Boom DAO said it has introduced wrapped-eNaira on the Ethereum blockchain following the introduction of a unified dollar rate and bid to make doing business in Nigeria easy and faster.
A statement by the firm explained that the wrapped e-Naira would make the movement of large sums of money within and outside Nigeria easier and faster.
“WeNGN is an open-source and permission-less version of the Nigerian Central Bank Digital Currency, the eNaira,” it stated.
The firm said WeNGN brought fiat-level liquidity from Africa’s largest economy and most crypto-centric population into the Ethereum ecosystem.
“WeNGN is pegged 1:1 to the eNaira. Therefore, one WeNGN equals one eNaira which equals one Naira,” the statement said.
It added that Nigerians and foreign businesses could now move money abroad without limit.
The firm said, “WeNGN will enable Nigerians to pay for international goods, services and subscriptions (Netflix etc) in naira, foreign businesses, and Nigerian holidaymakers to repatriate their funds abroad seamlessly and without limits and everybody to portably take their naira with them globally and cash out in any currency worldwide.