eNaira

The eNaira is a central bank digital currency (CBDC) issued and regulated by the Central Bank of Nigeria (CBN). It represents the digital form of the Nigerian Naira. Launched in October 2021, the eNaira is designed to function as a digital store of value and medium of exchange, complementing the existing physical Naira.

Unlike decentralized cryptocurrencies, the eNaira operates on a permissioned blockchain, meaning that the CBN controls and oversees the network. It is designed to be accessible to both banked and unbanked individuals in Nigeria, aiming to foster financial inclusion, facilitate efficient payments, and reduce the cost of cash management.

Users access the eNaira through digital wallets, available for download on smartphones or other compatible devices. Transactions are conducted electronically, with the CBN acting as the primary administrator of the digital currency. The eNaira is intended to be interchangeable with physical Naira at a 1:1 exchange rate. The Central Bank of Nigeria aims for it to improve cross-border payments, enhance government revenue collection, and make monetary policy more effective.