The 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:

  1. Digital-only: The E-Naira will be a digital-only currency, meaning it will only exist in electronic form and will not have physical notes or coins.
  2. 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.
  3. Secure: The E-Naira will use advanced security features to prevent counterfeiting and ensure the integrity of transactions.
  4. Fast and efficient: The E-Naira will enable fast and efficient transactions, as it will eliminate the need for physical cash and reduce the risk of fraud.
  5. Cross-border transactions: The E-Naira will enable cross-border transactions, making it easier for Nigerians to conduct international transactions.

The CBN has announced that the E-Naira will be launched in phases, with the first phase focusing on the development of the digital currency infrastructure. The exact launch date has not been announced, but it is expected to be sometime in 2023.

It's worth noting that the introduction of the E-Naira is still a proposal, and there are still many details that need to be worked out before it can be launched. However, the potential benefits of the E-Naira are significant, and it could potentially revolutionize the way Nigerians conduct financial transactions.