The eNaira, which is the Nigerian digital currency issued and regulated by the Central Bank of Nigeria (CBN), recorded over 700000 downloads, just after 95 days of introduction, according to statistical data. This digital currency used interchangeably with the physical Naira is guaranteed to ensure seamless, safe, and fast transfers and payments from anywhere in the world. It is a welcomed development; a step in the right direction as it portrays the future of digital money and assets in Nigeria.
However, there are limits to this mode of payment. An area of concern is that of data privacy of users, which the CBN and other regulatory bodies, would have to look into. This article highlights some critical legal issues affecting the viability of the eNaira to its maximum operation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.