The Central Bank of Nigeria (CBN) has finally launched its Central Bank Digital Currency called eNaira on Monday.
The eNaira was scheduled to be launched on October 1, 2021, but was moved due to a clog of activities billed for Nigeria’s 61st-anniversary celebrations.
The digital has two applications – eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store on Monday.
A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.
The statement read, “eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.
“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.”
With the launch of eNaira, Nigeria becomes the first African country to have a CBDC.
