The President of Nigeria, the most populous black nation in the world, Muhammadu Buhari, has officially launched the country’s e-Naira Central Bank Digital Currency on Monday.

The e-Naira was launched in the Statehouse Abuja. The website of the CBDC stated that the e-Naira is a people-oriented digital currency leveraging technology to connect individuals and businesses for easy trading and financial inclusion.

According to the eNaira design paper, The objective of the e-naira is to increase the speed and ease of personal and business payment and to promote the cashless policy introduced by the Central bank of Nigeria in 2012.

The e-Naira has two applications,eNaira speed wallet and eNaira merchant wallet, that can be downloaded on Google play store and Apple store or gotten by scanning a QR code on the CBDC’s website.

In the last 24 hours, bitcoin is up by 5.55%, with a current price of $63,282.64 as at the time of writing this. Within 24 hours, bitcoin dropped to $59,5 low 0.74 and $63,443.90 high. The trading volume of bitcoin in the last 24 hours is $1.05B. The current market capitalization of bitcoin is $1.19T. Currently, $18.85M bitcoins is in circulation.

Stats and Image from Coin Desk

However, to register, users must complete a KYC procedure.

According to the website, “To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.”

First Name, Last Name, Date of Birth, State of Origin, and Email

The Governor of the Central Bank of Nigeria, Godwin Emefiele, while commenting on the launch, said 500 million eNaira ($1.21 million) has already been minted.