CENTRAL BANK OF NIGERIA (CBN) LAUNCHES ENAIRA, MINTS N500M

The Central Bank Digital Currency (CBDC) Naira has taken off with over N500m of the currency minted so far.

The Central Bank of Nigeria (CBN) Governor Godwin Emefiele said 33 banks have been dully integrated and live on the platform.

Speaking at the launch of the eNaira in Abuja on Monday, Emefiele disclosed that over 25 million people visit the website daily.

He said another N200 million has been issued to financial institutions.

Over 2,000 customers have been onboarded, and. 120 merchants have successfully registered on the Naira platform, Emefiele stated.

immediately after the launch, Emeifele revealed that "customers who download the Naira Speed Wallet App will be able to perform the following: onboard and create their wallet: Fund their eNaira wallet from their bank account, transfer eNaira from their wallet to another wallet and make payment for purchases at registered merchant locations."

The CBN, he said, "will continue to refine, fine-tune and upgrade the Naira and he assured that "Nigerians should expect to see additional fanctionalities in the coming months."

Some of the additional functionalities include accessibility and onboarding of customers without BVN and the use of the eNaira on the phone without the internet to further drive financial inclusion, making Nigeria one of the first countries in the world to deploy the CBDC via USSD on phones without relying on internet connectivity.

Another feature that will be deployed by the eNaira is the "onboarding of revenue collection agencies to increase and simplify collections and the creation of sector specific tokens to support the federal Government's social programmes and distribution of targeted welfare schemes in a bid to lift millions out of poverty by 2025."