Economy

Digital Currency: Buhari unveils e-Naira, CBN mints N500m for commencement

Access Bank
The Central Bank Digital Currency (CBDC) eNaira has finally come into effect with over N500 million of the currency minted so far.

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, said 33 banks have been fully integrated and live on the platform.

Emefiele disclosed at the launch of the eNaira in Abuja on Monday, that over 2.5 million people visit the website daily.

He said another N200 million has been issued to financial institutions.

Over 2,000 customers have been onboarded and 120 merchants have successfully registered on the eNaira platform, Emefiele said.

Emefiele further said that “customers who download the eNaira Speed Wallet App will be able to perform the following: onboard and create their wallet; fund their eNaira wallet from their bank account; transfer eNaira from their wallet to another wallet and make payment for purchases at registered merchant locations.”

The CBN, he said, “will continue to refine, fine-tune and upgrade the eNaira” and he assured that “Nigerians should expect to see additional functionalities in the coming months.”

Some of the additional functionalities include: accessibility and onboarding of customers without BVN and the use of the eNaira on the phone without the internet to further drive financial inclusion, making Nigeria one of the first countries in the world to deploy the CBDC via USSD on phones without relying on internet connectivity.

Another feature that will be deployed by the eNaira is the “onboarding of revenue collection agencies to increase and simplify collections and the creation of sector- specific tokens to support the Federal Government’s social programmes and distribution of targeted welfare schemes in a bid to lift millions out of poverty by 2025”.

Media Report

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