Nigerians are optimistic that the yet to be launched central bank digital currency (CBDC) called e-Naira, will boost cross-border payments and promote the use and acceptance of the naira.
According to reports, blockchain experts in Nigeria believe the launch of the country’s CBDC will be in favor of cryptos.
Long before the Central Bank of Nigeria gave released its February directive, the trading and use of cryptocurrency in Nigeria had increased partially because of movement restrictions during the pandemic.
The CBN was then forced to act because of the increasing popularity of cryptocurrencies and the depreciation of the Naira.
Afterwards, it ordered banks to rid of crypto actors and soon after, began to promote the e-naira which it promised would not only improve the long-term value of Nigeria’s currency but also ease monetary transactions.
Some Nigerians are still hopeful that the central bank digital currency will help authorities restrain corruption and money laundering when it is launched.
According to them, crypto is very safe and secure as it is built on blockchain and it will be used to combat corruption and boost local and international trade since it is universal.
However, despite the optimism shown by the regulatory body and blockchain experts, there are concerns that the emergence of the e-Naira will not only result in the central bank having more control over the financial rights of citizens, but also cause the sidelining of intermediary banks.
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