The website of the Central Bank of Nigeria’s (CBN) digital currency, “eNaira”, Nigeria’s digital currency, has gone live, ahead of October 1st planned launch of the initiative.
Nigeria will be the first country in Africa to launch a digital currency. The CBN governor-Godwin Emefiele noted that the earlier planned launch of the eNaira on October 1st, same date as the Independence Day celebration, would likely be rescheduled to October 4, 2021.
The CBN governor has noted that the eNaira is a novel idea because it will facilitate cross-border trade, Nigeria being the biggest economy in Africa, as it will set the tone to tell Africa that we are ready to lead and we would indeed lead in trade and we would make sure that happens.
Between all central bankers in ECOWAS, we are already working on certain collaboration to make trade, payment and banking system integrate in such a way to set example on the African Continental Free Trade Area (AfCFTA),” he added.
The CBN governor expressed optimism that the eNaira, would accelerate financial inclusion and lead to cheaper and faster remittance inflow. He said the digital money would lead to easier targeted social interventions, as well as improvement in monetary policy effectiveness, payment systems efficiency, and tax collection.
According to him, after its unveiling, Nigerians should be able to download the eNaira app from either Google plays store or Apple app store, on board themselves and fund their eNaira wallet using their bank account or with cash at a registered agent location.