10 things Nigerians should know about eNaira
eNaira CBN

10 things Nigerians should know about eNaira

See how to get started, the safety measure and the difference between eNaira and you Naira cash.

The Central Bank of Nigeria recently introduced the country's first digital currency dubbed eNaira.

The development is coming some days to its official launch on October 1 as disclosed by the Governor of Central Bank of Nigeria, Godwin Emefiele.

To further show its seriousness, the website of eNaira went live on Monday.

The CBN described it on the website, www.enaira.com, that the “eNaira is a CB -issued digital currency that provides a unique form of money denominated in Naira.”

Here are 10 things you ought to know about the initiative:

#1 - eNaira is a central bank digital currency (CBDC) issued by the CBN as a legal tender.

#2 - It will be used just like the Naira cash but in the digital form.

#3 - The eNaira is stored in an eNaira Wallet which is a digital purse that holds the eNaira and the wallet is held and managed on a distributed ledger.

#4 - Without the eNaira wallet no individual can access, hold and use eNaira.

#5 - To ensure the safety of customers’ wallets and the eNaira holding, the CBN design the eNaira system with a two-factor authentication system in addition to cryptographic encryption to ensure the.

#6 - To create an eNaira wallet:

  • For smartphone users, download the eNaira app (termed “Speed”) from either the Google Play Store or Apple Store and complete the registration process.

  • For feature phone users, utilize USSD codes and follow the registration prompts.

#7 - Customers can connect the eNaira wallet to their choice bank account which is identified on the eNaira app for transactions.

#8 - According to the CBN, eNaira different from the money in your bank account because;

  • 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.

#9 - eNaira transactions will be traceable and its “e-Naira’s traceability limits its use for illicit or fraudulent purposes,” said Nigeria’s apex bank.

#10 - “e-Naira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments,” said the CBN on its newly launched eNaira website.

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