eNaira Officially Launched In Nigeria Amidst Mixed Reactions

Nigerian digital currency, eNaira has officially been launched amidst mixed feelings, Crystal News reports

eNaira was officially launched at the at the States House in Abuja today, (Monday) after an earlier planned launch on October 1.

eNaira was developed by fintech company Bitt, which is also behind the creation of Central Bank Digital Currency (CBDC) in some East Caribbean countries.

Present at the unveiling were the Vice-President, Prof. Yemi Osinbajo, and the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

eNaira: Buhari Officially Launch Nigerian Digital Currency

Nigerian authorities say the currency is not intended to replace cash but will function as a safe and efficient alternative means of payment.

At the eNaira launch the CBN governor, Godwin Emefiele, said 500 million eNaira ($1.21 million) has already been minted.

Emefiele added that there had been “overwhelming interest and encouraging response”, adding that 33 banks, 2,000 customers and 120 merchants had already registered successfully with the platform, which is available via an app on Apple and Android.

The CBDC’s digital currency app and its merchant wallet are now live and available for download.

The two apps, eNaira speed wallet and eNaira merchant wallet, are now available on Google playstore and Apple store.

A notice on the enaira website gives details into how the currency and the wallet will work.

“Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment,” it says.

eNaira site

“To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.

“First Name, Last Name, Date of Birth, State of Origin, and Email.

eNaira launched with mixed reactions

Some Nigerians have reacted to the launch of eNaira, while some  believe its form of exploit other question CBN and the Buhari-led federal government.

OluwaFemi J. Olagunju said, “Under this present Central Bank governor, our economy has nosedive than ever before, and the naira is at its weakest. “Instead, the Central Bank of Nigeria has continually look for ways to exploit Nigerians through silly numerous bank charges. Instead of launching the e naira, the failed Central Bank governor should be interested in at least returning the value of naira to what he met when he got into office. “The Central Bank governor witch haunted those who took part in EndSARS protest by placing embargo on their account. Why has he not done same to bandits or killer herdsmen?” 

Abdullah Idris Garba Talasse “We are becoming digital Nigeria. Thank you CBN, thank you PMB for making such a reality.” Abdallah Mohammed “At least, if it will reduce banks exploitation, it’s a welcome idea but I don’t see any different with our money in bank account.”

Ademitunji Afolabimi, “What about the general public? What is the level of their preparedness about this digital currency? Or it only for the financial gurus and experts? What sensitization have you done about the currency and how the general public can key into it use? Will it be acceptable by the Nigerian public?”.