Source: CBN

eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.

Your eNaira wallet offers a great way of making purchases with retailers on-site, transferring or sending money while tracking rewards programs. You can link the e-wallet to your bank account or pay as you go with a prepay option. In addition, the embedded security token system makes your information unreadable to fraudsters because tokens are randomly generated every time you make a payment.

What eNaira can be used for?

The eNaira is the Nigerian digital currency that is issued and regulated by the Central Bank of Nigeria. Its functionality delivers speedy, safe, and simple trading and transactional opportunities to customers and end-users:

1. It is exchanged peer to peer.
2. It is universal – anybody can hold it.
3. It does not yield any interest.

What makes eNaira different from the money in my bank account?

eNaira is the digital form of the cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.

What are the benefits of eNaira

1. Fast, cheap, reliable and available payment channel.
2. Support digital economy.
3. Improved economic activities.
4. Simplified and easy cross border payments and trade.
5. Inclusion of excluded people in the financial system.
6. Improved effectiveness of monetary policies.
7. Ease in tax remittance and collection to support the Country’s growth.
8. Ease in targeted social interventions to support Nigerians

eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.

What is the exchange rate of the eNaira

The eNaira will have the same value as the physical naira. As such, it will be exchanged one to one.

How to Access eNaira

– Customers will be able to access eNaira via the eNaira wallet in app stores such as Google Play store and the Apple App store.
– Users can also dial a USSD short code and follow the required steps to perform transactions.

What do you think about the eNaira? Drop your comment below.

Leave a Reply

Your email address will not be published.