The document, as well as the recommendations, will apply to all financial institutions and eNaira users. Users will have the option to reveal whether the eNaira wallet they are creating will be operated for themselves or as trustees during the onboarding process.
“The Central Bank of Nigeria (CBN) is empowered to issue legal tender currency, ensure the financial system, and promote the development of electronic payments systems under the Central Bank of Nigeria (CBN) Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020,” according to the document.
In order to fulfill its mandate, the Bank has issued the following instructions for the operation of the eNaira.
“The eNaira is the CBN’s digital version of the Naira, which it issues in accordance with Section 19 of the CBN Act. It is the Bank’s direct liability, legal tender, and will become part of the currency in circulation, equal to the physical Naira (that is 1:1).
“The eNaira will serve as a cost-effective, efficient, widely accepted, safe, and trusted alternative to the old Naira.
It will also improve the efficiency of monetary policy, strengthen the government’s ability to implement targeted social measures, and increase remittances through official channels.
“To access, use, and hold eNaira, you must have an eNaira wallet. The eNaira will be convertible into other Central African currencies.
