The eNaira is the digital form of the Fiat currency (Naira),
issued by the CBN in line with Section 19 of the CBN Act. It is a direct
liability of the CBN, a legal tender and will form part of the
currency-in-circulation.
The eNaira will complement cash as a less costly, more
efficient, generally acceptable, safe and trusted means of payment and store of
value.
Additionally, it will improve monetary policy effectiveness,
enhance government's capacity to deploy targeted social interventions, provide alternative
less costly channel for collection of government revenue and boost remittances
through formal channels.
The Guidelines seek to provide simplicity in the operation
of the eNaira, encourage general acceptability and use, promote low cost of
transactions, drive financial inclusion while minimizing inherent risks of
disintermediation or any negative impact on the financial system.
The regulatory Guidelines on the eNaira takes effect from
October 25, 2021.
Click to download the full eNaira Guidelines Here
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