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Buhari launches eNaira

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President Muhammadu Buhari has officially launched eNaira, with Nigeria becoming one of only few countries in the world to develop an official digital currency.

TheNewsGuru.com (TNG) reports eNaira is a digital currency provided by the Central Bank of Nigeria (CBN).

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At the time of filing this report, the eNaira app and its merchant wallet are now live and available for download from Google Play Store and Apple App Store.

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President Buhari launched the eNaira at the State House in Abuja on Monday after earlier plans by the CBN to unveil the digital currency on October 1 were shelved.

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The eNaira was developed by fintech company Bitt, which is also behind the creation of digital currencies in some East Caribbean countries.

At the launch Monday, the Central Bank of Nigeria governor, Godwin Emefiele, said 500 million eNaira ($1.21 million) has already been minted.

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The two apps, eNaira speed wallet and eNaira merchant wallet, are now available on Google p6lay Store and Apple Store.

A notice on the enaira website gives details into how the currency and the wallet will work.

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“Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment,” it says.

“To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.

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“First Name, Last Name, Date of Birth, State of Origin, and Email.

“Your Banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira Platform,” it says.

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The central bank has also published the regulatory guidelines of the currency on its website.

“The guideline seeks to provide simplicity in the operation of eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation of any negative impact on the financial system,” it says.

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