The Central Bank of Nigeria (CBN) has launched a website for the operations of eNaira, the country’s first digital currency.
Godwin Emefiele, governor of the CBN, had said the pilot scheme of the digital currency 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 digital currency app from either Google Play Store or App Store, fund their wallet using their bank accounts or with cash at a registered agent, location.”
According to reports, this digital currency would aid cash distribution in the government’s social welfare programmes.
“eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira,” details on the website read.
“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. This digital currency has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.”