Nigeria’s eNaira Currency, Things You Should Know

The official website of Nigeria’s eNaira currency, went live on Monday. According to report, the site has already recorded over a million hits. This is coming just days to its official launch, set on October 1st 2021. While things appear to be moving at a very fast pace, many Nigerians still don’t know much about the eNaira Currency thing.

In this post, we will be looking at what eNaira means, and all you should know about the Nigeria’s Digital Currency. Without wasting your time, here are the few things to know about the e-currency launched by the Nigerian government.

About eNaira?

eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.

It is designed as a less costly, more efficient, and safer means of payment. The digital currency, which is expected to go live on October 1st, will not be replacing the Naira, but will be complementing cash as a better means of transaction between Nigerian.

Things You Should Know About The eNaira?

  • How safe is the eNaira?: According to CBN, the eNaira is designed with cryptographic techniques against counterfeiting, cloning, and other forms of attack. Also, it has a unique identity and security structure, making it traceable, hence, fraudulent activities can be traced.
  • How will the eNaira be used?: It is an e-currency and will be required to be used with some form of digital device. For example, payments can be made by scanning QR codes.
  • Who is eligible to hold eNaira?: It is universal, so anybody can hold it.
  • Is it acceptable?: The eNaira is a digital cash, hence it can be used for both international and local trade. So yes, it is generally acceptable both locally and internationally.
  • How will I be able to manage my eNaira?: Your eNaira will be held in a digital storage and managed on a distributed ledger.
  • How will I be able to transact business with my eNaira account?: You will be assigned an e-wallet account. With this, you will be able to send and receive funds with this.
  • How to create an e-wallet account?: To create an account, you need to download the app from either Google Play Store or Apple Store and complete the registration process.
  • If I have a fail transaction, who will I contact?: To resolve any issue resulting from a transaction with an eNaira account, you can contact the Customer care Support via [email protected]. you can also contact the customer support of the bank you selected when registering for eNaira

These are some of the few things to know about the newly introduced eNaira by the CBN. More details will be brought to you after the official launching on October 1st 2021.

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