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Nigeria now introducing its CBDC

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Muhammadu Buhari, the president of Nigeria, announced today that the e-Naira is officially live.

The Central Bank of Nigeria (CBN) published a guideline for its national CBDC in August. The paper was sent to commercial banks all over the country. The central bank digital currency is labeled “Project Giant” and its value will be pegged to naira’s (the Nigerian banknote).

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The official unveiling of the eNaira was supposed to happen on October 1 but got postponed. The CBDC was developed with the help of fintech company Bitt and will be available on two wallets. 

The eNaira speed wallet and eNaira merchant wallet can be downloaded from Google and Apple stores. 500 million tokens have been minted and will add value to the national currency, but won’t replace it.

President Buhari released a statement earlier today, anticipating the unveiling of the e-Naira: “The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society.”

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“Following series of engagements with relevant stakeholders including the banking community, fintech operators, merchants and indeed, a cross section of Nigerians, the CBN designed the digital currency, which shall be activated on Monday, October 25, 2021.”

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