Central Bank Of Nigeria Reveals Plans to Seamlessly Exchange eNaira With Other Countries Digital Currencies

Central Bank Of Nigeria Reveals Plans to Seamlessly Exchange eNaira With Other Countries Digital Currencies

  • The Central Bank of Nigeria (CBN) says eNaira, its digital currency, will be interoperable with other central bank digital currencies (CBDCs)
  • This means that someone that owns a particular CBDC can seamlessly make a cross-border payment where the recipient receives a different CBDC
  • Besides Nigeria Bahamas, Antigua and Barbuda, St Kitts and Nevis, St. Lucia and Grenada are the other five other countries to have fully launched a CBDC

The Central Bank of Nigeria is currently working to ensure eNaira is interoperable with other countries' official digital currencies.

Rakiya Mohammed, CBN director of information technology, revealed this at the licensed payment service providers’ (PSPs) engagement session in Lagos.

The one-day engagement event is intended for players in the payments ecosystem who have agreed to collaborate in order to increase acceptance of the recently launched eNaira.

Read also

It's a scam: NCC speaks on “Davido airtime and data giveaway" advert

Central Bank of Nigeria reveals plans to seamlessly exchange eNaira with other countries digital currencies
Mapping Digital currency Credit: @reuters
Source: Facebook

Speaking at the event, Mohammed noted that the full implementation of the eNaira would be done in four phases, culminating in offline eNaira payments solutions, cross-border payment, and interoperability of the eNaira with those of other central banks.

Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng!

Mohammed clarified that the apex bank was neither competing with the deposit money banks (DMBs) nor other actors in the Nigerian payment system environment.

She said the engagement was in continuation of the bank’s strategy to bring all stakeholders on board.

She also said the apex bank is open to suggestions and innovation aimed at adding value to the eNaira and improving the user experience.

The CBN director further urged the PSPs, including the large community of fintech groups to find more innovative ways to support members of the public, where possible, in the onboarding process and use of eNaira as well as develop solutions for offline eNaira functions including cards, wearables, USSD, among others.

Read also

CBN rule stops Bank Verification Number violators from opening bank accounts, using banking services

She said:

"I am calling on licensed PSPs to build additional products and services across the full spectrum of the financial system utilising eNaira while asking them to establish other use cases for the eNaira."

CBN gives reasons why eNaira is better than cryptocurrency

In a related story, the Central Bank of Nigeria (CBN) has urged Nigerians to embrace the bank's digital currency, eNaira.

According to CBN, the eNaira is no different from the paper currency and Nigerians must be proud of it.

The Apex bank went further to encourage Nigerians to choose eNaira over cryptocurrency for various reasons which include acceptability.

Source: Legit.ng News

Online view pixel