Central Bank of Nigeria Launches CBDC eNaira

Posted on 10/29/2021

On October 25, 2021, the Central Bank of Nigeria (CBN) launched its own digital currency called the eNaira. Central bank digital currencies (CBDC) are being explored by many central banks. The Central Bank of Nigeria will have the eNaira exist alongside the physical currency Naira. Users can sign-up for an eNaira wallet. The wallet can be linked to a bank account or have a prepay option.

Just two days after the creation of the e-Naira. The Central Bank of Nigeria alerted the public of a fake e-Naira twitter handle. The central bank says that fraudsters have been using the twitter handle, (@e-Naira_cbdc), purported to belong to the CBN, to send messages relating to the digital currency in order to woo unsuspecting victims.

The CBN statement reads in full: “Following the formal launch of the eNaira on Monday, October 25, 2021, the attention of the Central Bank of Nigeria (CBN) has been drawn to criminal and illegal activities of some individuals and a fraudulent twitter handle, @enaira_cbdc purported to belong to the Bank.

The impostor handle and fraudulent persons have been posting messages related to the eNaira with the intent of wooing unsuspecting Nigerians with claims that the Central Bank of Nigeria (CBN), among other falsities, is disbursing the sum of 50 Billion eNaira currency.

These impostors are bent on defrauding innocent and unsuspecting members of the public through the links attached to their messages for application to obtain eNaira wallets and become beneficiaries of the said 50 billion eNaira currency.

For the avoidance of doubt, the Central of Nigeria (CBN) is not the owner of that twitter handle (@enaira_cbdc) and indeed suspended its presence on Twitter following the Federal Government’s Ban.”

The eNaira was initially scheduled to launch on October 1, 2021.

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