Nigeria’s eNaira – The Central Bank of Nigeria has stayed true to its commitment to develop a CBDC, though initially slated to be unveiled in Octerber 1, 2021 but couldn’t come through following a number of activities that delayed the process till 25th October.
Given this, the Central Bank Digital Currency (Nigeria’s eNaira) is in full gear, up and running.
This guide is meant to arm you with requisite information should you decide to try your hands on the Nigeria’s eNaira.
What is eNaira?
eNaira is the Nigeria’s Central Bank Digital Currency (CBDC) that has the same value as the NGN.
eNaira is the digital alternative of the NGN that provides more opportunities in trans boarder trade without the intermediaries, these transactions are cheap, fast, safe and reliable.
Note: Nigeria is the first country in Africa to have developed a digital currency duly controlled and regulated by its Central Bank.
Facts about the eNaira
The platform according to CBN will leverage technology to connect individuals and businesses for seamless trading which should enhance financial inclusion.
The eNaira will provide secure and cheaper diaspora remittance option even faster. Communities with little or no banking opportunities will be involved financially. It will promote international trade since settlement will be easier and swift.
Payments across the border will be safer and cheaper since middlemen will not be involved in facilitating the process. Security and safety is guaranteed.
Moving money from conventional bank account to the eNaira wallet will be easy, while customers can make in-store payment using the eNaira wallet by scanning QR codes.
Additionally, customers can monitor their wallet, check balances and view transaction history with ease, funds can be sent to other wallets through linked bank accounts or card.
eNaira has the same value as the Naira, also denominated in Naira. In fact it’s the digital equivalent of the Naira.
Features and benefits of eNaira
- Payment is fast and secured
- Send, receive and spend with ease
- Serves as a store of value
- Can be connected to bank account
- Enable affordable remittances and diaspora payments
- Secured with cryptographic techniques against counterfeiting, cloning and other frauds
How to get started
- Download the eNaira speed wallet app on Google Play or Apple Store
- Click on sign up and select your preferred bank
- Complete your registration with ( your name, state of origin, BVN, account number, email address and requisite information as required).
How to fund your eNaira speed wallet
- Log in to your bank Mobile app
- Select transfer and tap on eNaira
- Enter your eNaira speed wallet login details
- Select deposit/withdraw to complete whichever transaction that applies to you.
The Nigeria’s eNaira does not in any way retrogress inflation, neither does it control USD to NGN rate. It’s a digital form of the Fiat currency with the same value, though with a promise of endless possibilities which are left to be seen.