The Central Bank of Nigeria (CBN) on Monday launched its Central Bank digital currency called eNaira.
The eNaira was scheduled to be launched on October 1, 2021, but was moved due to a clog of activities billed for Nigeria’s 61st anniversary celebrations.
The digital currency has two applications – eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Play Store and Apple Store on Monday.
A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.
“eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira,” apex bank said.
“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,” the statement said.
