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ENaira
eNaira is a Central bank digital currency issued and regulated by the Central Bank of Nigeria. Denominated in naira, the eNaira serves as both a medium of exchange and a store of value and claims to offer better payment prospects in retail transactions when compared to cash. The eNaira was launched and activated on 25 October, 2021 by President Muhammad Buhari, under the slogan: ''"Same Naira, More Possibilities"''. The eNaira Speed Wallet application is available for download on Google Play Store and App store since October 28, 2021. New updates on the eNaira Speed wallet is now available. See also * Central bank digital currency * Digital currency * Digital renminbi * Digital rupee The Digital Rupee (e₹) or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, to be issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). The Digital Rupee was proposed in January 2017 and will b ... References External links Central Bank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Digital Currency
A central bank digital currency (CBDC) (also called digital fiat currency or digital base money) is a digital currency issued by a central bank, rather than by a commercial bank. A report by the Bank for International Settlements states that, although the term "central bank digital currency" is not well-defined, "it is envisioned by most to be a new form of central bank money ..that is different from balances in traditional reserve or settlement accounts." The present concept of CBDCs was inspired by Bitcoin and similar blockchain-based cryptocurrencies, but differs from such a virtual currency and cryptocurrency in that a CBDC is or would be issued by a state. Most CBDC implementations will likely not use or need any sort of distributed ledger such as a blockchain. CBDCs are presently mostly in the hypothetical stage, with some in proof-of-concept programmes. According to ECB's chief Christine Lagarde, more than 80 central banks are looking at digital currencies. China's di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Nigeria
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country, promote monetary stability and a sound financial environment, and act as a banker of last resort and financial adviser to the federal government. The central bank's role as lender of last resort and adviser to the federal government has sometimes pushed it into murky regulatory waters. After the end of imperial rule the desire of the government to become pro-active in the development of the economy became visible especially after the end of the Nigerian civil war, the bank followed the government's desire and took a determined effort to supplement any show shortfalls, credit allocations to the real sector. The bank became involved in lending directly to consumers, contravening its original ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigerian Naira
The naira (currency sign, sign: ₦; ISO 4217, code: NGN) is the currency of Nigeria. One naira is divided into 100 ''kobo''. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume of money supplied in the economy in order to ensure monetary and price stability. The Currency Operations Department of the CBN is in charge of currency management, through the designs, procurement, distribution and supply, processing, reissue and disposal or disintegration of bank notes and coins. History The naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of £1 = ₦2 naira. The coins of the new currency were the first coins issued by an independent Nigeria, as all circulating coins of the Nigerian pound were all struck by the Colonial Nigeria, colonial government of the Federation of Nigeria in 1959, with the name of Elizabeth II, Queen Elizabeth II on the obverse. This also made ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medium Of Exchange
In economics, a medium of exchange is any item that is widely acceptable in exchange for goods and services. In modern economies, the most commonly used medium of exchange is currency. The origin of "mediums of exchange" in human societies is assumed to have arisen in antiquity as awareness grew of the limitations of barter. The form of the "medium of exchange" follows that of a token, which has been further refined as money. A "medium of exchange" is considered one of the functions of money. The exchange acts as an intermediary instrument as the use can be to acquire any good or service and avoids the limitations of barter; where what one wants has to be matched with what the other has to offer. Most forms of money are categorised as mediums of exchange, including commodity money, representative money, cryptocurrency, and most commonly fiat money. Representative and fiat money most widely exist in digital form as well as physical tokens, for example coins and notes. Overcom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Store Of Value
A store of value is any commodity or asset that would normally retain purchasing power into the future and is the function of the asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved. The most common store of value in modern times has been money, currency, or a commodity like a precious metal or financial capital. The point of any store of value is risk management due to a stable demand for the underlying asset. Money as a store of value Monetary economics is the branch of economics which analyses the functions of money. Storage of value is one of the three generally accepted functions of money. The other functions are the medium of exchange, which is used as an intermediary to avoid the inconveniences of the coincidence of wants, and the unit of account, which allows the value of various goods, services, assets and liabilities to be rendered in multiples of the same unit. Money is well-suited to storing value because of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Muhammad Buhari
