On Monday, the Central Bank of Nigeria (CBN) launched the Central Bank Digital Currency, called eNaira.
The eNaira was scheduled to be launched on October 1, 2021, but was moved due to a clog of activities billed for Nigeria’s 61st-anniversary celebrations.
The digital Currency has two applications – eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store on Monday.
A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.
The statement read, “eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.
“eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.”
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