Nigeria has also joined the club of nations launching a digital currency. The African nation plans to launch its own cryptocurrency “E-Naira.” in October 2021.
Earlier in February 2021, Nigeria had barred its banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies.
Working on this new cryptocurrency
Governor of Nigerian Central bank Godwin Emefiele said, “the E-naira would operate as a wallet against which customers can hold existing funds in their bank accounts.”
CBDC around the world
During the lockdown, the popularity of cryptocurrencies (bitcoin) and other online payments increased manifold. Central banks around the world are exploring new units of their own. China was first in this race in March 2021. Other countries like the United Kingdom and Russia are also evaluating the possibility of launching their digital currencies. CBDCs are expected to bring some stability to the highly volatile crypto trading sector.