eNaira is a
Central bank digital currency
A central bank digital currency (CBDC) (also called digital fiat currency or digital base money) is a digital currency issued by a central bank, rather than by a commercial bank.
A report by the Bank for International Settlements states that, ...
issued and regulated by the
Central Bank of Nigeria
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959.
The major regulatory objectives of the bank as stated in the CBN Act are ...
. Denominated in
naira
The naira (sign: ₦; code: NGN) is the currency of Nigeria. One naira is divided into 100 ''kobo''.
The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume ...
, the eNaira serves as both a
medium of exchange
In economics, a medium of exchange is any item that is widely acceptable in exchange for goods and services. In modern economies, the most commonly used medium of exchange is currency.
The origin of "mediums of exchange" in human societies is ass ...
and a
store of value
A store of value is any commodity or asset that would normally retain purchasing power into the future and is the function of the asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved.
The most ...
and claims to offer better payment prospects in retail transactions when compared to cash.
The eNaira was launched and activated on 25 October, 2021 by President
Muhammad Buhari
Muhammadu Buhari (born 17 December 1942) is a Nigerian politician and current president of Nigeria since 2015.
Buhari is a retired Nigerian Army major general who served as the country's military head of state from 31 December 1983 to 27 Au ...
, under the slogan: ''"Same Naira, More Possibilities"''.
The eNaira Speed Wallet application is available for download on
Google Play Store
Google Play, also known as the Google Play Store and formerly the Android Market, is a digital distribution service operated and developed by Google. It serves as the official app store for certified devices running on the Android operating sys ...
and App store since October 28, 2021.
New updates on the eNaira Speed wallet is now available.
See also
*
Central bank digital currency
A central bank digital currency (CBDC) (also called digital fiat currency or digital base money) is a digital currency issued by a central bank, rather than by a commercial bank.
A report by the Bank for International Settlements states that, ...
*
Digital currency
Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital cu ...
*
Digital renminbi
Digital renminbi ( zh, 数字人民币; also abbreviated as digital RMB and e-CNY), or Digital Currency Electronic Payment (DCEP, ), is a central bank digital currency issued by China's central bank, the People's Bank of China. It is the first dig ...
*
Digital rupee
The Digital Rupee (e₹) or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, to be issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). The Digital Rupee was proposed in January 2017 and will b ...
References
External links
Central Bank of Nigeria's eNaira website
{{DEFAULTSORT:Nigerian Naira
Circulating currencies
Currency symbols
Currencies of Nigeria
Currencies introduced in 2021
Central bank digital currencies