Nigeria’s central bank digital currency (CBDC) website has gone live, ahead of the launch of the eNaira digital currency on October 1.
The Central Bank of Nigeria (CBN) sent local banks a paper last month that detailed the architecture of its soon-to-be-launched virtual currency, as well as details on the duties given to participants in the currency rollout.
The CBDC will be legal money and a non-interest-bearing asset, with a limit on both customer and value-based transactions.
The digital currency’s “functionality gives rapid, safe, and simple trading and transactional options to consumers and end-users,” according to the eNaira website.
The site, on its welcome note said the eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.
“eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money,” the note reads.
The website lists four key aspects of the eNaira, including:
Unified Payment System: Customers can now move money from their bank account to their eNaira wallet with ease.
Contactless Payment: Customers can make in-store payments using their eNaira wallet by scanning QR code
Bank Account Management: Customers can monitor their eNaira wallet, check balances and view transaction history.
Peer-to-Peer Payment: Allows users to send money to one another through a linked bank account or card.