Nigeria’s central bank digital currency (CBDC) website has gone live, signaling that the eNaira digital currency will be launched 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 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.