The new digital currency eNaira was developed by Fintech company, which is also behind the creation of CBDC in a few Caribbean countries. ENaira guarantees secure, faster and more convenient transactions.
The new currency has officially been launched by President Muhammad Buhari at a press conference Today as an earlier date to unveil the digital currency was shelved. At the launch Today, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele stipulated that 500 million eNaira ($1.21 million) has already been minted and available.
The CBDC’s digital currency app and its merchant wallet are now live and available for Download on Google playstore and Apple store.
Some of the benefits of ENaira are:
* Fast, cheap and reliable payment channel.
* Support digital economy as the world is becoming more dependent on the digital aspect of life.
* Improved economic activities nationwide.
* Simplified and easy international payments and trade.
* Improved effectiveness of monetary policies
* Secure Banking and easily trackable to curb fraud.
* Ease in tax remittance and collection to support the Country’s growth.
The ENaira would however have the same exchange rate with the Physical Naira.