You need to active Javascript on your
BusinessDay
Nigeria's leading finance and market intelligence news report.

CBN’s e-Naira website goes live ahead of official launch

Ahead of the launch of the Central Bank of Nigeria’s digital currency, the official website for the e-naira went live at the weekend and recorded over a million hits in the space of 24 hours, ahead of October 1 official launch.

The website (www.enaira.com) indicated that “the eNaira is a CB – issued digital currency that provides a unique form of money denominated in Naira.”

It stated that the eNaira was crafted with interesting elements for modern solutions that paid keen attention to details.

The website further detailed that customers would be able to move money from their bank account to their eNaira wallet with ease; monitor their eNaira wallet, check balances and view transaction history; make in-store payments using their eNaira wallet by scanning QR codes; and send money to one another through a linked bank account or card.

Read also: Explainer: Why importers find it difficult to get space aboard vessels

According to the CBN, the eNaira app would feature and reflect brand values centered around ease of use and efficiency while bearing in mind security.

“We have developed this App with a deeper understanding of customers, what they value, their abilities and also their limitations,” it stated.

The CBN indicated that User-to-merchant and peer-to-peer wallet transactions would be free on the digital currency infrastructure.

The CBN further stated that it will be in charge of the first product component including the issue, distribution, redemption, and destruction of currency.

As earlier indicated in their earlier directive, Nigerian banks would be responsible for promoting and marketing the centrally issued digital currency as a cash alternative to existing and future clients in order to help the CBN achieve its aim of financial inclusion.

The website indicated that it would provide a platform for easier onboarding as well as provide world-class customer care to help accelerate the adoption of the e-naira.

It also indicated on its platform that it will be subject to extensive security inspections as a National Critical Infrastructure.

The CBN emphasised that all data and Personally Identifiable Information (PII) will be maintained off the ledger.

During the CBN Governor, Godwin Emefiele, after the last Monetary Policy Committee meeting recently, disclosed that it would be launched on Independence Day celebration.

He said, On October 1, a Nigerian should be able to download the eNaira app either through Google play store or Apple App store, onboard themselves, fund their eNaira wallet, using their bank accounts or with cash at a registered agent.”

According to him, the eNaira launch was not going to be a one-off thing, but a journey that would start on October 1.

Get real time updates directly on you device, subscribe now.