Introduction
On October 25, 2021, the Central Bank of Nigeria
("CBN"), Nigeria's apex financial and monetary
regulator, issued a governing framework for the administration of
the eNaira in Nigeria. The eNaira is the digital form of the Fiat
currency (Naira) issued by the CBN, and it will be exchangeable
with the digital currencies of other Central Banks (CBDC). Like the
physical/paper Naira, the eNaira is a legal tender and forms part
of the currency-in-circulation. it is created to complement cash as
a less costly, more efficient, generally acceptable, safe and
trusted means of payment and store of value.
Titled Regulatory Guidelines on the eNaira (the
"Guidelines"), the governing framework, which came into
operation the very day it was issued, creates the eNaira Platform
for the proper, efficient and safe management of the digital
currency system in the country. It also, among other key matters,
identifies the key participants in the Nigerian digital
