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Central Banks

Nigeria launches its eNaira CBDC 

25 Oct 2021 : 15:05
2 min read
  • The Central Bank of Nigeria released a document confirming the launch of the eNaira
  • The CBDC's digital currency apps, eNaira speed wallet, and eNaira merchant wallet are now available on Google Playstore and Apple Store
  • he eNaira will complement cash as a cheaper, more efficient, widely accepted, secure, and trusted means of payment and store of value

The Nigerian central bank’s digital currency, the eNaira has been launched on Monday following an announcement by President Muhammadu Buhari.

Two digital currency apps went live 

The Central Bank of Nigeria released a document confirming the launch of the eNaira. The country had earlier tried to introduce its digital currency on October 1 but failed. However, now it seems it is really going to happen. According to the design paper for the eNaira, the bank is now ready to launch the Central Bank of Nigeria digital currency. 

The eNaira was developed by fintech company Bitt, which is also behind the creation of the CBDC in some East Caribbean countries. At the launch on Monday, Central Bank of Nigeria Governor Godwin Emefiele said 500 million eNaira ($1.21 million) had already been minted. The CBDC’s digital currency apps, eNaira speed wallet, and eNaira merchant wallet are now available on Google Playstore and Apple Store.

Missing the first deadline was not a major problem

The bank said missing the first deadline was not a significant problem. Instead, the bank stressed the need to start on the right foot instead of rushing to release a digital currency that is yet to get all the necessary approvals. According to the bank, it has spent a lot of time developing the eNaira instead of entirely focusing on the timely launch of the eNaira. It has also spent a lot of time educating potential users about the opportunities and risks of the currency and how they can mitigate them.

The eNaira will complement cash as a cheaper, more efficient, widely accepted, secure, and trusted means of payment and store of value. In addition, the eNaira will improve the effectiveness of the monetary policy, strengthen the government’s ability to undertake targeted social interventions, provide alternative, less costly channels for collecting government revenue, and boost remittances through formal channels.


About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and crypto start-ups.

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