President Muhammadu Buhari on Monday launched the Central Bank digital Currency, eNaira, marking the official kickoff of the initiative.
Below are five major facts about the eNaira
– The digital currency (eNaira0 has two applications – eNaira speed wallet and eNaira merchant wallet. They were both launched on the Google Playstore and Apple Store on Monday at the State House, Abuja.
– eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.
– eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments,” the statement read in part.
-eNaira is designed to drive financial inclusion, serve as a backbone for electronic payment in Nigeria.
-eNaira will also enable the movement of more people from the informal to the formal sector.
