President Muhammadu Buhari, second left, launched e-Naira today, 25 October, 2021. VP Yemi Osinbajo, left, Godwin Emefiele, second right, and another official were present

Buhari launches eNaira digital currency

President Muhammadu Buhari on Monday, unveiled e-Naira, also called Nigerian Central Bank Digital Currency (CBDC).

The event took place at the State House in Abuja.

The CBN Governor, Godwin Emefiele, at the occasion, revealed that 500 million eNaira ($1.21 million) was already available.

As the digital currency comes on stream, the e-Naira app and its merchant wallet are at the same time, available for download from Google Play Store and Apple App Store.

The e-Naira was developed by the fintech company, Bitt Incorporated. Fintech means “finance” and “technology” and it refers to any business that uses technology to enhance or automate financial services and processes.

According to the CBN, its “selection of Bitt Inc, from among highly competitive bidders, was hinged on the company’s technological competence, efficiency, platform security, interoperability, and implementation experience.

“In choosing Bitt Inc, the CBN will rely on the company’s tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean Countries. Bitt Inc. was key to the development and successful launch of the central bank digital currency (CBDC) pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.”

A notice on the e-Naira website gives details into how the currency and the wallet will work.

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

“To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrolment.
“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 says.

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