All You Need To Know About e-Naira Digital Currency
All You Need To Know About e-Naira Digital Currency
All About e-Naira
Organizations and individuals are seeking fast, safe, easy, and cheap means of payment, eNaira was minted to meet these pressing needs.
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.
There are several benefits from a central bank-issued digital currency in Nigeria, and this cuts across different sectors of, and concerns of the economy.
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.
Growth
eNaira fosters Economic Growth by offering easier access to capital and financial services thereby increasing economic activities at low/no interest transaction rate.
Remittance
eNaira provides a secure and cheaper diaspora Remittance option and an increase in the speed of such transactions.
Monitoring
eNaira's traceability limits its use for illicit or fraudulent purposes.
Welfare
eNaira enables effective, equitable, and faster distribution of cash assistance to households and communities included in government Social Welfare Programs.
Inclusion
eNaira will accelerate Financial Inclusion.
Trade
eNaira increases Local and International Trade by making transactions cheap, safe, quick, and better.
Security
eNaira has a stronger security because it cannot be forged or counterfeited as a result of its unique identity and security structure.
Revenue
eNaira aids Revenue collection by reducing cash handling costs.
eNaira Features
Unified Payment System
Customers can now move money from their bank account to their eNaira wallet with ease.
Contactless Payment
Customers can make in-store payment using their eNaira wallet by scanning QR codes.
15 Questions About e-Naira Digital Currency
- What is eNaira?
- What is an eNaira wallet?
- What makes eNaira different from the money in my bank account?
- In a typical transaction, what is the difference between an online bank transaction and eNaira wallet?
- What are the benefits of eNaira?
- What is the primary role of the CBN with respect to eNaira?
- Will eNaira replace cash?
- Is eNaira safe?
- As an eNaira holder, am I assured of data privacy?
- Who can access eNaira?
- What is the exchange rate between eNaira and physical naira?
- Why should an individual download and fund the eNaira wallet?
- Why should a business/corporate operate the eNaira wallet?
- How do I access eNaira?
What is eNaira?
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.
What is an eNaira wallet?
The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger.
The eNaira wallet is required to access, hold and use eNaira.
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.
In a typical transaction, what is the difference between an online bank transaction and eNaira wallet?
There are intermediaries for the typical online bank transactions, whereas for eNaira transactions, there are no intermediaries.
What are the benefits of eNaira?
The benefits of the eNaira are:
- 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.
What is the primary role of the CBN with respect to eNaira?
In line with Section 2 of the CBN Act 2007, the CBN is the issuing authority of all forms of Naira.
The Central bank will also be responsible for determining the technical, regulatory and operational standards for eNaira.
Will eNaira replace cash?
No, it will circulate alongside cash. The eNaira will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.
Is eNaira safe?
eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.
As an eNaira holder, am I assured of data privacy?
Yes. Similar to the privacy enjoyed by current online banking patrons, the eNaira system has been designed to ensure data and user privacy. There are also operational policies and procedures in place to protect users’ identity and privacy.
Who can access eNaira?
Similar to cash, any person or business can have access to eNaira as long as they have the requirements for onboarding.
What is the exchange rate between eNaira and physical naira?
The eNaira will have the same value as the physical naira. As such, it will be exchanged one to one.
Why should an individual download and fund the eNaira wallet?
- 1. 99.9% service availability.
- 2. Low charges.
- 3. Nationwide acceptance.
- 4. No dispensing errors.
- 5. Advanced data privacy and security.
Why should a business/corporate operate the eNaira wallet?
- 1. Instant settlement.
- 2. 99.9% service availability and reliability.
- 3. Low charges.
- 4. No dispensing errors.
- 5. No reconciliation issues.
How do I access eNaira?
- 1. Customers will be able to access eNaira via the eNaira wallet in app stores such as Google Play store and the Apple App store.
- 2. Users can also dial a USSD short code and follow the required steps to perform transactions.
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