36 Banks Integrated, N500m minted, N200m has been issued to financial institutions

Buhari unveils the eNaira

President Muhammadu Buhari (retd) has unveiled the Central Bank of Nigeria’s digital currency, also known eNaira, in a keynote event attended by top government functionaries at the State House, Abuja.

He said Nigeria’s Central Bank Digital Currency and its underlying blockchain technology could increase the nation’s Gross Domestic Product by $29bn over the next 10 years.

In his address, the President said the e-currency would help increase remittances, foster cross-border trade, improve financial inclusion, make monetary policy more effective, and enable the government to send direct payments to citizens eligible for specific welfare programmes.

According to him, the digital currency will help move many more people and businesses from the informal into the formal sector, thereby increasing the country’s tax base.

Buhari said, “In recent times, the use of physical cash in conducting business and making payments has been on the decline. This trend has been exacerbated by the onset of the COVID-19 pandemic and the resurgence of a new digital economy.

“Alongside these developments, businesses, households, and other economic agents have sought for new means of making payments in the new circumstances.”

The CBN Governor, Godwin Emefiele, said since the eNaira platform went live, there had been overwhelming interest and encouraging response from Nigerians and other parties across the world with over 2.5 million daily visits to the website.

According to Emefiele, “Thirty-three banks are fully integrated and live on the platform, N500m has been successfully minted by the bank, N200m has been issued to financial institutions, over 2,000 customers have been onboarded and over 120 merchants have successfully registered on the eNaira platform.”

“The charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021 and then revert to applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions. MDAs may collect revenues or make payments in eNaira.” Emefiele said

The CBN governor also used the occasion to commend the President for “making history, yet again,” with the launch of the eNaira – the first in Africa and one of the earliest around the world.