The Nigerian government has decided to launch the e-naira, A digital currency to reduce costs associated with transactions and ensure profitable and manageable financial systems and processes.
The deep lying technology that forms the technological backbone of the digital currency is known as blockchain.
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.
The aim of e-naira is to boost GDP and payment earnings of the Nigerian government.
Irrespective of the ban placed on cryptocurrency by the central bank of Nigeria, The E-naira will be the only official digital tradable currency in the economy.
Recall in august that the The Central Bank of Nigeria in August selected Bitt Inc. as its technical partner to create the the digital currency (e-naira).
As naira continues to loose value in the foreign exchange market the e-naira may serve as a medium to bring steadiness to naira.
Apart from Nigeria, the eastern Caribbean central bank, Bahamas, Ghana and China have all launched or testing digital currencies for faster and cheaper monetary transactions, without losing control over their monetary systems and policy.
The E-naira will look to provide easy intra border trade as well as financial involvement, which will make monetary transactions and policy.
News Source: Rate captain