eNaira is the digital currency issued by the Central Bank of Nigeria (CBN). It represents Nigeria's adoption of a central bank digital currency (CBDC), aimed at enhancing financial inclusion, improving payment efficiency, and promoting the digital economy. Key features and objectives of eNaira include:

Digital Wallet: eNaira users need a digital wallet to store and manage their currency. The wallet can be accessed through a mobile app.

Enhanced Financial Inclusion: It aims to provide financial services to the unbanked and underbanked populations in Nigeria, making financial transactions more accessible to a wider audience.

Payment Efficiency: eNaira is designed to facilitate faster and more secure transactions, reducing the need for physical cash and improving the efficiency of the payment system.

Lower Transaction Costs: By reducing intermediaries and streamlining processes, eNaira can lower transaction costs for both consumers and businesses.

Security and Transparency: Leveraging blockchain technology, eNaira aims to enhance the security and transparency of financial transactions.

Economic Growth: It supports the digital economy and is expected to stimulate economic activities by providing a reliable and efficient payment method.

Launched in October 2021, eNaira is part of Nigeria's broader strategy to harness digital innovations for economic development.