President Buhari has officially unveiled the e-Naira currency for adoption. The digital currency app and wallet are now live and available for download on iOS and Android Stores.
The unveiling of the legal tender happened yesterday October 26 2021. This is after initially made plans for October 1 2021 were postponed.
During the launch at the State House In Abuja, Central Bank of Nigeria governor, Godwin Emefiele told reporters that about 500 million e-Naira were already minted. The two apps, eNaira speed wallet and eNaira merchant wallet will be the newest means of money transfer according to the bank.
CBN’s director of payment system management, Musa Itopa Jimoh in an interview on September 20th 2021 provided more clarification.
Jimoh explained that the new digital currency must be accepted by all merchants and businesses as legal tender in Nigeria.
“Today, anywhere you present naira to pay, compulsorily it must be accepted because that is our fiat currency. So, the same way naira is accepted that you can’t reject it, is the same way e-naira must be accepted,” He said.
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Governor Godwin Emefiele believes the new digital currency will act as a wallet for bank accounts while enabling a cheaper and faster means for remittance inflows.
“Today the cost of producing the naira and coins is very high. It costs money to print naira in this country. Now, the minting of e-Naira is electronic, so it reduces cost,” he said.
“The CBN digital currency is not what every country has implemented. We are blazing the trail in Africa. Nigeria is the only country in Africa that is doing it. And so many advanced countries are not doing it,” Jimoh said some months ago.
The central bank has on its website the regulatory guidelines of the currency and will need your BVN data for easy enrollment.
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