eNaira, the Central Bank of Nigeria’s Digital Currency is Live

 

 

• Nigeria’s Central Bank digital currency eNaira is live. 
• The eNaira was launched by the His Excellency,  Muhammadu Buhari, the President of the Federal Republic of Nigeria
• The eNaira mobile applications can be downloaded from the mobile app stores both for iOS devices and Android devices. 
• The launch of the eNaira is a culmination of several years of research work by the CBN in advancing the boundaries of payments systems in order to make financial transactions easier and seamless for every strata of the society. 
• The eNaira digital wallet has two applications. The eNaira Speed wallet for everyday users and the eNaira merchant wallet for Merchants. 
• Merchants are to accept the eNaira but full adoption is not expected today, being the launch date. 
• Individuals can sign up on the eNaira Speed wallet immediately by inputting the same details provided during their BVN capture. 
• The CBN hopes to transform the financial landscape and usher the nation into a new era of financial growth and economic prosperity.
• The Central Bank will monitor the eNaira and has established systems that will address any issues arising from the use of the eNaira.

   

• The Central Bank of Nigeria will manage the eNaira and perform administrative duties to ensure the smooth operations of the eNaira. 
• The eNaira’s technical aspects will be handled by the foreign partner, Bitt Inc. 
• Bitt Inc., and the Central Bank of Nigeria will set up a Nigerian company for the operation of the eNaira. This company shall be called the Bitt Nigeria.
  
• The CBN aims to bank the unbanked with the eNaira and will drive financial inclusion through the eNaira and the Speed digital wallet. 
• The eNaira will be a legal tender and the CBN has labeled it a National Critical Infrastructure. 
• The eNaira was supposed to be launched on the 1st of October, being the nation’s Independence Day but was postponed and the CBN announced it will be launched on the 25th of October, 2021. 
• The eNaira is live and can be downloaded by both individual users and merchants. Banks have already begun integrating the eNaira into its products..

 

This is a developing story and more are to come.

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