The Central Bank of Nigeria (CBN) has announced plans to launch a digital version of the naira, the country’s currency. According to the CBN governor, the digital currency will be called the e-naira and will be launched later this year. This move is aimed at promoting financial inclusion and reducing the use of physical cash in the country.The e-naira will be a legal tender, just like physical cash, and will be backed by the Nigerian government. It will be issued through a centralized system and will be available to Nigerians without the need for a bank account. The CBN is working with several technology partners to develop the infrastructure for the e-naira, including Bitt Inc., a Barbados-based company that specializes in digital currency solutions.The launch of the e-naira is expected to provide several benefits to Nigerians, including reducing the cost of transactions and improving the speed of payments. It will also help to reduce the reliance on foreign digital currencies, such as bitcoin and ethereum, which are currently used by many Nigerians for online transactions.The CBN governor has emphasized that the e-naira will not replace physical cash, but will complement it. He has also assured Nigerians that the digital currency will be safe and secure, and that the CBN will put in place measures to prevent fraud and cyber attacks.This announcement comes at a time when several countries around the world are exploring the idea of launching digital currencies. Nigeria will become one of the first countries in Africa to launch a digital currency, joining countries such as China and Sweden who have already launched or are in the process of launching their own digital currencies.

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