On Monday, the Central Bank of Nigeria (CBN) officially debuted its digital currency, dubbed eNaira.
The eNaira was supposed to go live on October 1, 2021, but it was postponed owing to a backlog of events planned for Nigeria’s 61st anniversary festivities.
The Digital Currency has two apps: eNaira fast wallet and eNaira merchant wallet, both of which were released on Monday on the Google Playstore and Apple Store.
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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.