CBN to Launch USSD Code for eNaira Next Week

The Central Bank of Nigeria (CBN) has announced plans to launch the Unstructured Supplementary Service Data (USSD) code for eNaira transactions next week.

Godwin Emefiele, the governor of CBN, disclosed this at the Grand Finale of the 2022 eNaira Hackathon held in Abuja on Thursday.

The eNaira is the Central Bank of Nigeria’s virtual currency, basically a digital form of the Nigerian Naira.

According to Emefiele, Nigerians can also open an eNaira wallet on any mobile phone via a designated USSD code. Explaining the process, the CBN governor said Nigerians only need to dial *997# on their mobile phones to perform transactions.

He said “Nigerians, both banked and unbanked, will be able to open an eNaira wallet and conduct transactions by simply dialling *997 from their phones.

“Shortly after this, both merchants and consumers with bank accounts can use the NIBSS Instant Payment (NIP) to transfer and receive eNaira to any bank account.

“This will further deepen the integration of the eNaira with the existing national payment infrastructure”.

“The CBN will increase the level of Financial Inclusion in the Country because just like the Naira, the eNaira is expected to be accessible to all Nigerians. And would provide more possibilities to bring in the unbanked into the digital economy.”

In May 2022, Emefiele said central banks from various African nations and across the world are now studying Nigeria’s eNaira project.

Emefiele said, “We feel delighted with what we are doing in the area of the Central Bank Digital Currency, CBDC. What we are doing in the area of eNaira is attracting the interest of different countries in the world,” Emefiele said during an experience-sharing tour of the CBN’s CBDC (eNaira) by officials of the Bank of Uganda in Abuja.