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Officially goes live as Buhari launches eNaira

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Nigerian President Muhammadu Buhari launched the eNaira platform on Monday.

The eNaira is the result of several years of research by the Central Bank of Nigeria into pushing the boundaries of the payment system in order to make financial transactions easier and more seamless for people from all walks of life.

The CBN Governor, Godwin Emefiele, described the launch as the first in Africa and one of the first in the world.

Emefiele said, "Mr President, today you make history, yet again, with the launch of the eNaira – the first in Africa and one of the earliest around the world.

"Mr. President, as you make groundbreaking reforms, there has been continuing debate on the true value of the Naira.

"Rather than worry today on the direction of the exchange rate, let us take a step back and analyse how we got here in the first place."

The launch took place at the State House in Abuja. An earlier plan to unveil the digital currency on October 1 was shelved.

Nigeria is one of only a few countries in the world to develop an official digital currency.

The eNaira was developed by fintech company Bitt, which is also behind the creation of CBDC in some East Caribbean countries.

At the launch Monday, the Central Bank of Nigeria governor, Godwin Emefiele, said 500 million eNaira ($1.21 million) has already been minted.

The CBDC’s digital currency app and its merchant wallet are now live and available for download.

The two apps, eNaira speed wallet and eNaira merchant wallet, are now available on Google playstore and Apple store.

A notice on the enaira website gives details into how the currency and the wallet will work.

"Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment,” it says.

"To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.

"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 enrolment to the eNaira Platform," it says.

The central bank has also published the regulatory guidelines of the currency on its website.

"The guideline seeks to provide simplicity in the operation of eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation of any negative impact on the financial system," it says.






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