eNaira enjoying massive interest, appetite – Emefiele

eNaira enjoying massive interest, appetite – Emefiele

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has disclosed that the newly launched eNaira is enjoying massive interest and encouraging acceptance.

The eNaira is Nigeria and Africa’s first digital currency.

1st News reports that the Central Bank Digital Currency (CBDC) was formally unveiled on Monday, October 25, 2021. The digital currency was launched by President Muhammadu Buhari; with the CBN disclosing that it would access to banking for many unbanked Nigerians; enable remittances, and help grow the economy.

Emefiele disclosed that already 33 banks, 120 merchants, and 2,000 customers had registered successfully with the platform. Further, he revealed that about 200 million fiat currency had been issued to financial institutions.

The digital currency, according to Emefiele, will maintain parity with the traditional Nigerian currency.

Earlier, President Muhammadu Buhari had talked up the digital currency; stating that its use had the potential of growing the Nigerian economy by $29 billion over 10 years.

Equally important, transactions on the eNaira platform will be free for the first 90 days, commencing from October 25, 2021. The apex bank made this known in a document, titled ‘eNaira Circular and Guidelines’, released on Monday, October 25.

ALSO READ: eNaira, Nigeria’s digital currency, goes live today

eNaira

Specifically, the CBN disclosed that after the grace period of 90 days, applicable charges will become effective.

Less than 24 hours after President Muhammadu Buhari launched the platform; the speed wallet app has been downloaded 50,000 times while the speed merchant wallet has more than 5,000 downloads.

Also, according to the CBN guidelines, there would be different wallets and transaction limits for different users.

“The stock wallet belongs solely to the CBN and it shall warehouse all minted eNaira,” the guideline reads.

“Financial Institutions (FI) may create sub-treasury wallets for branches tied to it and fund them from its single treasury wallet with the CBN and FI may create branch sub-wallets for its branches.

“The eNaira branch sub wallet shall be funded from the treasury eNaira wallet.

“Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services. eNaira speed wallets shall be available for end users to transact on the platform.”

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