Nigeria’s Central Bank Launches eNaira Website

7 months ago 3454
Image sourced from Techgist Africa.

The Central Bank of Nigeria (CBN) has officially launched its Central Bank Digital Currency (CBDC) website for the eNaira.

Last month, the CBN announced that it was working with Barbados-based fintech firm Bitt Inc as a technical partner to launch the West African country’s own digital coin. The eNaira is set to launch in October.

Godwin Emefiele, the CBN’s Governor, has said that the eNaira would operate as a wallet against which customers can hold existing funds within their bank accounts.

According to the CBN, the eNaira is expected to become a legal tender for all of Nigeria and is set to be accessible to both bank account and non-account holders. It will be accepted by all merchants and business outlets in the country.

Nigeria's eNaira website is livehttps://t.co/kEz2Uyvrdv

— TechCabal (@TechCabal) September 29, 2021

The website lists four key aspects of the eNaira, including:

  1. Unified Payment System: Customers can now move money from their bank account to their eNaira wallet with ease.
  2. Contactless Payment: Customers can make in-store payments using their eNaira wallet by scanning QR code
  3. Bank Account Management: Customers can monitor their eNaira wallet, check balances and view transaction history.
  4. Peer-to-Peer Payment: Allows users to send money to one another through a linked bank account or card.

The website will also allow users to download the eNaira app – titled Speed – which will go live tomorrow 1 October 2021. The app will also serve as eNaira’s official wallet for smartphone users.

Users can also sign up to the website’s community feature, which will allow those trading in eNaira to “…share their eNaira experiences, offer what help they can, and request help as well.”

By the looks of it, the community is already quite active. There are already 122 posts on the community board about eNaira regulations.

The website also offers a FAQ to users interested in the digital currency.


By Luis Monzon
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