Queen Nwabueze
The Central Bank of Nigeria (CBN) has unveiled a new short code for subscribers of its digital currency, eNaira to make financial transactions on the platform.
The aim is to enhance its acceptability with a focus on deepening payment system, the apex bank said.
Join our WhatsApp Channel“I’m pleased and indeed delighted to inform you all today that by next week, Nigerians both banked and unbanked will be able to open an eNaira wallet and conduct transactions by simply dialing *997# from their mobile phones,”CBN Governor, Godwin Emefiele said yesterday at the grand finale of the eNaira Hackathon in Abuja.
Also, the CBN governor announced that between October 2021 when it was launched and now, the eNaira has reached 840,000 downloads, with about 270,000 active wallets comprising over 252,000 consumer wallets and 17,000 merchant wallets. The volume and value of transactions on the platform have been remarkable, reaching above 200,000 and N4 billion, respectively.
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.
