After a delay of several weeks, the Central Bank of Nigeria is launching a digital currency that will complement the country’s physical money. What Happened The launch of the eNaira was originally planned for Oct. 1 to Oct. 4 but was delayed due to the celebration of the 61st anniversary of Nigerian independence on Oct. 1. The rollout of the country’s digital currency comes after Nigeria banned crypto transactions, including Bitcoin BTC, within the banking sector in February and four months later announced plans for the eNaira. Nigerian officials say the eNaira, will complement the physical Naira, making “financial transactions easier and seamless for every strata of the society,” the CBN said in a statement on Saturday, according to a Bloomberg report. Why It Matters The Central Bank of Nigeria partnered with Bitt Inc., a Barbados-based fintech startup, to create the digital currency. The company hails itself as the Caribbean’s …
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