In Brief:
- Nigeria’s President officially launched the country’s digital currency e-Naira.
- The eNaira was developed by fintech company Bitt.
- Nigeria becomes the first African country to launch CBDC.
In a live conference held on Monday, Nigeria’s President Muhammadu Buhari officially launched the country’s digital currency e-Naira.
The unveiling of e-Naira was held at the State House in Nigeria’s capital Abuja. This was followed by e-Naira’s victory in a legal battle over the issue of “trademark infringement” which had delayed its official launch up to this point. Hence, the launch which was originally scheduled for 1st October was shelved.
Nevertheless, after the controversy erupted, The Federal High Court of Nigeria stepped in and approved the rollout of the country’s Central Bank Digital Currency e-Naira.
Citing the estimates of a developing GDP, President Buhari remarked, “It is on this basis that I am delighted to officially launch the Central Bank of Nigeria Digital Currency called the e-Naira and in so doing we have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens.”
Central Bank of Nigeria(CBN) Governor Godwin Emefiele said the guidelines on how to navigate the applications “seeks to provide simplicity in the operation of eNaira, encourage general acceptability and use, promote the low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation of any negative impact on the financial system.”
He also informed that 500 million eNaira ($1.21 million) has already been minted.
The eNaira was developed by fintech company Bitt, which is also the creator of CBDC in countries across Central America and the Caribbean region, and also Singapore.
Up till now, only five countries have fully launched their CBDC- the Bahamas, Grenada, Saint Kitts, and Nevis, Antigua and Barbuda, and Saint Lucia; and joining this list is Nigeria.
All in all, the good news is that the e-Naira app and its merchant wallet are now live and up for download.
