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Nigeria’s digital currency, eNaira, debuts, the first in Africa

With the launch of the digital currency, Nigeria takes the lead as the first country in Africa with a working Central bank digital currency (CBDC).

Nigeria launches eNaira digital currency
E-Naira Launch

 

The Central Bank of Nigeria (CBN) on Monday launched the much anticipated eNaira digital currency, after it was postponed from the Oct. 1 launch date.

The eNaira digital currency which has two applications — eNaira speed wallet and eNaira merchant wallet — were launched on the Google Playstore and Apple Store on Monday.

With the launch of the digital currency, Nigeria takes the lead as the first country in Africa with a working Central bank digital currency (CBDC).

The eNaira, a liability of the CBN, is equivalent to the physical Naira, and the official tender of Nigeria.

Persecondnews recalls that the apex bank had postponed the launch of the eNaira digital currency, earlier scheduled for October 1, 2021.

The launch was postponed to prevent it from clashing with the lineup of events planned for the Independence Day celebration.

During the launch, President Muhammadu Buhari said the adoption of new CBN digital currency is estimated to increase Nigeria’s GDP by $29billion over the next 10 years.

“We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens,” Buhari said at the inauguration.

According to a statement on the eNaira website, the currency is both a medium of exchange and a store of value.

“eNaira digital currency 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,” the statement said.

The launch of the eNaira digital currency  which was held at the State House in Abuja was witnessed by the Vice-President, Prof. Yemi Osinbajo, CBN Governor Godwin Emefiele among other dignitaries.

Read Also: Myriad of CBN’s policy and programme intervention: Stakeholders, industry watchers excited, laud apex bank’s leadership

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Written by Per Second News

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