The Central Bank of Nigeria (CBN) has launched a website to help with the implementation of the eNaira electronic currency.
The website went up yesterday as part of the preparations for Nigeria’s formal launch of electronic currency for seamless financial transactions. https://www.enaira.com/ is the website’s universal resource locator (URL). Our correspondent observed it the other day.
The central bank’s digital currency, according to CBN governor Godwin Emefiele, is designed to help the bank achieve its goals of fostering greater inclusion through digital channels, supporting cross-border payments for businesses and firms, and providing a reliable channel for remittance inflows into the country.
“When fully deployed, the eNaira will ensure that Nigerians in remote areas can conduct financial activities using their digital as well as feature phone devices,” he stated.
Emefiele believes that the financial industry’s cooperation will be important in the deployment of the e-Naira and that efforts are being made to foster continuing collaboration between the CBN and financial industry players.
“From October 1, a Nigerian will be able to download the e-Naira app from either Google Play Store or App Store, fund their e-Naira wallet using their bank accounts or with cash at a registered agent, location,” he said.
Recall that, According to the Nigerian Central Bank, e-Naira will enhance the banking system and make it easier to comply with existing rules such as anti-money laundering, customer protection against fraud, and maintaining the payment system’s safety and stability.
Mr Folashodun Shonubi, Deputy Governor Operations of the Central Bank of Nigeria, stated this during the Chartered Institute of Bankers of Nigeria advocacy series webinar on Thursday.
“The Central Bank has ensured that the e-Naira fuels our economy and delivers higher value,” Shonubi remarked.
“The central bank digital currency offers all the benefits of cash but in digital form. Every single digital currency is an electronic version of the cash, the legal tender. When you make a cash payment, settlement is done instantly; digital currencies entail the same promises and even more”.
He added, “CBDC offers a safer option from the privately issued cryptocurrency which have been based on the possibility to enable cheaper transactions but have now been used for investment.