The website for Nigeria’s eNaira went live on Monday, days ahead of the launch of the pilot for central bank digital currency (CBDC) on 1 October.
“The 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,” the website states. While these are worthy goals, the question is whether this wording will appeal to mainstream users or whether there’s a need to be more consumer-friendly.
Acting as an effective medium of exchange and improving cross border payment efficiency is a key priority for the Central Bank of Nigeria (CBN). In 2020, Nigeria’s total remittances amounted to $17.2 billion, reported the World Bank. A CBDC may enable swift direct remittance payments between Nigerians living at home and abroad.
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