Nigeria's central bank digital currency (CBDC) website has gone live, signaling that the eNaira digital currency will be launched on October 1.

The Central Bank of Nigeria (CBN) sent local banks a paper last month that detailed the architecture of its soon-to-be-launched virtual currency, as well as details on the duties given to participants in the currency rollout.

The CBDC will be legal money and a non-interest-bearing asset, with a limit on both customer and value-based transactions.

The digital currency's "functionality gives rapid, safe, and simple trading and transactional options to consumers and end-users," according to the eNaira website.

The website lists four key aspects of the eNaira, including:

  1. Unified Payment System: Customers can now move money from their bank account to their eNaira wallet with ease.
  2. Contactless Payment: Customers can make in-store payments using their eNaira wallet by scanning QR code
  3. Bank Account Management: Customers can monitor their eNaira wallet, check balances and view transaction history.
  4. Peer-to-Peer Payment: Allows users to send money to one another through a linked bank account or card.

Also read: What to know about e-Naira, Nigeria's Central Bank digital currency