The website of Nigeria’s digital currency, e-Naira, went live on Monday, ahead of the formal launch of the currency on Friday, October 1, 2021.
The e-Naira is a Central Bank of Nigeria-issued digital currency.
CBN Governor, Godwin Emefiele had earlier disclosed that the digital currency would be legal tender; even as he urged Nigerians, merchants and business owners to accept it.
This was further captured in the information on the e-Naira website.
“eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.
“There are several benefits from a central bank-issued digital currency in Nigeria…This cuts across different sectors and concerns of the economy,’’ the note on the site reads.
“Organisations and individuals are seeking fast, safe, easy, and cheap means of payment, eNaira was minted to meet these pressing needs.”
Furthermore, details on the e-Naira website indicates that the digital currency would accelerate financial inclusion; boost local and international trade by making transactions cheap, safe, quick and better; while also guaranteeing stronger security as the e-Naira cannot be forged or counterfeited as a result of its unique identity and security features and structure.
In addition, the e-Naira is potentially expected to be a source of increased revenue by reducing cash handling costs.
The e-Naira was developed by Bitt Inc., a fintech company based in Barbados. Equally important, the CBN is set to own a majority stake in the company once registered in Nigeria.
Emefiele disclosed that Bitt Inc. was awarded the contract after it excelled in the vendor selection process. Specifically, he revealed that Bitt Inc. came first, scoring an average of 82.3 per cent.
Additionally, the CBN Governor has revealed that the e-Naira app would be available for download from October 1, 2021. The app, he disclosed, would be accessible to Android and IOS users from the Google Play Store or Apple app store respectively.