The federal government has launched the Central Bank Digital Currency called eNaira.
The platform was unveiled on Monday by President Muhammadu Buhari in the presence of the Vice President, Yemi Osinbajo and Governor of the Central Bank, Godwin Emefiele.
The eNaira was scheduled to be launched on October 1, 2021, but was moved due to Nigeria’s 61st-anniversary celebrations.
The Digital Currency has two applications – eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store on Monday.
A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.
The statement read, “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.”