New nigeria currency
You're referring to the proposed new currency for Nigeria!
In 2021, the Central Bank of Nigeria (CBN) announced plans to introduce a new currency, the "E-Naira" or "Digital Naira", which is a digital version of the Nigerian naira. The new currency is designed to be a digital-only currency, separate from the physical naira notes and coins.
The E-Naira is expected to be a central bank-issued digital currency (CBDC), which means it will be backed by the CBN and will have the same value as the physical naira. The digital currency is designed to improve the efficiency and security of financial transactions in Nigeria, as well as reduce the country's reliance on cash.
Some of the key features of the E-Naira include:
- Digital-only: The E-Naira will be a digital-only currency, meaning it will only exist in electronic form and will not be printed or minted.
- Central bank-issued: The E-Naira will be issued by the Central Bank of Nigeria, which means it will be backed by the government and will have the same value as the physical naira.
- Secure: The E-Naira will use advanced security features to prevent counterfeiting and ensure the integrity of transactions.
- Fast and efficient: The E-Naira will enable fast and efficient transactions, as it will not require the physical movement of cash.
- Borderless: The E-Naira will be accessible from anywhere in the world, making it a convenient option for international transactions.
The CBN has stated that the E-Naira will be launched in phases, with the first phase focusing on the development of the digital currency infrastructure. The second phase will involve the testing and pilot launch of the E-Naira, followed by a full-scale launch.
It's worth noting that the introduction of the E-Naira is still in the planning stages, and the exact timeline for its launch has not been announced. However, the CBN has stated that it is committed to making the E-Naira a reality and is working to address any technical and regulatory challenges that may arise.