According to the Bloomberg report, The Central Bank of Nigeria (CBN) will launch its digital currency, the eNaira, on Monday.
The eNaira, which is planned to complement the physical Naira rather than replacing it, will “make financial transactions easier and seamless for every strata of the society,” the CBN said in an emailed statement on Saturday, according to the report.
While originally the launch had been set for Oct. 1 to Oct. 4 but it got delayed in deference to the 61st anniversary of Nigerian independence on Oct. 1.
Initially, the Nigerian financial officials were struggling with cryptocurrency’s rising use in the country and had to ban crypto transactions within the banking sector in February and four months later announced plans to introduce the eNaira. The eNaira will be accompanied by a wallet sanctioned by the CBN that users can either link to their bank accounts or pay as they go with a prepay option, according to the CBN website.
