What is enaira & how does it work?

The eNaira is a non-interest bearing CBDC that maintains parity with the Naira. Designed by Bitt Inc., it runs on the Hyperledger Fabric blockchain — which is private and permissioned — under the Central Bank of Nigeria (CBN). This means that the eNaira runs on an intermediated architecture rather than on a public blockchain.

Is enaira a digital currency?

The eNaira is thus a digital currency similar to other digital currencies including, cryptocurrency, virtual currency, and central bank digital currency. A digital currency typically is any currency, money, or money-like asset that is primarily managed, stored, or exchanged on digital computer systems, especially over the internet.

What is the CBN enaira?

eNaira is the name given to the CBN’s first proposed digital currency. The new currency will not replace the physical Naira but will act as a digital representation of it. When will the CBN launch eNaira? The CBN has announced they will launch a pilot scheme of the eNaira starting on October 1st, 2021.

Can CoinDesk journalists buy enaira stock in DCG?

which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG The eNaira was developed by fintech company Bitt, whose digital currency management system is also behind the Eastern Caribbean Central Bank’s CBDC.