President Buhari launches eNaira

• Digital currency app, merchant wallet now live

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

The earlier plan to unveil the digital currency on October 1 was shelved to this date.

Nigeria is one of only a few countries in the world to develop an official digital currency.

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

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

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.

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