Nigerian digital currency, eNaira has been officially launched today (Monday) at the States House in Abuja.
Brand Spur Nigeria recalls that Central Bank of Nigeria (CBN) had earlier scheduled September 30th for the eNaira launch but suspended for the celebration of Nigeria at 61 on October 1.
But in a statement on Saturday, CBN spokesman, Osita Nwanisobi stated that the e-Naira is now expected to be activated on Monday by the president. The CBN Director stated that the launching would take place at the States House, Abuja.
Coming to fulfillment, President Buhari on Monday, declared the official use of the new era electronic version of the nation’s local paper currency.
Present at the unveiling were the Vice-President, Prof. Yemi Osinbajo, and the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
BREAKING: Nigeria Officially Launch eNaira Digital Currency
The E-Naira will hold equal value with the paper currency and will be issued by the CBN.
Nigerian authorities say the currency is not intended to replace cash but will function as a safe and efficient alternative means of payment.
The eNaira will be a Central Bank Digital Currency (CBDC), issued by the government, and it will have the same value as the paper, or fiat, currency.
At the launch on Monday, Godwin Emefiele said 500 million eNaira ($1.21 million) has already been minted
It is understood that CBDCs is far different from cryptocurrencies in being regulated and therefore subject to banking laws. They are issued by a central authority and are therefore trusted by traders. The CBN issued its regulatory guidelines for the eNaira on 1 October.