On Monday 25 of October 2021, the President of the Federal Republic of Nigeria, His Excellency Muhammadu Buhari officially launched and unveiled the Nigeria Central Bank Digital Currency (CBDC) known as the eNaira.
The eNaira is the Digital format of the Nigeria currency under the control of the Central Bank of Nigeria (CBN).
The issuance of the eNaira is aimed at helping the Nigerian citizens carry out fast and seamless transactions and also a move towards the digitally driven global economy by the country’s apex bank (CBN).
The eNaira mobile app is on the Android play store and iOS respectively. The eNaira Speed wallet as it is known are of two categories. The eNaira merchant wallet and the eNaira Speed wallet.
The eNaira Merchant is for marchants while the eNaira Speed wallet is for everyday users. Both marchants, individuals and the unbanked Nigerians are the target of the digital wallet.
Bitt Inc, a foreign based partner will handle the technical aspects of the eNaira while the country’s apex bank (CBN) takes care of the administrative aspects of its operations. Further report has it that Bit Inc. will set up a subsidiary in Nigeria that would be known and called Bitt Nigeria.
The eNaira is a legal tender and as such it is to be generally accepted for transactions as the nation move towards a digitally advance economy.
