MONDAY, 25th October, 2021: The Central Bank of Nigeria has finally launched its Central Bank Digital Currency called eNaira on Monday.
According to reports, the Central Bank Digital Currency (CBDC) eNaira has taken off with over N500m of the currency minted so far, with another N200 million being issued to financial institutions.
It was also reported that the two applications for the Digital Currency, eNaira speed wallet and eNaira merchant were also launched on the Google Playstore and Apple Store on Monday.
A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.
It partly read, “eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.
“eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.”
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele while speaking at the launch in Abuja today, disclosed that 33 banks had already been fully integrated and live on the platform. He added that over 2,000 customers have been onboarded and 120 merchants have successfully registered on the eNaira platform.
Immediately after the launch, Emefiele revealed that “customers who download the eNaira Speed Wallet App will be able to perform the following: onboard and create their wallet; fund their eNaira wallet from their bank account; transfer eNaira from their wallet to another wallet and make payment for purchases at registered merchant locations.”
The eNaira was earlier scheduled to be launched on October 1, 2021, but was moved due to a clog of activities billed for Nigeria’s 61st anniversary celebrations.