The Launch of a Digital Currency eNaira in Nigeria

Since the announcement of a new digital currency, eNaira in Nigeria, after the ban of cryptocurrencies. Nigerians have been speculating the possible outcomes, whilst patiently for its much-delayed launch. 

The unveiling of eNaira was originally set for October 1st, 2021, but got postponed due to other national celebrations commemorating the country’s 61st independence anniversary, according to Central Bank of Nigeria.

Today Nigeria’s President, Mohammed Buhari launched the digital currency eNaira platform in the State House in Abuja, making Nigeria the first African country to digitise its currency, an event the CBN has termed as “one of the milestones of a lengthy journey.”

What to Know about the Digital Currency eNaira Platform in Nigeria.

Osita Nwasinobi, spokesperson of the CBN said the eNaira results from the Central Bank of Nigeria’s years of study towards pushing the boundaries of the payments system in order to make financial transactions easier and more seamless for people from all walks of life.

Two apps are present in the digital currency which are eNaira speed wallet and eNaira merchant wallet. According to inspections, the two apps are available on Google Play and Apple Store.

In one of the statements on the eNaira website, CBN stated that interested individuals can join up for the eNaira speed wallet by inputting their credentials gained during BVN enrollment. The details include First Name, Last Name, Date of Birth, State of Origin, and Email.

“Your Banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrollment to the eNaira Platform,” the statement reads.

“Remember your BVN details are your personal information. Do not disclose to anyone.” 

The Banking Sector’s Take on the Digital Currency

The statement of concept admits the initiative could disrupt banks due to disintermediation risks,  raising concerns about the eNaira launch in Nigeria’s financial sector.

According to some experts, the digital currency eNaira is only one of the disruptive technologies that banks will need to accept and adapt to avoid losing out.

After the Bahamas launched its version in 2017, Nigeria will become the fifth country to implement a centralised national electronic money, according to the global Central Bank Digital Currency (CBDC) tracking map.

READ ALSO: eNaira: Why Nigerians May be Slow to Adopt the Digital Currency