The Central Bank Of Nigeria Has Declared That The eNaira Is Finally Ready For Use

The Central Bank of Nigeria (CBN) has announced that the Central Bank Digital Currency (CBDC), eNaira, is finally ready for debut by Nigerian President Muhammadu Buhari on Monday, October 25, 2021. The event was originally scheduled for October 1, Nigeria’s 61st anniversary of independence. The launch, however, was delayed due to certain difficulties, including a lawsuit brought against the central bank by a private entity that first registered the name eNaira with the Corporate Affairs Commission (CAC). The CBN claimed that instead of focusing solely on introducing the eNaira on October 1, 2021, it began work on the digital currency’s […]



CBN Launches e-Naira Website

The website was launched yesterday as part of Nigeria’s preparations for the official launch of electronic currency for smooth financial transactions. The website’s URL is https://www.enaira.com/. According to CBN governor Godwin Emefiele, the digital currency is intended to aid the bank in achieving its goals of fostering greater inclusion through digital channels, supporting cross-border payments for businesses and firms, and providing a secure channel for remittance inflows into the country. “When fully implemented, the eNaira will enable Nigerians living in rural areas to conduct financial transactions using both digital and feature phone devices,” he stated. The financial industry’s involvement, according[…]



The CBN Has Enlisted The Help Of A British Fintech Firm To Build Digital Currency

On Monday, the Central Bank of Nigeria announced the formal engagement of Bitt Inc., a worldwide fintech firm, as its technical partner for its digital currency. The CBN has stated that the digital currency, dubbed ‘eNaira,’ will be unveiled before the end of the year. The CBN Governor, Godwin Emefiele, said the benefits of the central bank digital currency include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, and easier targeted social interventions, according to a statement by the acting Director, Corporate Communication, Osita Nwanisobi. He added that the virtual currency would increase the effectiveness of monetary[…]