CBN

eNaira: Central Bank of Nigeria Launches Digital Currency

The eNaira, a new digital currency created and regulated by the Central Bank of Nigeria, was finally launched on 25th October 2021. The eNaira Speed Wallet is an easy-to-use app requiring users to download, register by linking their phone numbers, bank account details, and also requiring that the app should be funded. The app is expected to serve as a digital wallet to users. 

The eNaira has both the user and merchant app available for android and iOS. The eNaira user wallet called the eNaira Speed Wallet is a fast and convenient way to conduct financial transactions, while the eNaira speed merchant wallet is designed for businesses and offers a convenient way to receive money. 

At the time of this report, the eNaira Speed Wallet and eNaira Speed Merchant Wallet already have over 100,000 and 10,000 downloads respectively on Google Playstore, as confirmed by Contrivers Buzz. Meanwhile, Apple App Store does not disclose the number of downloads for apps in the App Store.

The eNaira Speed Wallet is an easy-to-use app requiring users to download, register by linking their phone numbers, bank account details, and also requiring that the app should be funded. The app is expected to serve as a digital wallet to users. 

Insight

As earlier reported by Contrivers Buzz, the CBN governor, Godwin Emefiele, had said the central bank’s digital currency is designed to help in attaining its goals of fostering greater inclusion using digital channels, supporting cross-border payments for businesses and firms as well as providing a reliable channel for remittances inflows into the country. When fully deployed, the e-Naira will ensure that Nigerians in remote areas can conduct financial activities using their digital as well as feature phone devices.”

The eNaira that was scheduled to be launched on 1st October 2021 was postponed by the CBN saying it coincided with the Independence Day anniversary. Meanwhile, the postponement also came in the wake of a cease-and-desist notification sent to the Central Bank of Nigeria (CBN) concerning the use of the name eNaira. However, the court had resolved for CBN to proceed with the launch on grounds of national interest.

Following the launch, there have been several reactions from Nigerians. Some persons have questioned the economic importance of the mobile application, and how it is not any different from the cash naira, others who have downloaded the app have stated their opinions through the review section of the app.

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