On July 17, I published a write-up on this podium predicting that cryptocurrencies would overwhelm our traditional banknotes in the future, showing that the whole world would abandon the traditional-based and people would not need to take banknotes with them anymore.
Fortunately, last month, the Central Bank of Nigeria, released an official announcement that it is going to launch its own digital currency, eNaira, on the nation’s 61st independence day, to replace cryptocurrency.
After hearing this, many Nigerians embarked on research to know more about this new innovation and how it would contribute to the development of the country’s economy. So far, these are what we have covered in our own research, but more details will be revealed on October 1st;
1. eNaira is the replacement of cryptocurrency
2. it is a simple digital currency
3. it will easy online transaction
4. it is digital-based of the Nigerian currency, Naira
5. it does not higher or lower price like Bitcoin
6. unlike cryptocurrency, eNaira would have third-party anticipation, which is the CBN
What are its Benefits?
When the CBN pondered how digital currencies would bring an impact to Nigerian infrastructures and change the status of the global transactions today, it decides to create its own secured online-based currency in order to anticipate in the system.
1. For Businesses
i. easy transaction
ii. funds security
2. For IT industries
i. creation of wallets
ii. easy transaction
3. For Individuals
i. funds security
ii. easy transaction
4. For Governments, Corporations and NGO’s
i. easy payments
ii. funds security
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