eNaira: Nigeria’s Digital Currency Ready for Launch as Website Goes Live

• The official website for Nigeria’s digital currency eNaira has gone live a few days to the launch

• The website defines the digital coin as a form of money that is denominated in Naira

• The coin which will be launched on Oct 1 will serve as both a medium of exchange and a store of value

The website for Nigeria’s first official digital currency, eNaira went live on Monday.

The launch comes just 4 days to the launch of the currency which has been slated for October 1st, according to the Central Bank of Nigeria governor, Godwin Emefiele.

The website featured a welcome note giving an insight into the online currency.

“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,”

The CBN had earlier stated that the eNaira will be a legal tender like the Naira and it will be accepted as payment by all merchants and businesses nationwide.

The coin was developed by Bitt Inc., a Barbados-based fintech company and the CBN will only majority of the stake when it launches in a few days.

From October 1, Nigerians will be able to download the application for iOS and Android on the App Store and Google Play Store respectively.

Users will be able to fund their accounts from their bank accounts and carry out various transactions.

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