It's no longer news to those of Nigerian origin or those with ties associated with the country that the country is in a state of financial difficulties for citizens and sound monetary policies gain for the apex bank, the Central Bank of Nigeria (CBN). The Central Bank governor and his directors feel the country needs a currency change after nineteen years(19) of using the old stock. They did not fail to enumerate the benefits of such monetary change and the benefit the citizens will reap from such change even when the country's next general election is barely 10 days from today. They also took the opportunity to roll out "cashless economy", a economic feat they have been working for some time now. The have insisted that its for the good of all concern and it will help curb inflation, scarcity of fuel, high food stuff price, kidnapping and other social vices that have been happening in the country and therefore insisted that from the 10th of February 2023, some of its denomination currency in circulation i.e 1000 naira denomination, 500 naira and the 200 naira cease to be legal tender and also a means of exchange within and outside the country, even when government of some states have decided to seek redress in the court of law, who have ruled that such policies should be suspended till further notice citing the untold hardship and difficulties the citizens are encountering in getting cash, making transfers and other financial commitment.
In the October 2021, the apex bank (CBN) introduce the E-naira a Central Bank backed digital currency(CBDC), a digital currency to assist in its bid to implement the cashless economy inshrined in its cashless economy document vision document to be fully cashless by the year 2025. This digital currency also acts as a means of exchange and also a store of value which are held on digital e-wallets. It was later launched at the end of the month by the president how tagged it "the same naira more possibilities" making it a legal tender and means of exchange via various banks in Nigeria. Ever since then, the CBN have been doing everything possible to make their vision in 2025 possible through introduction of various monetary instrument to facilitated this vision. The CBN believed that the cashless payment initiative of 2025 will speed up electronic payment infrastructure and facilitate financial services in all sectors of Nigeria economy and hence the creation of an E-naira digital currency and a wallet to hold it. The value of the E-naira and cash is equivalent and it's believed to have the same benchmark as the physical naira. The CBDC uses a Blockchain called a Hyperledger Fabrics, the Hyperledger Fabrics was designed with a digital speed wallet combo that is accessible by mobile banking services and can be found on the Google play store platform, the centralized system allows users to also connect or register via a (Know your customer) widely used by Nigerian banks. The centralized digital currency is controlled and monitored by the CBN hence it's backed by law since the CBN has its sovereignty.
The E-naira was created to promote robust,secure and reliable financial solutions, facilitate payment and financial services and also disbursement of funds to Nigeria citizens both at home and abroad. It is estimated that about 800,000 transactions had been done already on the platform and about 8 billion Nigeria naira has been so far been transacted on the platform.
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