The website of the much-anticipated digital currency of the Central Bank of Nigeria, eNaira, has come up live on the internet.
The eNaira website welcomes you with a message which reads, “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. There are several benefits from a central bank-issued digital currency in Nigeria, and this cuts across different sectors of, and concerns of the economy.”
The website displays options to download the app on Google Play store and iOS Play store, but checks by Nairametrics reveals that the app is not yet available on these stores.
According to Nairametrics’ interaction with a cross-section of Nigerians, the reoccurring sentiment has been that of delight and anticipation as the website has moved to #7,528 on Alexa ranking from checks at the time of filing this report.
What are the techies saying?
Ihejirika Destiny (Dlexeffect), YouTube Tech Reviewer & Product Designer praised the overall initiative as a welcome development and anticipates the launch of the digital currency.
He said, “The new eNaira website actually looks well thought out. The government seems to make good on their promises, though we would have to test the app and watch out for technology issues before certifying that this platform might actually be able to solve the digital currency problems for Nigeria.“
Sandra Brown, a tech analyst and developer had this to say, commending the apex bank’s position in launching the digital currency and highlighting some of the benefits:
“The website is basically explaining the functionalities and offerings that the eNaira will have. It promises faster transactions and even diaspora remittance. You can pay taxes and bills from it. The app wants to completely eliminate the middle man in most transactions. The platform is tailored for different people; individuals, businesses, NGOs, govt etc. However, it doesn’t offer any interest rates, unlike fintech platforms,” Brown said.
The eNaira Wallet App will be available for download from October 1, 2021. At the time of writing this article, the countdown to launch showed 3 days, 9 hours 5mins 24 sec.
Some interesting Q&As on the website
Will the eNaira replace cash?
No, it will circulate alongside cash. The eNaira will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.
As an eNaira holder, am I assured of data privacy?
Yes. Similar to the privacy enjoyed by current online banking patrons, the eNaira system has been designed to ensure data and user privacy. There are also operational policies and procedures in place to protect users’ identity and privacy.
Is the eNaira safe?
eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.
What you should know
In August, the Central Bank of Nigeria (CBN) announced that Bitt Inc., an international fintech firm, has been appointed as the Technical Partner for its digital currency, dubbed eNaira, which would be presented later this year.
Bitt Inc is a financial technology business that uses blockchain and distributed ledger technology to enable safe peer-to-peer transactions with seamless mobile money across Bitt’s software and mobile apps.
The Central Bank of Nigeria has stated that the e-naira which will be launched on October 1, is a legal tender equal to the naira and must be accepted as a form of payment by all merchants and business establishments.