After weeks of speculations about the release date of Nigeria’s digital currency, e-Naira, the currency has gone live after it was launched by President Muhammadu Buhari on Monday.
The launch of the currency, took place at the State House in Abuja after an earlier plan to unveil the digital currency on October 1, Nigeria’s Independence Day, was called off.
The eNaira was developed by a digital currency management system, Bitt. The company is also prominent for creating central bank digital currency in some Caribbean countries.
The official launch of eNaira makes Nigeria one of the few countries in the world to develop a digital currency.
Godwin Emefiele, governor of Nigeria’s Central Bank, while speaking at the launch, stated that 500 million eNaira ($1.21 million) has already been minted.
Meanwhile, the CBDC’s digital currency app and its merchant wallet are now live and available for download.
READ ALSO: Chinese Tsunami Hits Amazon As Clampdown On Tech Companies Persists. See What This Means
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 on how the currency and the wallet will work.
The notice stated:
“Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment.
“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.”
The CBN also published the regulatory guidelines of the currency on its website.
It says:
“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.”
