Nigeria’s central bank digital currency (CBDC), eNaira, has been officially launched even as the eNaira, went live after an official launching by President Buhari on Monday.
The launch took place at the State House in Abuja. An earlier plan to unveil the digital currency on October 1 was shelved.
Nigeria is one of only a few countries in the world to develop an official digital currency.
- eNaira will be available to Nigerians without internet-enabled phones- CBN
- Nigeria’s external reserve hits highest level in 23 months, surpasses $40 billion
- CBN states transfer limits as E-Naira begins Oct 1
The eNaira was developed by fintech company Bitt, which is also behind the creation of CBDC in some East Caribbean countries.
At the launch Monday, the Central Bank of Nigeria governor, Godwin Emefiele, said 500 million eNaira ($1.21 million) has already been minted.
The CBDC’s digital currency app and its merchant wallet are now live and available for download. The two apps, eNaira speed wallet and eNaira merchant wallet, are now available on Google play store and Apple store.
A notice on the eNaira website gives details into how the currency and the wallet will work.
“Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment,” it says.
“To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.
“First Name, Last Name, Date of Birth, State of Origin, and Email.
“Your Banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira Platform,” it says.
The central bank has also published the regulatory guidelines of the currency on its website.
“The guideline seeks to provide simplicity in the operation of eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation of any negative impact on the financial system,” it says. [PT]
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