Nigeria’s proposed digital currency, the e-naira, is likely to be a welcome boost to ongoing efforts to reduce the number of Nigerians that are financially excluded, a leader of a stakeholders’ body has said. However, according to Senator Ihenyen, the president of Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), the success of such a digital currency will depend on its design.
A Hybrid CBDC
As per reports, the Central Bank of Nigeria (CBN)’s proposed digital currency, whose piloting phase is set to commence on October 1, will be a hybrid central bank digital currency (CBDC). This means the e-naira will be combining both the retail and wholesale capabilities. This according to the SIBAN boss means the issuing of the e-naira will not disruptive to the operations of intermediaries such as banks and other financial institutions.
Meanwhile, Ihenyen told Bitcoin.com News that he does not think the e-naira, which will be a…