Nigeria’s eNaira CBDC Website Goes Live

OSBC
29 September, 2021

The Central Bank of Nigeria has launched a website detailing its CBDC, the eNaira. Stating that the eNaira is both a medium of exchange and a store of value, the CBDC will be used in retail payments and remittances. Citizens can begin right away by downloading the app, which also features bank account integration.

The CBDC itself will launch on Oct 1, following the bank’s decision to send documents to local banks on the digital currency. The document describes the role that banks will play in the change. The asset will, of course, be legal tender and have a non-interest-bearing status. Customer and value-based transactions will be a maximum limit.