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eNaira CBDC launched in Nigeria

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eNaira

eNaira CBDC launched in Nigeria

On Monday, October 25, Nigeria’s President Mohammadu Bukhari announced the launch of the National Digital Currency (CBDC). Fintech company Bitt participated in the development of the project.

Two applications for using CBDC are already available for download in the App Store and Google Play. The Central Bank of Nigeria (CBN) issued the first 500 million eNaira (worth ~ $ 1.2 million).

“The launch of eNaira is the culmination of several years of research by Nigeria’s central bank and expands the boundaries of the payment system to make financial transactions easier and more understandable for all walks of life. eNaira marks an important step forward in the evolution of money,” CBN said in a statement.

In June, the regulator announced the launch of a pilot project with digital naira. A central bank official later clarified that the CBDC would supplement cash and benefit citizens, local economies, and cross-border trade.

As a reminder, in August, the Central Bank of Nigeria presented the draft CBDC guidelines. According to the document, the regulator will deal with the issue, distribution, and redemption of digital naira.

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