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eNaira: Buhari, Emefiele Launch eNaira at State House Abuja

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Enaira launching in Abuja - Investors King

President Muhammadu Buhari and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Monday, October 25, 2021 officially launched eNaira, Nigeria’s Central Bank Digital Currency (CBDC) in state house Abuja.

Nigeria is now one of the few countries to have launched digital currency ahead of nations like the United States, United Kingdom, etc.

The CBN believed eNaira will help plug loopholes in the financial system, curb illicit financial flows, strengthen security, improve data collection and monitoring.

Enaira launching in Abuja - Investors King

Speaking on why he approved CBN’s decision to launch a digital currency, the president explained that his approval was “underpinned by the fact that the CBN has been a leading innovator in the form of money they produce, and in the payment services they deploy for efficient transactions.”

“They have invested heavily in creating a Payment System that is ranked in the top ten in the world and certainly the best in Africa,” the president said at the event in Abuja.

“This payment system now provides high‐value and time‐critical payment services to financial institutions, and ultimately serves as the backbone for every electronic payment in Nigeria.”

President Buhari further said, “estimate suggests the adoption of new CBN digital currency is estimated to increase Nigeria’s GDP by $29 billion over the next 10 years.

“We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens.”

Africa’s largest economy has now launched two mobile applications for eNaira – eNaira speed wallet and eNaira merchant wallet – on Google playstore and Apple store to facilitate adoption and usage.

These applications tell eNaira potential users to“Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment.

To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.

First Name, Last Name, Date of Birth, State of Origin, and Email.

Your Banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira Platform.

Enaira launching in Abuja - Investors King

During the launching in Abuja on Monday, Emefiele announced that N500 million worth of eNaira or $1.21 million has already been minted.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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eNaira

CBN Engages Unilag Students as e-Naira Advocators

The Central Bank of Nigeria (CBN) has taken the drive for e-Naira to the University of Lagos. The apex bank intends to sensitise and engage students as advocates of the digital currency.

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The Central Bank of Nigeria (CBN) has taken the drive for e-Naira to the University of Lagos. The apex bank intends to sensitise and engage students as advocates of the digital currency.

According to the CBN, students are a critical factor in the adoption of e-Naira. The bank noted that the e-Naira is accepted as the naira notes while it can also be used to pay school fees. 

Speaking at the event, Director Information Technology Department, CBN/Co-ordinator Technical Working Committee e-Naira Secretariat, Hajiya Rakiya Mohammed who was represented by Dr. Khalifa Nuhu noted that the Central Bank has engaged several groups and organisations as part of the strategy to make e-Naira popular among Nigerians. 

The e-Naira adoption team also paid a courtesy visit to the Vice-Chancellor of the University, Professor Oluwatoyin T. Ogundipe, FAS, at his office. 

The team noted that the University of Lagos was selected as the pioneer institution for the onboarding exercise because the school is progressive and innovation-driven. 

Investors King had earlier reported that the e-Naira adoption team visited the tricycle driver in Abuja to inform them about the e-Naira platform.

While speaking at the awareness program in Abuja, the adoption team disclosed a 5 percent transaction discount for any tricycle driver who uses the e-Naira platform. The team added that any tricycle customer who uses the e-Naira platform to make payment will also enjoy the same discount. 

In another development, the Central Bank has disclosed that it will engage 7,740 e-Naira agents across the country as part of its efforts to boost adoption. 

The apex bank noted that it will install and engage a minimum of 10 e-Naira agents from each of the 774 local governments in Nigeria to make up for the targeted number. 

It will be recalled that the e-Naira was officially launched by President Muhammad Buhari, on October 25, 2021. It has a slogan of “Same Naira, More Possibilities” which symbolises the same quality as the naira note but with enhanced functionality.

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eNaira

Over 700,000 Transactions, N8 Billion in Value; CBN Celebrates eNaira 1 Year in Style

The Central Bank of Nigeria (CBN) celebrates eNaira’s one-year anniversary in grand style as over 700,000 transactions valued at N8 billion were processed within the last 12 months.

