Nigerian optimistic CBDC will improve payments and contribute to promoting cryptocurrencies - fintech

The Nigerians hope that the planned digital currency of the Central Bank (CBDC), also known as E-Naira, improve cross-border payments and "make it easier to make Naira widespread and accepted".

e-naira starts a blessing for cryptos

Actually, according to a voa Nigerian Blockchain experts like Janet Kaatyo that the introduction of E-Naira will work in favor of cryptocurrencies. Before February of the Central Bank of Nigeria (CBN) Directive Cryptocurrencies in Nigeria, partly due to pandeme -related movement restrictions, rose sharply.

This growing popularity and the devaluation of the Naira finally forced the CBN to act. Shortly after the CBN had ordered the banks to displace crypto players, she began to advertise the e-naira, from which she claimed to "make money transactions easier and improve the long-term value of the Nigerian currency".

The role of CBDC in the fight against corruption

While the CBN does not yet have to announce the new start date for the e-naira, some Nigerians like Daniel Yerimah, a digital strategist, still hope that this digital central bank currency (if it is introduced) helps the authorities to contain corruption and money laundering.

"Everything that is based on blockchain is very certain. Another thing is that it is universal. Some of the advantages you want to achieve with Enaira is that it is used for both international and local trade and that the fight against corruption is also used", Yerimah is cited in the report.

Despite the optimism of both the CBN and the blockchain experts, there are persistent concerns that "the advent of CBDCs will perform the role of the intermediate banks and give the central bank more control over the financial rights of the citizens," the report says. Another Nigerian blockchain expert, Jadel Chidi, says that he disagrees.

Instead, Chidi predicts that the CBN will finally create "a portal through which every e-naira user can access his e-wallet via the database he already has with his bank".

Do you agree that the emergence of the e-naira will help to contain corruption and money laundering? Tell us your opinion in the comment area below.

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