enaira

ChainCatcher news, according to Cryptonews, the Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso announced after the World Bank and International Monetary Fund annual meetings in Washington that the central bank has collaborated with the Ministry of Finance and other financial regulatory bodies to establish a dedicated working group to assess the framework and impact of launching an official Nigerian stablecoin.According to IMF 2023 data, only 0.5% of Nigerians adopted the eNaira one year after its launch, with 98.5% of wallets remaining inactive. Although the number of eNaira wallets reached 13 million at the beginning of 2024, most of them are unused.

ChainCatcher news, according to Cointelegraph, major banks in Nigeria are collaborating to create and oversee the cNGN stablecoin, a new type of digital currency aimed at benefiting token holders and the Nigerian economy. Unlike the eNaira created by the Central Bank of Nigeria (CBN), which has broader functionalities, the cNGN is overseen by a consortium of Nigerian banks.The main collaborators of the cNGN initiative include Access Bank, Sterling Bank, Providus, Korapay, First Bank, Interstellar, Interswitch, Budpay, and Convexity.

ChainCatcher news, the Central Bank of Nigeria stated in a memorandum to Deposit Money Banks (DMB) that it will implement a new currency transaction policy on January 9, 2023, which stipulates that individual cash withdrawals should not exceed 100,000 Naira (approximately 225 USD) per week, and corporate withdrawals should not exceed 500,000 Naira (approximately 1,123 USD). The ATM withdrawal limit is set at 20,000 Naira (approximately 45 USD) per day. Withdrawals exceeding these limits will incur fees of 5% and 10%, respectively. The new policy direction aligns with its cashless policy, encouraging customers to use channels such as eNaira for transactions.It is reported that eNaira is the central bank digital currency launched by Nigeria in October 2021. (source link)