The new eNaira will be issued as legal tender like the current naira currency and will operate on the Hyperledger Fabric Blockchain. It will also follow the official exchange rate. Customers will be able to download the eNaira app and fund their mobile wallets using their bank accounts, according to the central bank. Nigeria's central bank says it will adapt the system after the launch to encourage use by people with no banking access, especially in rural areas.
The eNaira launch comes as Nigeria, Africa's largest oil producer, is tackling the economic fallout of the coronavirus pandemic and the sharp drop in global crude prices. Slipping into its second recession in five years after the start of the pandemic, Nigeria's economy has bounced back to growth.
But inflation, especially cost of food, remains stubbornly high and the naira weak against the dollar. Daily newsletter Receive essential international news every morning. Take international news everywhere with you! Download the France 24 app. The content you requested does not exist or is not available anymore.
Add France 24 to your home screen. ON TV. On social media. Who are we? They should focus on the advantages and how to mitigate any disadvantages associated with crypto adoption in Nigeria. The fiat currency is designed for concentration in the hands of few with its goods, bads and uglies. The action of throwing away the child with the bathwater is, to say the least NOT the right thing to do. The government, her and the financial players and regulators should focus on cooperating and policies to address such challenges for in the end if done right, it will be a win-win situation for the citizens and the government.
The article is reach enough enlighten the dumb knowledge of Nigeria leaders. Either you like it or not crypto system have come to stay. Ok, the number of employees in a banking system as at year on a counter is gradually reduce. No denying of transaction. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Home Markets Cryptos. March 11, Share on Facebook Share on Twitter. Related posts. Tags: CBN crypto crypto ban Featured.
Olumide Adesina Olumide Adesina is a financial market journalist that tracks, analyzes, and report changes in financial markets. Comments 7 Abraham ibukun says:. Gbonka says:. Uc says:. Emmanuel Madubuke says:. Anonymous says:. Abubakar usman says:. Abasiama francis akpabio says:. Bitcoin is the exchange of life in Nigerian,and they is no job.
Leave a Reply Cancel reply Your email address will not be published. Electricity update: Energy supply in Nigeria rebounds, increases to 99,MWh. Robinhood provides wallets to 2 million users and plans to integrate Lightning.
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|0.10000000 btc to usd||Exchange Yellowcard, which has adopted the peer-to-peer model in Nigeria since February, told Reuters that use "has continued to absolutely skyrocket". The ban threatened to tip it over the edge. Mr Fadugbagbe's bank manager called to advise him that his account would be closed, giving him a day to transfer his funds. Facebook Twitter WhatsApp Telegram. More on this story.|
|Cryptocurrency in nigeria||Either you like it or not crypto system have come to stay. Nigeria Bitcoin Business in Africa Cryptocurrency. The new eNaira will be issued as legal tender like the current naira currency and will operate on the Hyperledger Fabric Blockchain. Page not found. So yes, nigeria will bring transparency, protect consumers and businesses, and bring clarity to the economy. At the heart of the cryptocurrency of Bitcoin is a distrust of centralised financial systems and top-down economic control, investors say.|
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