Nigeria is considering launching its own digital currency called the "e-naira" in October this year, Reuters has learned, citing the country's central bank. According to the Governor of the Central Bank of Nigeria, Godwin Emefiele, the central bank digital currency (CBDC) would operate as a wallet. Customers' funds will be held in their bank account, he added.
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"Before the end of the year, the Central Bank will be making special announcements and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace," Emefiele added.
Earlier in May, Nigeria canceled its plan to ban cryptocurrencies as the regulator wanted to prevent cryptocurrency from being used to finance illicit activities. Speaking at the 279th MPR meeting, Emefiele said that the watchdog found out that a "substantial percentage" of Nigerians were getting involved in the cryptocurrency market.
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