{"id":51723,"date":"2021-10-25T15:54:25","date_gmt":"2021-10-25T12:54:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=51723"},"modified":"2025-09-03T01:20:29","modified_gmt":"2025-09-02T22:20:29","slug":"nigerian-president-announces-launch-of-cbdc","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/nigerian-president-announces-launch-of-cbdc\/","title":{"rendered":"Nigerian president announces launch of CBDC"},"content":{"rendered":"<p>On Monday, October 25, Nigeria&#8217;s president Muhammadu Buhari <a href=\"https:\/\/www.youtube.com\/watch?v=Q4IJWfQIXYw\">announced<\/a> the launch of the national digital currency (CBDC). The project was developed with fintech company Bitt.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">eNaira, the Bitt-developed central bank digital currency (CBDC), has officially rolled out in Nigeria.<\/p>\n<p>Continue reading here: <a href=\"https:\/\/t.co\/63HyPB8jyy\">https:\/\/t.co\/63HyPB8jyy<\/a><a href=\"https:\/\/twitter.com\/hashtag\/bittbybittt?src=hash&#038;ref_src=twsrc%5Etfw\">#bittbybittt<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/blockchain?src=hash&#038;ref_src=twsrc%5Etfw\">#blockchain<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/cbdc?src=hash&#038;ref_src=twsrc%5Etfw\">#cbdc<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/enaira?src=hash&#038;ref_src=twsrc%5Etfw\">#enaira<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/dcms?src=hash&#038;ref_src=twsrc%5Etfw\">#dcms<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/digitalmoney?src=hash&#038;ref_src=twsrc%5Etfw\">#digitalmoney<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/digitalpayments?src=hash&#038;ref_src=twsrc%5Etfw\">#digitalpayments<\/a> <a href=\"https:\/\/t.co\/uohzDhjU92\">pic.twitter.com\/uohzDhjU92<\/a><\/p>\n<p>\u2014 Bitt (@BittGlobal) <a href=\"https:\/\/twitter.com\/BittGlobal\/status\/1452607826279469061?ref_src=twsrc%5Etfw\">October 25, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Two applications for using the CBDC are already available for download in the App Store and Google Play. The Central Bank of Nigeria (CBN) issued the first 500 million eNaira (worth about $1.2 million).<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The launch of eNaira is the culmination of several years of central bank research and expands the boundaries of the payments system to make financial transactions simpler and more accessible to all segments of society. \u2026 eNaira marks an important step forward in the evolution of money,&#8221; according to a CBN statement.<\/p>\n<\/blockquote>\n<p>In June the regulator <a href=\"https:\/\/u1f987.com\/en\/news\/nigeria-announces-pilot-cbdc-launch\">announced<\/a> the launch of a pilot project with the digital naira. Later, a central bank representative clarified that <a href=\"https:\/\/u1f987.com\/en\/news\/nigerias-central-bank-sets-timeline-for-cbdc-pilot-launch\">CBDC will supplement cash<\/a> and will benefit citizens, the local economy and cross-border trade.<\/p>\n<p>Earlier, in August, the CBN <a href=\"https:\/\/u1f987.com\/en\/news\/nigerias-central-bank-issues-draft-guidelines-for-cbdc-rollout\">presented a draft of the CBDC guiding principles<\/a>. According to the document, the regulator will handle the issuance, distribution and redemption of the digital naira.<\/p>\n<p>For a look at how central bank digital currencies could affect economic freedoms, read ForkLog:<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Monday, October 25, Nigeria&#8217;s President Muhammadu Buhari announced the launch of the national digital currency (CBDC). The project was developed with fintech company Bitt.<\/p>\n","protected":false},"author":1,"featured_media":51724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[284,1095,150],"class_list":["post-51723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-africa","tag-cbdc","tag-nigeria"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=51723"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51723\/revisions"}],"predecessor-version":[{"id":51725,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51723\/revisions\/51725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/51724"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=51723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=51723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=51723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}