The CBN (Central Bank of Nigeria) is launching its digital currency called the “ENaira” on Monday.
This is a digital currency that will be intended to complement the physical naira rather than replace the naira and will be used for online payments and transfers to make financial transfer easier.
The launch was initially set for Oct. 1 to Oct. 4 but was delayed due to the 61st anniversary of Nigerian independence on Oct. 1.
The goal of the government is to reduce fraud and encourage more transactions through electronic means.
The users can either link to their bank accounts or pay with a prepay option, according to the CBN website.