Nigeria: CBN launches eNaira website for digital currency

MINA Blog-  The Central Bank of Nigeria (CBN) on Monday launched a website for the operations of eNaira, the country’s first digital currency.

 

The website, www.enaira.com, which has started running ahead of the October 1 official unveiling, is still at the development stage.

According information on the website, “eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. 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. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.”

There are several benefits from a central bank-issued digital currency in Nigeria, and this cuts across different sectors of, and concerns of the economy.

Godwin Emefiele, governor of the CBN, had said the pilot scheme of eNaira would kick off on October 1, 2021.

 

“We have all the approvals and mandates to launch on October 1, but it is important to understand that eNaira is not a one-off, it’s a journey that starts on October 1,” Emefiele said during the last monetary policy committee meeting.

 

“From October 1, a Nigerian will be able to download the eNaira app from either Google Play Store or App Store, fund their eNaira wallet using their bank accounts or with cash at a registered agent, location.”

 

 

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