eNAIRA (E-Naira) Rolled out
The Central Bank of Nigeria (CBN) has rolled out eNaira, the country’s first digital currency.
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.
The digital currency has two applications — eNaira speed wallet and eNaira merchant wallet.
eNaira was minted to meet these pressing needs
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.
The eNaira is the Nigerian digital currency that is issued and regulated by the Central Bank of Nigeria. Its functionality delivers speedy, safe, and simple trading and transactional opportunities to customers and end-users:
It is exchanged peer to peer.
It is universal – anybody can hold it.
It does not yield any interest
The two apps were rolled out on Google playstore and Apple store on Monday
In a statement on the eNaira website, CBN said interested individuals can sign-up on the eNaira speed wallet by inputting their details as captured during BVN enrollment.
The details include 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,” the statement reads.
“Remember Your BVN details is YOUR Personal Information, Do not disclose to Anyone.”
Osita Nwasinobi, spokesperson of the CBN, over the weekend, said President Muhammadu Buhari will launch the digital currency today.
Nwasinobi said the launch of the eNaira is a culmination of several years of research by the apex bank in advancing the boundaries of payment systems to make financial transactions easier and seamless.
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