Central Bank of Nigeria Approves eNaira for Diaspora Remittance Transfers and Ou...

Optimism, the Layer 2 scaling solution for Ethereum applications, has undergone a name change and is now known as OP Mainnet.

This rebranding is seen as a strategic decision that aligns with the project’s goal of establishing a ‘superchain’ network consisting of multiple Layer 2 blockchains. The new name, OP Mainnet, reflects the project’s ambition to create a highly scalable and interconnected network that enhances the capabilities of Ethereum’s infrastructure.

It’s official: the chain formerly known as Optimism is now OP Mainnet!

This distinction makes clear the delineation between the OP Mainnet blockchain and the Collective, vibe, and ethos that “Optimism” encompasses.

— Optimism (_) (@optimismFND) June 23, 2023

Under the new name, OP Mainnet, it will remin the foundational layer of the superchain network with its current total value locked (TVL) of over $1.3 billion. The TVL metric reflects the amount of cryptocurrency assets locked and utilized within the network.

According to Optimism, the super chain aims to enable seamless communication and interoperability with other chains. As part of this initiative, Optimism has mentioned Coinbase’s open-source Ethereum L2, Base, as one of the chains involved.

OP Labs, the developer of OP Mainnet, has created a development software stack known as the OP Stack which enables developers to launch their own Layer 2 blockchains, providing them with the necessary tools and infrastructure to build scalable solutions.

OP Mainnet relies on Optimistic Rollups as a fundamental technology for its operation. Optimistic Rollups is a Layer 2 scaling solution that aggregates Ethereum transactions on a secondary layer, providing faster and more cost-effective transaction processing.

By leveraging Optimistic Rollups, OP Mainnet addresses the scalability challenges faced by the Ethereum network allowing for a significant increase in transaction throughput and reduced gas fees.

Some of the projects already part of Optimism’s ecosystem include:

• Aaave
• Alchemy
• Binance
• Brave Wallet
• Coinbase
• Coinbase Wallet
• Metamask
• MoonPay
• Sushiswap
• Uniswap

Since its launch, Optimism has consistently been one of the leading Layer 2 solutions for Ethereum. However, another Layer 2 solution, Arbitrum, has been gaining momentum and surpassing Optimism in terms of adoption and popularity.

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The Central Bank of Nigeria (CBN) has announced the implementation of its digital currency, known as the eNaira, as a payment alternative for recipients of diaspora remittances.

This means that individuals receiving remittances from abroad now have the option to receive their funds in eNaira.

CBN Approves #eNaira for Diaspora Remittances

International Money Transfer Operators are required to open merchant wallets through the CBN and pre-fund the CBN account with foreign currency.

Alternatively, IMTOs can integrate with the eNaira portal using an available API pic.twitter.com/G5XCaBnvmc

— BitKE (@BitcoinKE) June 27, 2023

CBN stated that this initiative is part of its broader efforts to liberalize the payout process for diaspora remittances. By introducing the eNaira as a payment option, the CBN aims to provide more flexibility and accessibility to individuals receiving funds from abroad.

The details regarding the integration of the eNaira as a payment option for diaspora remittance recipients are outlined in a circular issued by the CBN. The circular, titled ‘Operational Framework for eNaira Payment Option to Recipients of Diaspora Remittances,’ was addressed to both the International Money Transfer Operators (IMTOs) and the general public, and was signed by Dr. Ozoemena Nnaji, the Director of the Trade and Exchange Department at the CBN.

According to Dr. Nnaji, the guidelines outlined in the circular are designed to streamline the process of disbursing funds from diaspora remittances to recipients who opt for the eNaira as their preferred payment method. International Money Transfer Operators (IMTOs) are instructed to apply for a one-time ‘No-Objection’ approval from the Central Bank of Nigeria to enable them to make payments in eNaira.

Additionally, the CBN expects banks to furnish account details where foreign currency received from the International Money Transfer Operators (IMTOs) will be deposited.

According to the operating framework provided by the central bank, the International Money Transfer Operators (IMTOs) are mandated to open merchant wallets directly through the CBN. In addition, the IMTOs are also required to pre-fund the CBN account with foreign currency.

Following the pre-funding of the CBN account by the IMTOs with foreign currency, the CBN will subsequently credit the IMTO merchant wallet with the equivalent value in eNaira.

In the payment procedure outlined by the CBN, the sender of a diaspora transfer will initiate the transaction with their preferred IMTO located overseas. During the process, the sender will provide the necessary details of the recipient’s wallet, such as the wallet address or identification information, to the IMTO.

Subsequently, the IMTO will access the eNaira web wallet portal and proceed to debit its own eNaira merchant wallet. Simultaneously, the IMTO will credit the recipient’s eNaira wallet with the equivalent amount in eNaira of the foreign currency sent from the origin country based on the prevailing I&E (Investors’ and Exporters’) window rate.

Alternatively, the CBN has stated that IMTOs have the option to integrate their platforms with the eNaira portal using an Application Programming Interface (API) provided by the CBN.

By doing so, the IMTOs can directly initiate the transfer of the eNaira equivalent of the foreign currency sent from the origin country based on the prevailing I&E window rate.

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