Bloomberg reports that the Central Bank of Nigeria (CBN) will launch its digital currency eNaira on Monday.
CBN reports that the bank wants to supplement physical Naira with eNaira instead of replacing it. The bank said eNaira will “make financial transactions easier and seamless for all strata of society.”
Although the launch date of eNaira was initially set as October 1 – October 4, it was delayed due to the 61st anniversary of Nigeria’s independence on October 1.
Nigerian authorities are battling the growing use of crypto in the country. Nigeria banned crypto transactions in the banking sector last February.
According to information shared on the CBN website, eNaira will be hosted in a CBN-approved wallet.