Nigeria’s central bank digital currency (CBDC), the eNaira, is now live following an announcement by President Muhammadu Buhari on Monday.
The digital currency has two applications to drive its operations— eNaira speed wallet and eNaira merchant wallet.
Checks by Business Metrics showed that the two apps were rolled out on Google playstore and Apple store on Monday.
In a statement on the eNaira website, the apex bank 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.
The apex bank had postponed the unveiling of the eNaira on October 1, citing key activities lined up for the country’s 61st independence anniversary.
The Following are six quick facts to know about eNaira vehicle set in motion.
- The official unveiling of the eNaira – designed to complement Nigeria’s physical currency, not replace it – took place Monday having been announced last week.
- The eNaira was developed by fintech company Bitt, whose digital currency management system (DCMS) is also behind the Eastern Caribbean Central Bank’s CBDC.
- Two applications for using the CBDC – eNaira speed wallet and eNaira merchant wallet – are available for download from the Google and Apple app stores.
- The digital naira was originally slated for launch on October 1, but was delayed in deference to the 61st anniversary of Nigerian independence that same day.
- Some 500 million eNaira ($1.21 million) have already been minted, central bank Governor Godwin Emefiele said at the official launch.
- Nigeria’s government and central bank struggled with the rise of cryptocurrency in the country, leading to a ban on crypto transactions within the banking sector in February. Four months later, plans were announced to introduce the eNaira.
