The Central Bank of Nigeria has launched the eNaira – Central Bank Digital Currency (CBDC).
The digital currency went live on Monday following an announcement by President Muhammadu Buhari.
Nigeria has now become the sixth country to launch a centralized national electronic money, five other countries like the Bahamas, Saint Kitts and Nevis Antigua and Barbuda, Saint Lucia, and Grenada have all fully launched a digital currency.
The official unveiling of the eNaira which was designed to complement Nigeria’s physical currency, but not replace it, took place at the State House in Abuja.
It was gathered that the eNaira was developed by fintech company Bitt, whose Digital Currency Management System (DCMS) is also behind the East Caribbean CBDC.
Users can download the two applications for using the CBDC – eNaira ‘speed wallet’ and eNaira ‘merchant wallet’ from Google and Apple stores.
Speaking at the launch, the Central Bank Governor, Godwin Emefile said, about 500 million eNaira has already been minted.
The CBN had posted on its website before the launch that the eNaira wallet offers a great way of making purchases with retailers on-site, transferring or sending money while tracking rewards programs.
The statement added that Nigerians can link the e-wallet to their bank account or pay as you go with a prepay option with a promise of an embedded security token system that makes information unreadable to fraudsters as tokens are randomly generated every time you want to make a payment or purchase.