The highly anticipated website of Nigeria’s central bank digital currency went live on Monday ahead of its October 1st launch. The user-friendly website, designed with Nigeria’s color – green and white – has a lot of useful information about the e-Naira and is proof that the central bank is ready to launch the e-naira on October 1st.
According to information on the e-Naira website, the “e-Naira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. e-Naira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. e-Naira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money”.
The e-Naira launches in just a few days and as a way of encouraging people to use it, the central bank has ordered every business and merchant in the country to accept the e-Naira. According to the apex bank, the e-Naira is a digital version of the naira, is a legal tender and should be treated as such.
On the website is a link encouraging people to download the e-Naira wallet that would hold the e-Naira. A digital wallet is required to be able to use the central bank digital currency. The wallet will also be available for download on both Apple and Google Play stores by October 1st. The e-Naira was developed alongside Barbados-based Bitt Inc. and the central bank’s objective is to foster economic growth by offering easier access to capital and financial services, provide a cheaper and secure diaspora remittance option, reduce money laundering activities, increase financial inclusion, etc.
“When the idea was mooted, it was not a bandwagon response to create a CBDC like the rest of the world. We set out with a plan to become a trusted ally to the numerous customers we will serve and our roots continue to be firmly grounded in them. We know what they need because we listen to them every step of the way. No matter where we are in the journey, our goal remains the same – you”, the website says to prospective users of the e-Naira.
“With 81 countries and more on the race to develop own their Central Bank Digital Currencies, let it be very clear that we are not just another CBDC, we are a people-oriented digital currency leveraging technology to connect individuals and businesses for easy trading and financial inclusion. We push the boundaries, bridge the gaps, and tell actual humane stories. We are the foremost audience-centric digital currency brandishing a face”, the website also reads.
The e-Naira has so many prospects, according to experts, but since its announcement it has been at the epicenter of discussions and controversy.