Nigerian Central Bank sets eNaira in motion

On Monday, the Central Bank of Nigeria launched the eNaira, its new digital currency.

Nigerian Central Bank sets eNaira in motion

On Monday, the Central Bank of Nigeria launched the eNaira, its new digital currency.

The launch of the eNaira had originally been scheduled to coincide with Nigeria's 61st anniversary celebrations, but was pushed back.

On Monday, the digital currency was launched on the Google PlayStore and Apple Store as well as two applications, eNaira Speed Wallet and eNaira Merchant Wallet.

According to eNaira's website, the currency's value to Nigeria's economy can be explained in a statement.

According to the statement, "eNaira is a digital currency which is issued by the Central Bank of Nigeria and is denominated in Naira.

eNaira offers better payment prospects to retailers than cash payments because it is both a medium of exchange and a store of value."

Consequently, more than 500 million eNaira have been printed since the Central Bank Digital Currency launched.

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), announced that 33 banks have been integrated and live on the platform.

eNaira has onboarded over 2,000 customers and 120 merchants have successfully registered on the platform, Emefiele said.

Emefiele reported that users of the eNaira Speed Wallet App would be able to perform the following actions: register their wallet, fund their wallet using their bank accounts, transfer money from their wallet to another wallet, and purchase products from participating merchants.

CBN, he added, will continue to refine, fine-tune and upgrade eNaira, and Nigerians can expect more functionality in the near future.

Among the features added is the accessibility and onboarding of customers without BVN as well as the use of eNaira without an internet connection in order to drive financial inclusion, making Nigeria one of the first countries to deploy CBDC via USSD on phones without dependence on the web connectivity.

As part of the eNaira, the Federal Government also plans to implement "an onboarding system for revenue collection agencies to increase and simplify collections and a creation of sector-specific tokens to deliver targeted welfare schemes and lift millions of people out of poverty by 2025."