the verge to develop the cracked crypto-based blockchain technology that has been impossible to compromise by other fintech experts that have attempted to develop a blockchain crackdown.

Although the CBN appears to be optimistic about launching e-Naira with the belief it will bolster the economy that currently lags. Godwin highlighted other economical sectors the proposed e-Naira will influence, including revenue tax collection, cross-country trade infrastructure, improved remittances, etc.

.Remember the wake of 2021 when the CBN sent directives that instructed financial institutions nationwide to restrict accepting cryptocurrency as a means of legal tender. While CBN prohibits using the digital coin, it bolsters their chances to ascertain in-depth secrets about the blockchain and its complex public network.

Related Posts:

  • Etisalat-NCC
    Flutterwave Adds The e-Naira As A Payment Option For…
  • facebook-workplace
    Taiwan's Central Bank Is Working On A Government-run…
  • Eswatini Joins The List Of African Countries…
  • The e-Naira Recorded N8 Billion Worth Of…
  • The e-Naira Speed Wallet App Has Had ₦4 Billion…
  • Central African Republic, The First To Legally Adopt…
  • The e-Naira Is Now Available To Users Without Internet Access Via USSD
    The e-Naira Is Now Available To Users Without…
  • Why The CBN May Need To Review The Ban On Crypto To…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: cbncentral bank of nigeriacryptocurrencydigital currencye-Nairanigeria
Emeka Eni

Emeka Eni

I am a tech enthusiast, creating contents, graphic designer and am Africa.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Apple Launches EnergyKit for Smart Home Efficiency June 12, 2025
    • Multiverse Computing Raises $215M to Reduce AI Computing Costs June 12, 2025
    • Argentina, Hong Kong, and Thailand Get Threads DM First June 12, 2025
    • OpenAI to Use Google Cloud for Computing Infrastructure June 12, 2025
    • MultiChoice’s Side Projects Grow as TV Business Declines June 12, 2025
    • South African Fibre Company Announces Job Cuts June 12, 2025

    Browse Archives

    June 2025
    MTWTFSS
     1
    2345678
    9101112131415
    16171819202122
    23242526272829
    30 
    « May    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • WWDC 2025
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok