President Muhammadu Buhari announced the official rollout of the central bank-backed eNaira at the State House in the nation’s capital, Abuja, with the theme, “Same Naira, more possibilities.” Top government officials such as Vice President Yemi Osinbajo, Central Bank of Nigeria (CBN) Governor Godwin Emefiele, and other dignitaries were also present during the launch.
Plans for the new payment system have been ongoing in the last four years.
The national digital currency has two applications: the eNaira speed wallet and eNaira merchant wallet. Both apps were also launched at the State House in Abuja and are available on Google’s Play Store and Apple’s App Store for users to download. Plans for the new payment system have been ongoing in the last four years. According to Central Bank of Nigeria Governor Godwin Emefiele, 500 million eNaira ($1.21 million) have already been minted. CBN digital currency is estimated to increase Nigeria’s GDP by $29 billion over the next ten years.
The president said in a statement, “We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens.”
eNaira will serve as both a medium of exchange and a store of value.
According to the central bank, eNaira will provide fast, easy, cheap, and safe means of payment for organizations and individuals. The national digital currency benefits, including serving as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments; it also fosters economic growth by offering easier access to capital and financial services, thereby increasing economic activities at low/no interest transaction rates.