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12 Things You Should Know About The eNaira

The website of Nigeria’s digital currency, eNaira, went live on Monday.

This comes days to its official launch on October 1st as earlier disclosed by the Central Bank of Nigeria governor, Godwin Emefiele.

The site, on its welcome note, said the eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. It reads:

“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.”

Below are some things you should know:

  • It is a digital storage that holds the eNaira.
  • It is held and managed on a distributed ledger.
  • It can be used for remittance which includes cheaper diaspora remittance option.
  • It is traceable, hence, fraudulent activities can be traced.
  • It can be used for both international and local trade.
  • It has a unique identity and security structure
  • It is exchanged peer to peer.
  • It is universal – anybody can hold it.
  • It does not yield any interest.
  • Payments can be made by scanning QR codes.
  • You can monitor your e-wallet activities.
  • To create an e-wallet account, 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.
  • To resolve failed transactions, Reach out to the customer support of the bank you selected when registering for eNaira through their available channels which include: phone, email, whatsapp, etc. If issues are not resolved within 48 hours, send an email to CBN’s eNaira Customer Support via helpdesk@enaira.com

It will be fully in use by October 1st.

 

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