Banks are beginning to defile the delay in the eventual launch of Nigeria’s foremost digital currency labeled; eNaira. As stipulated by the Central Bank of Nigeria, financial institutions will be required to maintain a treasury eNaira wallet for holding and managing eNaira on the Digital Currency Management System, DCMS.

Implementing the above framework by the CBN, information reaching Taxmobile.Online has it that financial institutions are already integrating the e-Naira as an additional feature on their official websites.

It is only a matter of time before other banks join the fray but importantly, experts help the expected impact of the currency helps revive the Naira.

Banks discovered so far

Clicking the search icon on the official website of Guaranty Trust Bank, GTB, one will notice that the financial institution had recently integrated the digital currency. Also, the instruction written clearly on the website reads “Kindly note that you will need to download and onboard on the CBN e-Naira speed wallet app to create your e-Naira username and password”

Also, customers of Stanbic IBTC Bank recently received an update from the bank intimating them of the bank’s intention to integrate as soon as the digital currency launches. The message reads,

“We wish to inform you that we have made the e-Naira available on our digital banking platforms for easy access and use. This new capability will be available on our platforms in readiness for the CBN’s official launch in Nigeria on Friday, 01 October 2021,” 

CBN’s Blueprint

  • The CBN had said that banks were integral to the establishment of the e-Naira.
  • The framework of e-Naira is such that it entrenches many pipelines of collaboration and further strengthens financial institutions’ core service delivery.
  • eNaira is aimed at complementing traditional Naira as a less costly, more efficient, generally acceptable, safe, and trusted means of payment.
  • The eNaira wallet is required to access, use and hold eNaira. The eNaira will be exchangeable for other Central Bank Digital Currencies.
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