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The Central Bank of Nigeria (CBN) celebrates eNaira’s one-year anniversary in grand style as over 700,000 transactions valued at N8 billion were processed within the last 12 months.

Godwin Emefiele, the apex bank governor, who spoke at an event organised to mark the digital currency milestone in Lagos, expressed his profound joy at the success of the Central Bank Digital Currency (CBDC) since its inception.

Emefiele said it has been an overwhelming first year, the encouragement and genuine interest from the citizen of Nigeria and others across the world has been unending and has helped propel the vision of the nation’s cashless economy despite the challenges faced in the process.

He said being the first country in Africa and second in the world to introduce a digital currency to its citizens is no child’s play.

Emefiele Said, “there has been overwhelming interest and encouraging response from Nigerians and other parties across the world, with 33 banks fully integrated and live on the platform. N3 billion has been successfully minted by the Central Bank, N2.10 billion issued to financial institutions, and about one million (919,000) customers are on board.

“Over 3,305 merchants have successfully registered on the eNaira platform across the country, including Shoprite, Sahad Stores, A.A. Rano fuel stations, Fraser Suites, and November Cubes, among others. Over 700,000 transactions amounting to about N8 billion have been recorded on the platform and over 2.5 million daily visits to the eNaira website.”

In the spirit of festivity, Godwin stated that plans are underway by the central bank and Bankers’ Committee to ensure the implementation of its cashless policy throughout Nigeria, adding that the apex bank has expended so much in the adoption of a 100% cashless economy.

Godwin said, “Banks have incurred a lot of costs in an attempt to embrace a cashless economy. We also had collaborations with mobile networks and had payment service banks (PSB) using all sorts of channels. The destination, as far as I am concerned, is to achieve a 100% cashless economy in Nigeria. I know that those who doubt will say that 100% cashless is unattainable.”

Emefiele further stated that the CBN had provided the needed infrastructure nationwide to enable the smooth transition into a cashless economy.

It might not be a juicy transition for some individuals but necessary pronouncements will be made on that effect in the coming weeks, he concluded.

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eNaira

Central Bank to Engage 7,740 e-Naira Agents Across Nigeria

To boost grassroots adoption, the Central Bank of Nigeria has disclosed that it will install and engage a minimum of 10 e-Naira agents from each of the 774 local governments in Nigeria. 

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enaira

To boost grassroots adoption, the Central Bank of Nigeria has disclosed that it will install and engage a minimum of 10 e-Naira agents from each of the 774 local governments in Nigeria. 

Speaking at an awareness programme organised for tricycle drivers in Abuja, the CBN coordinator, and the technical working committee on e-Naira, Hajiya Rekiya Mohammed stated that the apex bank aims to drive adoption among those who make frequent daily transactions. 

Hajiya Reikiya further stated that e-Naira will be incentivised for tricycle drivers and their customers. 

She noted that any tricycle driver who does payment transactions with his customer on the e-Naira platform will get a 5 percent discount while the customer also gets an equal amount of discount on the actual price of the transport fare.

Hajiya Reikiya who was represented at the sensitisation program by Dr Khalipha Nuhu also revealed that the awareness programme will be taken to all nooks and crannies of the country until the e-Naira is widely accepted. 

Furthermore, Dr Nuhu also informed the tricycle drivers that the e-Naira platform does not require literacy before it can be used. 

Investors King learnt that the e-Naira platform can be used in any of the three major languages in Nigeria.

Meanwhile, Dr Aminu Bizi, a consultant with the CBN who was part of the sensitisation program also disclosed that the apex bank is targeting a minimum of 10 agents in each of the 774 local governments across Nigeria. Putting the total number of agents expected to be engaged at 7,740.

It will be recalled that in October 2021, the Central Bank of Nigeria launched the e-Naira as a form of digital Naira. This makes Nigeria become the first African country and one of the very few in the world to adopt a digital currency. 

Investors King had earlier reported in August that the e-Naira platform has recorded more than N4 billion in transactions since its take-off last year.

So far, the e-Naira platform has attracted almost a million active users. It can be downloaded on both Google Playstore and Apple Store or used by simply dialling *997# on any mobile phone.

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