FG Launches CBN Digital Currency, eNaira

The federal government has launched the Central Bank Digital Currency called eNaira.

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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.

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The eNaira was scheduled to be launched on October 1, 2021, but was moved due to Nigeria’s 61st-anniversary celebrations.

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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.”

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