1 Naira To 1 eNaria Say Emefiele As Buhari Launch CBN Digital Currency

1 Naira To 1 eNaria Say Emefiele As Buhari Launch CBN Digital Currency

By Mariam Sanni, Abuja

The president of the Federal Republic of Nigeria, President Muhammadu Buhari has launched the Digital Currency popularly known as ENaria.

President Buhari commended the CBN Boss for the policies and measures put in place for economic development.

The Governor of Central Bank of Nigeria,CBN Godwin Emefiele during his remark at the launching in Abuja, explained that the eNaira and Naira will have the same value and will always be exchanged at 1 naira to 1 eNaira.

He noted that the evolution of the digital currency will compliment the previous apex bank policies and  measures for economic growth.

According to him, Nigeria has one of the most advanced payment systems   in the world and certainly the best in Africa, which is befitting to the country as the largest economy in Africa

He added that with growing interest in Central Bank Digital Currency (CBDC) around the World, the Central Bank of Nigeria (CBN) commenced extensive study, consultations, identification of use cases and the testing of the CBDC concept in a Sandbox environment as far back as 2017. 

The Alex bank boss  states that the objective of the research was to establish a compelling case for the adoption of a digital currency in Nigeria to enable a more prosperous and inclusive economy for all Nigerians. 

“Following the completion of the preliminary work, the researchers and experts at the CBN were able to clearly establish that a digital currency will drive a more cashless, inclusive, and digital economy and will complement the gains of previous policy measures and our fast growing payments platforms. 

“As such, the CBN decided to implement its own CBDC and to name the digital currency, the eNaira.

“The CBN believes the eNaira will make a significant positive difference to Nigeria and Nigerians, including:Supporting a resilient payment system ecosystem, Encouraging rapid financial inclusion,

Reducing the cost of processing cash, Enabling direct and transparent welfare intervention to citizens, Increasing revenue and tax collection, facilitating diaspora remittances, reducing the cost of financial transactions, and improving the efficiency of payments.

“Therefore, the eNaira is Nigeria’s CBDC and it is the digital equivalent of the physical Naira. As the tagline simply encapsulates, the eNaira is the same Naira with far more possibilities. 

Emefiele reiterated that  the eNaira – like the physical Naira – is a legal tender in Nigeria and a liability of the CBN. 

“To de-risk the process, the CBN has given careful consideration to the entire payments and financial architecture and has designed the eNaira to complement and strengthen these ecosystems and have implemented secure safeguards and policies to maintain the integrity of the financial system.

“Specifically, there will be strict adherence to the anti-money laundering and combating the financing of terrorism (AML/CFT) standards in order to preserve the integrity and stability of Nigeria’s payment system.

“Since the eNaira platform went live, there has been overwhelming interest and encouraging response from Nigerians and other parties across the world with over 2.5 million daily visits to the website with the following milestones: 33 banks are fully integrated and live on the platform.

According to him, N500 million has been successfully minted by the Bank, N200 million has been issued to financial institutions,  over 2,000 customers have been onboarded and over 120 merchants have successfully registered on the eNaira platform.

Tags assigned to this article:
Digital CurrencyeNaira