Share this article
Nigeria’s eNaira CBDC Goes Live
The eNaira was developed by fintech company Bitt, whose digital currency management system is also behind the Eastern Caribbean Central Bank’s CBDC.
Updated May 11, 2023, 4:30 p.m. Published Oct 25, 2021, 3:12 p.m.
Nigeria’s central bank digital currency (CBDC), the eNaira, is live following an announcement by President Muhammadu Buhari on Monday.
- The official unveiling of the eNaira – designed to complement Nigeria’s physical currency, not replace it – took place Monday; it had been announced last week.
- The eNaira was developed by fintech company Bitt, whose digital currency management system (DCMS) is also behind the Eastern Caribbean Central Bank’s CBDC.
- Two applications for using the CBDC – eNaira speed wallet and eNaira merchant wallet – are available for download from the Google and Apple app stores.
- The eNaira was originally slated for launch on Oct. 1, but was delayed in deference to the 61st anniversary of Nigerian independence that same day.
- Some 500 million eNaira ($1.21 million) have already been minted, central bank Governor Godwin Emefiele said at the official launch.
- Nigeria’s government and central bank struggled with the rise of cryptocurrency in the country, leading to a ban on crypto transactions within the banking sector in February. Four months later, plans were announced to introduce the eNaira.
STORY CONTINUES BELOW
Read more: Nigeria’s CBDC: The Good, Bad and Ugly
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Binance Wins Full ADGM Approval for Exchange, Clearing, and Brokerage Operations
Abu Dhabi’s Financial Services Regulatory Authority has granted licenses to three Binance entities covering exchange, clearing, and brokerage functions.
What to know:
- Binance has received authorization from Abu Dhabi Global Markets (ADMG) to operate under a comprehensive exchange, clearing, and brokerage framework.
- The approval allows Binance to structure its operations into three regulated entities under the Nest brand, covering exchange, clearing, and trading functions.
- Binance's presence in Abu Dhabi aligns with regulatory standards and underscores the region's role as a hub for financial innovation.
Top Stories
