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    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    CBN increases Cash Withdrawals for Individuals and Organizations

    CBN increases Cash Withdrawals for Individuals and Organizations

    GDG Hosts DevFest Jos 2022

    GDG Hosts DevFest Jos 2022

    Peakfield Academy crowned Champions of The Axia Hub Tech Challenge

    Peakfield Academy crowned Champions of The Axia Hub Tech Challenge

    Bolt Drivers in Jos to Embark on a Three-day Warning Strike

    Bolt Drivers in Jos to Embark on a Three-day Warning Strike

    Amazon Web Services opens office in Lagos, Nigeria

    Amazon Web Services opens office in Lagos, Nigeria

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    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How this Startup Founder turned his Passion for playing Video Games into a GameFi Company

    How this Startup Founder turned his Passion for playing Video Games into a GameFi Company

    The Reality of the Global Economic Slowdown is hitting the Tech Startup Sector in Africa

    The Reality of the Global Economic Slowdown is hitting the Tech Startup Sector in Africa

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    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

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    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

    Paga launches its Naira Virtual Cards in Partnership with Visa

    Paga launches its Naira Virtual Cards in Partnership with Visa

    Nigeria’s Uber for Trucks, TruQ Launches in Abuja

    Nigeria’s Uber for Trucks, TruQ Launches in Abuja

    More Job Cuts at 54gene as CEO Quits Office

    More Job Cuts at 54gene as CEO Quits Office

    Nigerian Prop-tech startup, Spleet secures $2.6M seed to Expand its Product Offerings in Africa

    Nigerian Prop-tech startup, Spleet secures $2.6M seed to Expand its Product Offerings in Africa

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  • NEWS
    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    CBN increases Cash Withdrawals for Individuals and Organizations

    CBN increases Cash Withdrawals for Individuals and Organizations

    GDG Hosts DevFest Jos 2022

    GDG Hosts DevFest Jos 2022

    Peakfield Academy crowned Champions of The Axia Hub Tech Challenge

    Peakfield Academy crowned Champions of The Axia Hub Tech Challenge

    Bolt Drivers in Jos to Embark on a Three-day Warning Strike

    Bolt Drivers in Jos to Embark on a Three-day Warning Strike

    Amazon Web Services opens office in Lagos, Nigeria

    Amazon Web Services opens office in Lagos, Nigeria

  • FEATURED
    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How this Startup Founder turned his Passion for playing Video Games into a GameFi Company

    How this Startup Founder turned his Passion for playing Video Games into a GameFi Company

    The Reality of the Global Economic Slowdown is hitting the Tech Startup Sector in Africa

    The Reality of the Global Economic Slowdown is hitting the Tech Startup Sector in Africa

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

    Paga launches its Naira Virtual Cards in Partnership with Visa

    Paga launches its Naira Virtual Cards in Partnership with Visa

    Nigeria’s Uber for Trucks, TruQ Launches in Abuja

    Nigeria’s Uber for Trucks, TruQ Launches in Abuja

    More Job Cuts at 54gene as CEO Quits Office

    More Job Cuts at 54gene as CEO Quits Office

    Nigerian Prop-tech startup, Spleet secures $2.6M seed to Expand its Product Offerings in Africa

    Nigerian Prop-tech startup, Spleet secures $2.6M seed to Expand its Product Offerings in Africa

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Home FINANCE

e-Naira Is Far Better Than Cryptocurrency – CBN

by Nuel Umahi
September 23, 2021
in FINANCE, News
Reading Time: 3 mins read
0
CBN Outlines Regulations For E-Naira Transactions, Charges and Limits
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In preparation to the launch of the digital currency, E-Naira on the 1st of October, 2021, the Central Bank of Nigeria has explained why its digitised monetary currency is far more better cryptocurrency used and operated in the country.

The acclaimed statement was said on Wednesday, the 23rd of October, 2021 by the CBN’s information technology director, Rukiya Mohammed, as she revealed that the apex bank had concluded plans to launch the Central Bank Digital Currency (CBDC), otherwise known as e-naira on the set date.

“CBN would focus on low amount payments at the introductory stage, instant settlement with low cost. CBDC would be legal tender with one e-naira equivalent to one naira, which shows fundamental differences between CBDC and cryptocurrencies,” the CBN director stated.

The CBN director disclosed this during a webinar, ‘Digital currency and the prospects of CBDC in Nigeria’, organised by the committee of e-Business in industry Heads Nigeria (CeBIH).

Ms Mohammed further said using digital payment was rising while cash payment was declining both in Nigeria and globally and that over 85 per cent of central banks were considering digital currency, including the CBN.

“CBDC would contribute to macro-economic growth in the country, if people adopt more of the usage of the e-Naira, it would enhance more data to formulate macroeconomic policies,” noted by the CBN director.

“Also, when more countries have their own digital currencies, it would increase the exchange of currency and be able to build cross border trade at a lower cost”.Ms. Mohammed added even though Nigeria “has a good payment system”, this would also improve its payments efficiency, disclosing that the CBN has partnered digital currency technology providers such as MasterCard.

Also speaking in regards to e-Naira, Adesola Adeduntan, Managing Director, First Bank Nigeria, explained that the CBN’s CBDC was a game-changer that would provide an alternative payment system and transform the payment landscape in the transactional system of the country.

According to Mr Adeduntan, represented by the bank’s deputy chief executive, Francis Soba, the CBDC provides a platform for the government to leverage blockchain technology to maintain a centralised and institutional role over the currency.‘’It should be noted that there are significant differences between CBDCs and cryptocurrencies,” he said.

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