Muhammadu Buhari (born 17 December 1942) is a Nigerian politician and current president of Nigeria since 2015. Buhari is a retired Nigerian Army major general who served as the country's military head of state from 31 December 1983 to 27 August 1985, after taking power in a military coup d'état. The term Buharism is ascribed to the authoritarian policies of his military regime. Buhari ran for president of Nigeria in 2003, 2007, and 2011. In December 2014, he emerged as the presidential candidate of the All Progressives Congress party for the 2015 general election. Buhari won the election, defeating incumbent President Goodluck Ebele Jonathan. This was the first time in the history of Nigeria that an incumbent president lost a general election. He was sworn in on 29 May 2015. In February 2019, Buhari was re-elected, defeating his closest rival, former Vice President Atiku Abubakar, by over 3 million votes. Early life Buhari was born to a Fulani family on 17 December 194 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Google Play Store
Google Play, also known as the Google Play Store and formerly the Android Market, is a digital distribution service operated and developed by Google. It serves as the official app store for certified devices running on the Android operating system and its derivatives, as well as ChromeOS, allowing users to browse and download applications developed with the Android software development kit (SDK) and published through Google. Google Play has also served as a digital media store, offering games, music, books, movies, and television programs. Content that has been purchased on Google Play Movies & TV and Google Play Books can be accessed on a web browser and through the Android and iOS apps. Applications are available through Google Play either for free or at a cost. They can be downloaded directly on an Android device through the proprietary Google Play Store mobile app or by deploying the application to a device from the Google Play website. Applications utilizing the hardwar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Digital Currency
Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card. Digital currencies exhibit properties similar to traditional currencies, but generally do not have a classical physical form of fiat currency historically that you can directly hold in your hand, like currencies with printed banknotes or minted coins - however they do have a physical form in an unclassical sense coming from the computer to computer and computer to human interactions and the information and processing power of the servers that store and keep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Digital Renminbi
Digital renminbi ( zh, 数字人民币; also abbreviated as digital RMB and e-CNY), or Digital Currency Electronic Payment (DCEP, ), is a central bank digital currency issued by China's central bank, the People's Bank of China. It is the first digital currency to be issued by a major economy, undergoing public testing as of April 2021. The digital RMB is legal tender and has equivalent value with other forms of renminbi, also known as the Chinese yuan (CNY), such as bills and coins. The digital yuan is designed to move instantaneously in both domestic and international transactions.Bloomber(26 Nov 2021) China Looks To Set Up Digital Asset Bourse in Virtual Yuan Push /ref> It aims to be cheaper and faster than existing financial transactions. The technology enables transactions to take place between two offline devices. The digital renminbi is seen by some commentators as a form of Chinese government surveillance and control over users and their financial transactions. History ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Digital Rupee
The Digital Rupee (e₹) or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, to be issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). The Digital Rupee was proposed in January 2017 and will be launched in the 2022-23 financial year. The plan is to incorporate distributed ledger into Digital Rupee. Like banknotes it will be uniquely identifiable and regulated by Central Bank. Liability lies with RBI. Plans include online and offline accessibility. RBI will launch Digital Rupee for Wholesale (e₹-W) catering to financial institutions for interbank settlements and Digital Rupee for Retail (e₹-R) for consumer and business transactions. The implementation of the Digital Rupee aims to will remove the security printing cost borne by the general public, businesses, banks, and RBI on physical currency which amounted to ₹49,848,000,000. History In 2017, a high level inter-ministerial committee (IMC) was formed under Department ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency Symbols
A currency symbol or currency sign is a graphic symbol used to denote a currency unit. Usually it is defined by the monetary authority, like the national central bank for the currency concerned. In formatting, the symbol can use various formattings: before, between or after the numeric amounts: , and , for example; this positioning is determined by national convention. The symbol is not defined or listed by ISO 4217: that only assigns three-letter codes to currencies (like for Azerbaijani manat) and special cases like gold and silver ( and respectively) that are used as financial instruments. Usage When writing currency amounts, the location of the symbol varies by language. Many currencies in English-speaking countries and Latin America (except Haiti) place it before the amount (e.g., R$50,00). The Cape Verdean escudo (like the Portuguese escudo, to which it was formerly pegged) places its symbol in the decimal separator position (e.g. 20$00). Banco de Cabo Verde.Moedas." ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
