Nigeria’s digital currency, also known eNaira, was on Monday formally unveiled by President Muhammadu Buhari, at the State House, Abuja.
In his keynote address, the governor of the Nigeria’s Central Bank, Godwin Emefiele noted that the digital currency and its underlying blockchain technology could increase the nation’s GDP, the Gross Domestic Product, by $29bn over 10-year period.
President expressed confidence that 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 the President, it will help move many more people and businesses from the informal into the formal sector, thereby increasing the country’s tax base.
On his part, the Governor, CBN, Godwin Emefiele, said, “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 on-boarded and over 120 merchants have successfully registered on the eNaira platform.”
In the framework titled, ‘eNaira Circular and Guidelines’, released on Monday, the central bank announced that all transactions conducted on the newly-launched digital currency platform would be free for 90 days, while applicable charges will become effective at the end of the stated period.
The apex bank also disclosed that MDAs, the Ministries, Departments and Agencies, could make payments and collect revenues using the eNaira wallet.
