President Muhammadu Buhari has formally launched the eNaira platform at a short ceremony in Abuja.

The President at the launch says eNaira will help move people and businesses, from the informal into the formal sector, thereby increasing the tax base of the country.

He also said eNaira would cater for businesses and households seeking faster and cheaper means of payment instead of “private currencies” that have gained popularity and acceptance across the world, including Nigeria.

The eNaira is a culmination of several years of research work by the Central Bank of Nigeria, in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every stratum of society.

The launch was described by CBN Governor, Godwin Emefiele, as the first in Africa and one of the earliest around the world.

He said the President has made history with the launch of the eNaira platform at a time there has been continuing debate on the true value of the Naira.

Emefiele said eNaira has taken off with over N500m of the currency minted so far.

The eNaira was scheduled to be launched on October 1, 2021, but was moved due to a clog of activities, billed for Nigeria’s 61st anniversary celebrations.

The Digital Currency has two applications – eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store.

In an interview, FinTech Expert, Ayowande Adalemo said the eNaira though a form of digital currency is different from crypto currency.