eNaira Official Platform Goes Live
The eNaira Official Platform has officially launched.
The official website for the Central Bank of Nigeria’s (CBN) digital currency, the eNaira, has gone live, exactly one week before the planned launch of the initiative. The eNaira is a digital currency that will be issued by the CBN.
According to the analytics monitored by THISDAY, the website has received more than one million hits in the first 24 hours of its launch, which is remarkable.
Interest in the proposed digital currency has risen significantly, as evidenced by this development in the market.
eNaira users will benefit from the website’s simplified financial transactions. Users will be able to send money to one another using a linked bank account or credit card; customers will have the ability to transfer money from their bank account to their eNaira wallet with ease; customers will be able to monitor their eNaira wallet, check balances, and view transaction history; and customers will be able to make in-store payments using their eNaira wallet by scanning QR codes.
eNaira Official Platform Goes Live
In addition, customers can get started by scanning the QR Code located on the website’s home page.
Mr Godwin Emefiele, Governor of the Central Bank of Nigeria, recently told a gathering of foreign investors in New York that, due to the activities surrounding the country’s Independence Day celebrations on October 1, the earlier planned launch of the eNaira on the same date would most likely be rescheduled to October 4, 2021.
“The central bank would not want the event to detract from the celebration of the country’s independence,” he explained.
“We will be the first country in Africa to introduce a digital currency,” says the president. Because we believe it will facilitate trade, and because Nigeria is the largest economy in Africa, we believe it will set the tone for Africa, signalling that we are ready to lead in trade and that we will work hard to ensure that this happens.
“We are already working on a certain collaboration between all central bankers in the Economic Community of West African States (ECOWAS) to integrate trade, payment, and banking systems in such a way that we can set an example for the African Continental Free Trade Area (AfCFTA),” he continued.
In line with global trends, the Central Bank of Nigeria (CBN) recently announced the formal engagement of global fintech company, Bitt Inc., as its technical partner for the development of its digital currency, a significant step towards the launch of the country’s digital currency. A rigorous vendor selection process, by the Public Procurement Act, was conducted by seven departmental directors and a Deputy Governor on behalf of the CBN to select the technical partner. Several companies were evaluated as part of this process. AML/CFT support, platform security, interoperability, and implementation experience were all taken into consideration during the evaluation process. The following criteria were considered: technology ownership and control; implementation timeline; efficiency; and ease of adoption.
Emefiele expressed confidence that the introduction of the eNaira would result in increased cross-border trade, increased financial inclusion, and lower and faster remittance inflows. He claimed that the use of digital money would make it easier to deliver targeted social interventions, as well as improve the effectiveness of the monetary policy, the efficiency of payment systems, and the collection of taxes.
According to him, Nigerians should be able to download the eNaira app from either the Google Play Store or the Apple App Store, sign up for the service, and fund their eNaira wallet using either their bank account or cash at a registered agent location after the app is launched on the market.
“If you are a bank customer and you have, say, N10 million in your bank account, you can instruct the bank to load N2 million from your N10 million into your wallet to facilitate your spending and purchasing.”
In this case, your bank balance in hard currency has dropped to N8 million, while your e-wallet has N2 million. ” Using this method, you can make purchases both locally and throughout the country.
“The eNaira is available in a variety of denominations. However, this is where we would begin because we are not going to pretend that there are no risks associated with exposing your system to the internet. “We would examine the various products, assess the risk, and determine the most effective means of mitigating the risk before we began to open it up more and more,” Emefiele explained further.
He also provided additional information about Bitts, stating that “we selected them as a partner.” They have their software and they make their money in other parts of the world where they are located. Nevertheless, we decided that they would establish their company in Nigeria. The Central Bank of Nigeria (CBN) will hold a significant stake in that company. “It is a company that will be established in Nigeria, with the Central Bank of Nigeria (CBN) holding a majority stake,” he continued.
As for the Central Bank of Nigeria (CBN), Mr Osita Nwanisobi, Director, Corporate Communications Department, explained that the digitisation of the local currency, which began in 2017, had been a lengthy and thorough process for the central bank, which had decided to do so after extensive research and exploration.
Meanwhile, China’s central bank announced last weekend that all cryptocurrency transactions are illegal, effectively prohibiting the use of digital tokens such as Bitcoin.
“Virtual currency-related business activities are illegal financial activities,” the People’s Bank of China said, warning that it “seriously endangers the safety of people’s assets.” The BBC reported that the People’s Bank of China said virtual currency-related business activities are illegal financial activities. In terms of crypto-currency markets, China is one of the largest in the world. Fluctuations in the local currency have a significant impact on the global price of cryptocurrencies.
The price of Bitcoin dropped by more than $2,000 (£1,460) as a result of the Chinese government’s announcement.
It was the latest in a series of crackdowns on what the Chinese government considers to be a volatile, speculative investment at best – and a means of money laundering at worst. Trading in cryptocurrency has been officially prohibited in China since 2019, but it has continued online through foreign exchanges, according to the government. This year, however, there has been a significant crackdown on the practice.
Earlier this year, Chinese state institutions warned buyers that they would have no protection if they continued to trade Bitcoin and other cryptocurrencies on the internet, as government officials promised to increase pressure on the industry.
In June, it instructed banks and payment platforms to cease facilitating transactions and issued bans on “mining” currencies, which is the practice of creating new coins by employing powerful computers to do so.
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