Nigeria announced the launch of a national digital currency from October 25

Nigerian President Mohammadu Bukhari will announce the launch of the new digital currency eNaira on Monday. it says in the press release of the Central Bank of the country.

The central bank has been exploring the possibility of creating a digital currency for several years. The Nigerian authorities emphasize that eNaira is designed to simplify the conduct of financial transactions for all segments of the country’s population.

ENaira will be issued by the Central Bank of Nigeria. Citizens of the country will be able to conduct transactions and store the national digital currency in a special electronic wallet.

The authorities have promised that eNaira will help speed up and make money transfers in the country faster and cheaper.

The central bank notes that it will continue to work with partners on the development of eNaira to ensure smooth operation of the system for all users, especially in rural areas of the country and for those who do not have their own bank account.

Just a few months ago, the Central Bank of Nigeria banned the country’s banks and financial institutions from conducting operations with cryptocurrencies. Then the head of the Central Bank Godwin Emefile said that cryptocurrency increases the risk of investment loss, money laundering, terrorist financing and other economic crimes.

ENaira is developed by Bitt Inc, headquartered in Barbados, transfers Reuters.

Nigerian regulators have decided to introduce eNaira amid a steady decline in the value of the national currency. For 25 years, it has depreciated almost 5 times. Venezuela has followed the same path, the authorities of which have been trying to combat hyperinflation by introducing a national digital currency since 2018.

In some jurisdictions, including Bahamashave already launched a digital analogue of the national currency.