IMF Backs CBN On Cryptocurrency Ban
Ijaw News - Niger Delta Stories
President Muhammadu Buhari, Vice President Yemi Osinbajo, CBN Gov, Godwin Emefele at launching of e-Naira

e-Naira, commonly known as the Nigerian Central Bank Digital Currency (CBDC), was unveiled by President Muhammadu Buhari today, Monday October 25, 2021.

The ceremony took place at Abuja’s State House. Nigeria has now joined the ranks of digital currency users throughout the world.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, who was there, indicated that 500 million eNaira ($1.21 million) was already available.

The e-Naira app and accompanying merchant wallet are both accessible for download from Google Play Store and Apple App Store at the same time as the digital currency becomes live.

Bitt Incorporated, a fintech business, created the e-Naira. Fintech is a term that combines the words “financial” and “technology,” and it refers to any company that employs technology to do business.

According to the CBN, its “selection of Bitt Inc, from among highly competitive bidders, was hinged on the company’s technological competence, efficiency, platform security, interoperability, and implementation experience.

“In choosing Bitt Inc, the CBN will rely on the company’s tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean Countries. Bitt Inc. was key to the development and successful launch of the central bank digital currency (CBDC) pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.”

A notice on the e-Naira website gives details into how the currency and the wallet will work.

“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.
“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.
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.


Please enter your comment!
Please enter your name here

twelve + sixteen =