Central Bank of Nigeria (CBN) has eventually launched its Central Bank Digital Currency called eNaira on Monday October 25.
The Digital Currency had been scheduled to be launched on October 1, 2021, but was moved to a later date due to a clog of activities billed for Nigeria’s 61st-anniversary celebrations.
The Naira digital system has two applications – eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store on Monday.
Browsing through eNaira website shows a statement that explained the essential and overall function of the currency and its value to Nigeria’s economy.
The statement reads: “eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.
“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.”
With the launch of eNaira, Nigeria becomes the first African country to have a CBDC.
Nigerians and the world will be watching to see the benefits this will bring to the value of Naira and to Nigeria’s economy and whether some or other African countries will follow Nigeria’s foot step on the digital currency programme.