Central Bank of Nigeria Publishes Instructions on the National CBDC Project

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The Central Bank of Nigeria (CBN) has recently issued preliminary instructions for the local banks in relation to the country’s CBDC project, called e-Naira, which will be implemented in five stages.

According to Nairametrics, the draft document will include the design and structure of asset.

According to the document, when creating a digital currency, the central bank should report on elements such as “Know your customer” (KYC), the stability of the cloud service:

“As a national infrastructure, the e-Naira system will be subject to comprehensive safety checks, and all data and personal information will be taken into account.”

The future digital currency of the central bank will provide a premium rate and will operate as a free CBDC.

The document also describes e-Naira wallet testing as well as transaction costs. To test the digital currency, the central bank of the country plans to attract citizens and merchants by checking the solutions for remote CBDC transactions.

To implement the project, the CBN will cooperate with the fintex company Bitt Inc, which will provide technical support.

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