Nigeria's Own Cryptocurrency Will Be Called 'eNaira'

Nigeria will work with Bitt as a technical partner in its bid to launch its own cryptocurrency, the "eNaira", the Central Bank said on Monday.

The Central Bank announced plans to launch its own digital currency later this year after Nigeria barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February.

Central Bank Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account. In a statement on Monday, Emefiele said the currency would accelerate financial inclusion and enable cheaper and faster remittance inflows.

Barbados-based Bitt earlier this year led development of the Eastern Caribbean Currency Union's "DCash", the first digital cash issued by a currency union central bank.

In related news, the first cryptocurrency ATM opened in Honduras last week as Bitcoin backers sought to spur demand for virtual assets after neighbouring El Salvador became the first country to establish Bitcoin as legal tender. Bitcoin price in India stood at Rs. 36.83 lakhs as of 11am on August 31.

The machine, locally dubbed "la bitcoinera," allows users to acquire Bitcoin and Ethereum using the local lempira currency and was installed in an office tower in the capital of Tegucigalpa by Honduran firm TGU Consulting Group. Ethereum price in India stood at Rs. 2.53 lakhs as of 11am IST on August 31.

© Thomson Reuters 2021