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The Central Bank of Nigeria Will Launch Its CBDC Later This Year
Summary: The Central Bank of Nigeria (CBN) said in a press release on Monday that it will launch the country's digital currency eNaira later this year under the cooperation with blockchain and payment startup Bitt Inc. The bank stated that the central bank digital currency (CBDC) can be used to improve the country’s monetary policy in ...
The Central Bank of Nigeria (CBN) said in a press release on Monday that it will launch the country's digital currency eNaira later this year under the cooperation with blockchain and payment startup Bitt Inc.
The bank stated that the central bank digital currency (CBDC) can be used to improve the country’s monetary policy in response to inflation. It will benefit Nigeria by relaxing cross-border trade, promoting financial inclusion, and accelerating remittances.
CBN believed that its CBDC decision follows a clear and unmistakable global trend, in which more than 85% of central banks are now considering adopting digital currencies.
By Mary Liu
Tags: CBDC,Central Bank of Nigeria,eNaira
Link: The Central Bank of Nigeria Will Launch Its CBDC Later This Year [Copy]
