CBN releases N200m worth of eNaira to banks

The Central Bank of Nigeria (CBN) has released N200 million worth of eNaira to banks for use in the country.

The CBN Governor, Godwin Emefiele, disclosed this at the launch of the digital currency on Monday in Abuja.

He said that there had been overwhelming interest and encouraging response in the system, 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.

Emefiele said: “Today, customers who download the eNaira 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; Make payment for purchases at registered merchant locations

“Mr. President, today you make history, yet again, with the launch of the eNaira – the first in Africa and one of the earliest around the world. Mr. President, as you make groundbreaking reforms, there had been continuing debates on the true value of the Naira.”

READ ALSO: eNaira to grow Nigeria’s GDP by $29bn in 10yrs—Buhari

The CBN governor said the launch of the eNaira was not a one-off event, adding that the bank would continue to fine-tune the digital currency.

He added: “A key feature of the eNaira is that it can be accessed without internet, an attribute the government hopes will engender financial inclusion.

“Therefore, Nigerians should expect to see additional functionalities in the coming months, including Accessibility and onboarding of customers without BVN, and the use of the eNaria on the phone without the internet will 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.”

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