CBN eNaira: President Buhari deploys Nigeria’s first digital currency – See wetin e be

Wia dis foto comes from, Presidency

Nigerian President Muhammadu Buhari launched the first di kontri digital currency, eNaira.

Digital currency is not also downloadable for mobile applications according to the government of Nigeria.

The federal government plans to unveil the currency on October 1 to mark the 61st anniversary of Nigeria’s independence, but President Buhari officially launched the currency on Monday for State House, Abuja.

“ENaira dey your mobile applications”

Wia dis foto comes from, Play at the store

Wetin we call say foto,

eNaira speed wallet

Di official title of currency na Nigerian Central Bank Digital Currency (CBDC), but e dey simply known as eNaira.

The Central Bank of Nigeria on Monday launched a request for the new currency.

Wia dis foto comes from, Play at the store

Wetin we call say foto,

eNaira merchant wallet

Digital currency has two applications: the eNaira Quick Wallet and the eNaira Merchant Wallet.

How eNaira is different from your bank account

The CBN says it is not directly responsible for the Central Bank of Nigeria, while clients deposit direct debt to financial institutions.

Dem say that di eNaira will get di same value as physical naira. E no go replace the cash and go around next to am.

“Di eNaira will complement cash as a cheaper, more efficient, generally accepted, secure and reliable means of payment.”

Do you benefit from eNaira?

Such a launch of di eNaira comes at a time when the appex bank for Naira is not prohibiting other digital currency transactions for di kontri like cryptocurrency.

But di CBN is not claiming that the eNaira app is launched, so go support Nigeria’s digital economy.

They say the eNaira benefits are “fast, cheap, reliable, and an available payment channel”.

“E go will also improve the effectiveness of monetary policies and make it easier to pay and collect taxes,” adds CBN.

One thing to note about di eNaira is that they do not offer any interest rates, unlike fintech platforms.

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