Nigeria’s digital currency, e-Naira, website is now live ahead of the formal launch of the currency on Friday, October 1, 2021.
Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele disclosed that the digital currency would be legal tender; even as he urged Nigerians, merchants and business owners to accept it.
“eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.
“There are several benefits from a central bank-issued digital currency in Nigeria…This cuts across different sectors of, and concerns of the economy,’’
‘‘Organizations and individuals are seeking fast, safe, easy, and cheap means of payment, eNaira was minted to meet these pressing needs.’’ information on the website affirms.
Other informations on the site says that the digital currency would accelerate financial inclusion; boost local and international trade by making transactions cheap, safe, quick and better; while also guaranteeing stronger security as the e-Naira cannot be forged or counterfeited as a result of its unique identity and security structure. In addition, the e-Naira is potentially believed to be a source of increased revenue by reducing cash handling costs.
The e-Naira was developed by Bitt Inc., a fintech company based in Barbados.