Naira stable as eNaira launches

Naira gains at official market as Reps ask CBN to act

Naira was stable against the U.S. dollar at the official market on Monday as the government officially launched Nigeria’s digital currency (eNaira).

The performance stretched the currency’s stability to three consecutive days at the official market.

The Central Bank Digital Currency (CBDC), eNaira, went live on Monday following an official launch by President Muhammadu Buhari at the State House in Abuja.

The digital currency was developed by fintech company Bitt, which is also behind the creation of CBDC in some East Caribbean countries.

Godwin Emefiele, the Central Bank of Nigeria governor, said 500 million eNaira ($1.21 million) had already been minted, and that of this figure, N200 million eNaira has already been issued to banks integrated on the platform.

Data from FMDQ securities exchange windows where forex is officially traded, showed that naira exchanged hands with the foreign currency at N415.07 to a dollar on Monday. The same rate it exchanged in the past two sessions (Thursday and Friday) last week.

Forex turnover at the market plummeted by 63.00 per cent with $90.36 million recorded on Monday as against the $240.97 million posted at the close of business on Friday last week.

The local unit saw an intraday high of N404.00 and a low of N415.20 before closing at N415.07 to a dollar again on Monday.

At the black market in Uyo, dealers said they exchanged the currency at N560.00 to a dollar on Monday, as against the N565.00 per $1 exchanged Friday last week.

“Dealers here are skeptical of buying the dollar due to the launch of the eNaira, they don’t want to buy and lose,” a dealer who does not want his name mentioned told PREMIUM TIMES via telephone.

While at Abuja, dealers exchanged the naira at the rate of N568.00 and sold at N570.00 to a dollar on Monday.


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