Nigeria’s central bank digital currency (CBDC), the e-Naira is officially live following the launch by the country’s President – Muhammadu Buhari on Monday, the 25th of October, 2021.
The launch of the highly-anticipated e-Naira took place today at the State House in Abuja. The e-Naira should have been launched weeks ago on the 1st of October but was postponed because the launch would have eaten up into the activities planned for the country’s 61st independence anniversary.
Nigeria is officially the first African country to launch a central bank digital currency (CBDC), and one out of the very short list of countries that have done so. The e-Naira was developed alongside fintech company Bitt Inc. which is known for developing CBDCs.
The “e-Naira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. e-Naira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. e-Naira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money”, the e-Naira website says.
The website also adds that “when the idea was mooted, it was not a bandwagon response to create a CBDC like the rest of the world. We set out with a plan to become a trusted ally to the numerous customers we will serve and our roots continue to be firmly grounded in them. We know what they need because we listen to them every step of the way. No matter where we are in the journey, our goal remains the same – you”.
According to the apex bank’s governor- Godwin Emefiele, 500 million ($1.21 million) worth of e-Naira has already been minted.
The idea behind the e-Naira is to narrow the financial inclusion gap by providing access to financial services, creating an easy and seamless system for foreign remittances, etc. The e-Naira wallet for both individuals and merchants is already available for download on the official website and on Google Play and Apple stores. The wallet for individuals is called the e-Naira speed wallet while the wallet designed for merchants is called the e-Naira merchant wallet.
“Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment”, the notice on the e-Naira wallet download page 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”, the download page adds.
The e-Naira is finally available for use. What are your thoughts?
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Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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