Nigeria Launches CBDC, eNaira

The Nigerian CBDC is being launched with the slogan: "Same Naira. Different Possibilities."

October 25, 2021 - Nigeria has officially launched its Central Bank Digital Currency (CBDC) today, the eNaira.

In an official announcement on regulatory guidelines for the eNaira published today by the Central Bank of Nigeria, the eNaira is confirmed as, "the digital form of the Fiat currency (Naira), issued by the CBN, a legal tender, and will form part of the currency-in-circulation. The eNaira will complement cash as a less costly, more efficient, generally acceptable, safe and trusted means of payment and store of value. Additionally, it will improve monetary policy effectiveness, enhance government's capacity to deploy targeted social interventions, provide alternative less costly channel for collection of government revenue and boost remittances through formal channels".

The eNaira wallet is required to access, use and hold eNaira. The Digital Currency Management System (DCMS) was developed by Bitt as the Central Bank of Nigeria's technology partner. The CEO of Bitt, Brian Popelka, “We are elated to have developed, tested and deployed the eNaira monetary infrastructure in record time. Today’s launch is an exceptional achievement for both the CBN and Bitt teams. We look forward to continued partnership on this CBDC deployment journey and to provide additional features to expand eNaira’s value to all Nigerians.”

The official website of the eNaira explains how holders can pay for goods in-store with contactless payment via a mobile phone, and can make peer-to-peer payments.

**Watch the President of Nigeria, Muhammadu Behari, launch the eNaira at today's press conference: **