Breaking: President Buhari Unveils eNaira, mints N500m

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eNaira

The eNaira has been unveiled.

  • The Electronic Version of the Nigerian Currency, eNaira has been unveiled by President Muhammadu Buhari On Monday, at the State House in Abuja. eNaira Currency ,Dollar To Naira Exchange Rate Today
  • The Live event which was televised by Arise TV and monitored by our correspondent, the President encouraged Nigerians to embrace the eNaira. 

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  • Accordingly to the President, the CBN Digital Currency will increase, GDP,  productivity and financial inclusion. 

The Central Bank Digital Currency (CBDC) eNaira has taken off, with over N500 million worth of the currency minted so far.

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Governor Godwin Emefiele of the Central Bank of Nigeria (CBN) stated that 33 banks have been fully integrated and are operational on the platform.

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On Monday, at the launch of the e-Naira in Abuja, Emefiele revealed that the website receives over 2.5 million daily visitors.

Another N200 million has been distributed to financial institutions, according to him.

According to Emefiele, over 2,000 customers have been onboarded, and 120 merchants have successfully registered on the eNaira platform.

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The launch of the eNaira, according to the CBN Governor Godwin Emefiele, is a  culmination of several years of research work by the Central Bank of Nigeria in pushing the boundaries of payment systems to make financial transactions easier and more seamless for people from all walks of life.

“Customers who download the eNaira Speed Wallet App will be able to: onboard and create their wallet; fund their from their bank account; transfer eNaira from their wallet to another wallet; and make payment for purchases at registered merchant locations,” Emefiele said shortly after the launch.

He promised that “Nigerians should expect to see additional functionalities in the coming months” as the CBN “continues to refine, fine-tune, and upgrade the eNaira.”

Accessibility and onboarding of customers without BVN, as well as the use of the eNaira on the phone without access to the internet to further financial inclusion, make Nigeria one of the first countries in the world to deploy the CBDC via USSD on phones without access to the internet.

The eNaira will also include “onboarding of revenue collection agencies to increase and simplify collections, as well as the creation of sector-specific tokens to support the Federal ’s social programmes and distribution of targeted welfare schemes in a bid to lift millions out of poverty by 2025.”

The CBN designed the digital currency, which has been activated on Monday, October 25, 2021, after a series of engagements with relevant stakeholders including the banking community, fintech operators, merchants, and a cross-section of Nigerians, according to the statement.

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“As a result, the eNaira represents a significant step forward in the evolution of money, and the CBN is dedicated to ensuring that the eNaira, like the physical Naira, is accessible to all.”

The first step in the eNaira journey, which would continue with a series of additional modifications, capabilities, and enhancements to the platforms.

The CBN stated that it would continue to collaborate with relevant partners to ensure a seamless process that benefits all users, especially those in rural areas and the unbanked.

Also Read: eNaira Registration Portal Login Website

“Because the e-Naira is a new product, and one of the first CBDCs in the world,” the CBN explained, “we have put in place a structure to quickly address any issue that may arise from the pilot implementation of the e-Naira.”

The CBN stated that it would continue to engage various stakeholders as it entered a new era in line with global financial progress.

It went on to say that the e-Naira’s theme is “Same Naira, More Possibilities,” and that more information can be found at the enaira.gov.ng.

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