eNaira takes off with N500m units

Central Bank of Nigeria Governor, Godwin Emefiele
CBN Governor, Godwin Emefiele

President Muhammadu Buhari on Monday launched the Central Bank digital currency eNaira at the State House in Abuja.

Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele said over N500m of the currency had been minted so far, adding that 33 banks have been fully integrated into the platform.

Mr Emefiele said N200 million has been issued to financial institutions and that 2,000 customers and 120 merchants have successfully registered on the eNaira platform.

“Customers who download the eNaira Speed Wallet App will be able to perform the following: onboard and create their wallet; fund their eNaira wallet from their bank account; transfer eNaira from their wallet to another wallet and make payment for purchases at registered merchant locations,” he said.

Emefiele assured that the CBN would continue to refine and upgrade the eNaira.

Nigerians without BVN can access the eNaira. The digital currency can also be accessed without the internet using USSD.

Emefiele said the eNaira will be deployed for the “onboarding of revenue collection agencies to increase and simplify collections and the creation of sector-specific tokens to support the Federal Government’s social programmes and distribution of targeted welfare schemes in a bid to lift millions out of poverty by 2025.”