The Central Bank of Nigeria’s eNaira’s website has gone live prior to the October 1 official launch.
According to the website, www.enaira.com, “eNaira is a Central Bank issued digital currency that provides a unique form of money denominated in Naira.”
The CBN stated that eNaira would serve as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.
It added that eNaira had an exclusive operational structure that was both remarkable and nothing like other forms of central bank money. “There are several benefits from a central bank-issued digital currency in Nigeria, and this cuts across different sectors of, and concerns of the economy,” it stated.
According to the CBN, the eNaira app would feature and reflect brand values centered around ease of use and efficiency while bearing in mind security. “We have developed this App with a deeper understanding of customers, what they value, their abilities and also their limitations,” it stated.
The website explained that customers would be able to move money from their bank account to their eNaira wallet with ease; monitor their eNaira wallet, check balances and view transaction history; make in-store payment using their eNaira wallet by scanning QR codes; and send money to one another through a linked bank account or card.
It stated that the eNaira was crafted with interesting elements for modern solutions that paid keen attention to details.
It states on the website that the Nigerian digital currency would be issued and regulated by the CBN had benefits which included fast, cheap, reliable and available payment channel; supports digital economy; improved economic activities; and simplified and easy cross border payments and trade.
Also included in the statement was that it would ensure inclusion of excluded people in the financial system; improved effectiveness of monetary policies; ease in tax remittance and collection to support the country’s growth; and ease in targeted social interventions to support Nigerians. Godwin Emefiele, CBN Governor disclosed after the last Monetary Policy Committee meeting that it would be launched on Independence Day.
He said, On October 1, a Nigerian should be able to download the eNaira app either through Google play store or Apple App store, onboard themselves, fund their eNaira wallet, using their bank accounts or with cash at a registered agent.”
According to him, the eNaira launch was not going to be a one off thing, but a journey that would start on October 1.
