On the 1st of October, the Central Bank Of Nigeria (CBN) is set to Inaugurate the eNaira. The eNaira will be the first digital currency to be launched by the Central Bank Of Nigeria (CBN). The eNaira will be the digital form of the Naira. Here are things you may need to know about the launching of the eNaira:
What Is The E-naira?
eNaira will be representative of the paper naira currency issued by the Centra Bank Of Nigeria (CBN). eNaira will be at the same rate as the Naira, having the same exchange with the Naira. The eNaira will not bring profit or interest to the holders and it's will be built on an open ledger technology known as "Blockchain". Creating the eNaira on blockchain will make it not to be duplicated or faked.
How Will The E-naira Work?
Financial Institution Licensed under Central Bank Of Nigeria may be accountable for eNaiira payments, ID verification and wallet creating for holders of the eNaira. There will be a wallet to hold the eNaira connected to an existing bank account. The wallet will also be similar to a bank account. Transactions will take two parties with both having the wallet, the wallet will serve as a store, send and receive the Naira.
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