eNaira Goes Live! – Here’s all you Need to Know
The Central Bank of Nigeria (CBN) has rolled out eNaira, the country’s first digital currency. The eNaira took off on Monday, October 25th with over N500m of the currency minted so far. Initially set to launch on the 1st of October, it was postponed following key activities lined up for the country’s 61st independence anniversary.
The digital currency has two applications — eNaira speed wallet and eNaira merchant wallet. Both apps are now live on Google play store and Apple store.
The eNaira launch was described by CBN Governor, Godwin Emefiele, as the first in Africa and one of the earliest around the world. Nigeria is one of the five countries in the world to develop an official digital currency. 14 other countries are at the pilot stages of launching theirs, according to the Atlantic Council’s CBDC tracker. The CBN engaged a Barbados-based digital financial technology firm, Bitt Inc, as a technical partner to develop the e-Naira.
According to Godwin Emefiele, 33 banks have been fully integrated and are live on the platform.
About the eNaira
The eNaira is a CBN issued digital currency that provides a unique form of money denominated in Naira. The 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. It has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.
Quick Facts About the eNaira
- The eNaira is a “complementary” legal tender in Nigeria with the same exchange value as the Naira and maintains a “parity of value” with the Naira.
- The eNaira is built on blockchain open ledger technology, which means there can be no duplicate or fake eNaira
- Each eNaira note is unique.
- eNaira is expected to be purchased by Nigerians through Financial Institutions (FIs) and transferred into e-wallets maintained by customers.
- eNaira provides an opportunity for unbanked Nigerians to transact without using a private bank account
- It makes it easier to carry out cross-border transactions
Interested individuals can sign-up on the eNaira speed wallet by filling in their details as captured during BVN enrollment. The details include First Name, Last Name, Date of Birth, State of Origin, and Email.
Visit www.enaira.com for more information.
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