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Cryptocurrency

Digital Currency eNaira Officially Launched by President Buhari

Digital Currency eNaira Officially Launched by President Buhari

  • Nigeria’s first digital currency the eNaira, has gone live after weeks of delay
  • The central bank digital currency (CBDC) was launched by President Buhari on Monday afternoon
  • According to the governor of CBN, Godwin Emefiele, 500 million eNaira has already been minted

President Muhammadu Buhari has announced the launch of Nigeria’s central bank digital currency (CBDC), the eNaira.

The coin went live following an unveiling at the State House in Abuja, more than three weeks after the initial launch date (Oct. 1st) that was proposed.

Nigeria becomes one of the first countries in the world to develop its own official digital currency.

The CBDC was developed by fintech company Bitt. A company that has assisted some East Caribbean countries in the creation of their own digital currencies.

At the launch event on Monday, the governor of the CBN Godwin Emefiele disclosed that 500 million worth of eNaira has already been minted.

The digital currency app and merchant wallets are now available for download on various platforms.

A notice on the official website has provided an insight into how the currency will work and how it can be obtained.

To sign up for their eNaira wallet, users will require basic details such as bank verification number, name, date of birth, and state of origin.

eNaira

As earlier stated, the digital currency will be available to both online users and users without access to the internet via USSD.

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