The Central Bank of Nigeria CBN announced some months ago that it will be launching its digital currency in a project named Project Giant. The digital currency will be named e-Naira.
The apex bank also said the e-Naira will be considered a Critical National Infrastructure and will be at par value with the papa naira Nigerians are already used to. The e-Naira is expected to go live in a few days and promises a lot of benefits to the Nigerian state according to the Central Bank of Nigeria.
Therefore, let us consider these five things you definitely didn’t know about the e-Naira.
1. The e-Naira launch date
The e-Naira was scheduled to be released in December according to the Central Bank, but it was brought forward by three months to be launched on the 1st of October. This date hold significant memories in the history of every Nigeria as it was the date several decades ago the nation secured her independence from the colonial master, Britain.
It therefore now makes sense why the Central Bank has decided to make this day even more glorious it will be a double celebration day for years to come (both the Independence Day & e-Naira anniversary).
2. The friend of my friends is my friend
The Central Bank of Nigeria who doesn’t like the concept of cryptocurrencies and its used in the country is using a distributed ledger technology for the e-Naira. The irony is quite symbolic.
3. CBN to establishment the Bitt Nigeria company
The e-Naira will be managed and administrated in Nigeria through a company the CBN will incorporate known as Bitt Nigeria. While the e-Naira’s technical partner Bitt Inc., a Caribbean company will handle the technical aspects of the e-Naira. The foreign partner will also setup offices across Africa.
4. Reason for using a foreign company for the e-Naira
The Central Bank of Nigeria spoke on the reason why it chose a foreign company for the e-Naira considering Nigeria is home to some of the largest and most powerful fintechs in Africa. The CBN said it was because of Bitt Inc.’s technical capacity to deliver and because it has experience in handling a similar project was the basis for its selection of the foreign company.
5. Mix Reaction from the Community
While the Central Bank of Nigeria is getting set to launch the Digital Naira and its digital wallet known as Speed, the Nigeria community has been talking about the Central Bank’s projects. While some welcome it, others are of the opinion that this is just another attempt to easily drain the commonwealth dry. The CBN has said the e-Naira will help to bank the unbanked, create new financial services and reduce the cost of printing paper money. Despite these benefits, some still believes the project is not necessary and will fail.
October 1st, 2021 is just a few days away. We await the launch of Project Giant and while we celebrate the Independence Day, we hope to celebrate the latest achievement of the Central Bank of Nigeria
