Nigeria’s CBDC, eNaira, now live after official launch

The much anticipated Nigeria’s central bank digital currency(CBDC), the eNaira, and its apps are now live and available for download after official launch.

Nigeria’s central bank digital currency (CBDC), was officially launched by President Muhammadu Buhari on Monday at the State House in Abuja.

The CBDC was previously scheduled for launching on October 1st, Independence day, but was later shelved due to the unanticipated surge in visits on the website of the Central Bank’s eNaira initiative, according to Nairametrics.

Read also: Buhari to launch e-Naira on Monday

This development is a big win for Nigeria as one of the few countries in the world to develop an official digital currency.

The CBDC was developed by fintech company Bitt, which is also behind the creation of CBDC in some East Caribbean countries.

At the launch Monday, the Central Bank of Nigeria governor, Godwin Emefiele, said 500 million eNaira ($1.21 million) has already been minted.

Nairametric also reports that banks have started to onboard the e-Naira feature on their applications, therefore, individuals should be able to covert their Naira to eNaira with their bank application.

The CBDC’s digital currency app and its merchant wallet are now live and available for download. The two apps, eNaira speed wallet and eNaira merchant wallet, are now available on Google playstore and Apple store.

A notice on the eNaira website gives details into how the currency and the wallet will work.

Check out: All you need to know about the Central Bank of Nigeria’s eNaira

“Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment,” it says.

“To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.

“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,” it says.

The central bank has also published the regulatory guidelines of the currency on its website.

“The guideline seeks to provide simplicity in the operation of eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation of any negative impact on the financial system,” it says.

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