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CBN releases guidelines for eNaira ( Download Here)




The Central Bank of Nigeria (CBN) has released regulatory guidelines for the seamless operation of the eNaira, a digital currency of the physical Naira.

Chibuzo Efobi, the CBN director financial policy and regulation department, said 14-page guidelines released by the central bank had become effective from Monday, October 25.

Efusobi explained that the guidelines seek to provide simplicity in the operation of eNaira, encourage general acceptability and use.

The eNaira, according to him, “Additionally, it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions, provide alternative less costly channel for collection of government revenue and boost remittances through formal channels.

“The guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,”

Download the guidelines here: previously reported that the Central Bank Digital Currency (CBDC) known as the eNaira on Monday took off with over N500m of the currency minted so far.

Speaking at the launch of the digital currency in Abuja on Monday, Godwin Emefiele, CBN Governor, explained that 33 banks have been fully integrated and live on the platform disclosed that over 2.5 million people visit the website daily.

He said another N200 million has been issued to financial institutions and over 2,000 customers have been onboarded and 120 merchants have successfully registered on the eNaira platform.

Immediately after the launch, Emefiele revealed that “customers who download the digital currency Speed Wallet App will be able to perform the following: onboard and create their wallet; fund their eNaira wallet from their bank account; transfer eNaira from their wallet to another wallet and make payment for purchases at registered merchant locations.”

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“will continue to refine, fine-tune and upgrade the eNaira” and he assured that “Nigerians should expect to see additional functionalities in the coming months”.

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