Tanzania to Copy Central Bank of Nigeria Model on eNaira as it Plans its Own Digital Currency

Tanzania to Copy Central Bank of Nigeria Model on eNaira as it Plans its Own Digital Currency

  • Tanzania is looking at introducing its own digital currencies and will model it after Nigeria's eNaira
  • On Monday, October 25th, 2021, Nigeria became the first African country to introduce a digital version of its paper currency
  • Since its launch a month ago, CBN reveals the eNaira app has been downloaded 600,000 times from 160 countries

Tanzania's central bank is working to follow Nigeria in introducing its own digital money similar to eNaira.

eNaira which was launched in October has generated interest from many countries around the world, and Tanzania has revealed plans to study eNaira successes and failures as a guide.

According to Bloomberg reports, Tanzania's decision was stern from the fear of missing out on the digital currency adoption globally which includes cryptocurrency.

Tanzania to Copy Central Bank of Nigeria Model on eNaira as it Plans its Own Digital Currency
Tanzania currency Credit: Kypros
Source: Getty Images

Although unlike their crypto counterparts, such as Bitcoin and Ethereum, Central Bank of Nigeria (CBN)'s digital currencies tied to fiat currency.

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Tanzania central bank Governor, Florens Luoga, who disclosed the move on Thursday, 27 November 2021 promised work has already begun.

He said:

“To ensure that our country is not left behind the adoption of central bank digital currencies, the Bank of Tanzania has already begun preparations to have its own CBDC.”

He also noted that as part of preparations, Tanzania is strengthening the capacity of central bank officials on digital currencies and expanding research.

"We are looking at what Nigeria has done we will study and see how we can adopt same into coming up with our own digital currency"

Luoga however expressed worry and concern about cryptocurrencies as he urged the Tanzanians to be cautious.

eNaira downloads almost 600,000

Meanwhile, a report from Punch quoted Governor of the Central Bank of Nigeria, Godwin Emefiele, as saying that in less than four weeks, the eNaira app witnessed almost 600,000 downloads.

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The report said Emefiele disclosed this at the 56th Chartered Institute of Bankers of Nigeria Annual Bankers Dinner, on Friday night at the Federal Palace Hotel, Lagos.

Emefiele in the report also disclosed that efforts are ongoing to encourage faster adoption of the e-Naira by Nigerians who do not have smartphones.

CBN lament as fake eNaira Twitter account deceives Nigerians

Meanwhile, Legit.ng had earlier reported that the Central Bank of Nigeria (CBN) has distanced itself from fake eNaira Twitter account, @enaira_cbdc, which claims that the apex Bank is offering intervention funds to Nigerians.

The fake Twitter handle said the financial regulator is disbursing 30 billion eNaira currency to Nigerians that sign up and provide their eNaira wallet details through the link @enaira_cbdc posted.

The Twitter handle has attracted several followers while disguising to be an account owned by the central bank, and the monetary authority has warned Nigerians not to fall victim to the perpetrators' trap.

Source: Legit.ng

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