The Central Bank of Nigeria Launches eNaira Website
Nigeria’s central bank digital currency (CBDC) website has gone live, signaling that the eNaira digital currency will be launched on October 1.
The Central Bank of Nigeria (CBN) sent local banks a paper last month that detailed the architecture of its soon-to-be-launched virtual currency, as well as details on the duties given to participants in the currency rollout.
The CBDC will be legal money and a non-interest-bearing asset, with a limit on both customer and value-based transactions.
The digital currency’s “functionality gives rapid, safe, and simple trading and transactional options to consumers and end-users,” according to the eNaira website.
The website lists four key aspects of the eNaira, including:
- Unified Payment System: Customers can now move money from their bank account to their eNaira wallet with ease.
- Contactless Payment: Customers can make in-store payments using their eNaira wallet by scanning QR code
- Bank Account Management: Customers can monitor their eNaira wallet, check balances and view transaction history.
- Peer-to-Peer Payment: Allows users to send money to one another through a linked bank account or card.
