The Central Bank of Nigeria (CBN) revealed on Wednesday that it has concluded plans for the launch of its Central Bank Digital Currency (CBDC), the e-Naira on the 1st of October.

This was disclosed by the CBN’s Director of Information Technology, Rukiya Mohammed, on Wednesday, in a webinar, themed: “Digital currency and the prospects of CBDC in Nigeria,” organised by the Committee of e-Business in Industry Heads (CeBIH).

DCO Global News
Published on September 23, 2021
By Odoh Dominic Chukwuemeka

The CBN director said 85% of Central Banks globally were working on their digital currency, citing rising digital payments in Nigeria compared to cash payments, which is declining in Nigerian also.

“CBDC would contribute to macro-economic growth in the country. If people adopt more of the usage of the e-naira, it would enhance more data to formulate macroeconomic policies,” she said.

“Also, when more countries have their own digital currencies, it would increase the exchange of currency and facilitate cross border trade at a lower cost.

“Even though Nigeria has a good payment system, this would also improve Nigeria’s payments efficiency,“ she said.

She added that the CBN will partner with currency technology providers including MasterCard, stating that the CBN would focus on low amount payments at the introductory stage and instant settlement with low cost.

“CBDC would be legal tender with one e-Naira equivalent to one naira which shows fundamental differences between CBDC and crypto currencies,” she said.

Dr Adesola Adedutan, the Managing Director of First Bank Nigeria said that there are significant differences between CBDCs and cryptocurrencies, citing that CBDC provides a platform for the governments to leverage blockchain technology to maintain a centralised and institutional role over of the currency.

The e-Naira will be a digit representative of the paper Naira currency issued by the Central Bank of Nigeria. The e-Naira will be a “complementary” legal tender in Nigeria, having the same exchange value as the Naira, and maintaining a “parity of value” with the Naira.

The e-Naira will not earn any interest to holders. The e-Naira is built on a blockchain open ledger technology. Creating the e-Naira on the blockchain means you cannot have a duplicate or fake e-Naira. Each e-Naira note will be unique.

Is the e-Naira a stablecoin?

In a previous article by Nairametrics, a stablecoin was defined as a cryptocurrency backed by reserves. The keyword is reserves, but what kind of reserves? Stablecoins are backed by holding an equal equivalent of FIAT money like the US dollar. FIAT means government-issued but usually not backed by any commodity, e.g gold.

Thus, a stablecoin like USDT is tied to a currency, the US dollar, and maintains a stable exchange value. To be a stablecoin, the eNaira has to be tied to a currency like the US Dollar or Euro or even the Yuan.

By Odoh Dominic Chukwuemeka


Click to Follow our website

FB page; DCO Global News

DCO Global News Contacts;
For information on Press Releases, News, Advertisements, Videos, Photos, Events happenings, Promotional Events and Adverts, Share your stories with us, Please Call or Send a Text to our Whatsapp number; +886963563485, +886970840314.
Or send an email to;,
(Like and Follow our Facebook Page; DCO Global News)
(Follow us on Twitter; @Dcoglobalnews)
(Follow us on LinkedIn; Dco Global News)
(Follow us on Tumblr; Dcoglobalnews)
(Follow us on Google +; Dco Global News TV)
(Subscribe to our YouTube Channel; DCO Global News TV)
Subscribe to DCO Global News.
Advertise with us.

Send us enquiries, Press releases.
DCO Global News Promotes the Values of Democracy, Human Rights, Values of Life and Freedom of Expression in a Region Where Genuine Media Freedom Remains Elusive and where many Media outlets remain Divided along Ethnic Lines.
Let’s 🚶 Walk the 🚶 Walk 🚶 Together.
Don’t miss a thing, get the latest updates to fuel your conversation daily.

For 2021, DCO Global News commit to another year of high-impact reporting that can counter misinformation and offer an authoritative, trustworthy source of news for everyone. With no shareholders or political owner, we set our own agenda and provide truth-seeking journalism that’s free from commercial and political influence. When it’s never mattered more, we can investigate and challenge without fear or favour.

(Support DCO Global News.)
TEXT AD: To advertise here.
Call Dominic +886970840314…
All Rights Reserved.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s