eNaira is Nigeria issued digital currency that offers a unique money denomination in naira. The e-Naira served as a medium of exchange and store value, offering better payment prospects in trade transactions when compared to cash payments; the eNaira was officially launched on 1st October 2021.
At the launch of the eNaira, the CBN governor Godwin Emefele said that 509 million eNaira has already been minted, that is $1.21 million the digital currency, and its merchant wallet is available for download after being launched.
Nigeria is one of the first countries globally and certainly the first in Africa to develop an official digital currency. While the digital currency has taken off, many Nigeria still doesn’t understand how the digital currency operates and why the country needs a digital currency in the first place. Here are a few things you should know about the 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 physical Naira and can be used the same way as cash
It is a digital form of the Naira currency
The eNaira is the digital form of the Nigerian physically currency notes in circulation; it is issued by the central bank of Nigeria in line with section 19 of the CBN acts. It is a direct liability of the Nigerian apex bank built in a blockchain open ledger technology that prevents duplication or creation of fake units. Each eNaira note will be uniquely different.
Is the eNaira a Cryptocurrency?
If you are wondering if the eNaira is a cryptocurrency, well, the answer is no; the eNaira is not a cryptocurrency, it is simply a digital currency issued and backed by the Nigerian government, and it is a legal tender equivalent to the physical cash. It is very much unlike Bitcoin and other cryptocurrencies because they are decentralized currency they have no backing of the government, the eNaira is pegged against Naira notes, and it will not fluctuate due to market influence at a different rate from the Naira notes.
Benefits Of eNaira
eNaira is a fast, affordable, secure, and reliable payment option designed to support the digital economy and aid financial inclusion in Nigeria. eNaira will, among other benefits, enhance the Nigerian payment ecosystem, increase revenue and tax collection, aid targeted social interventions, and improve diaspora remittances. Users can make contactless payments with eNaira by scanning a QR code.
eNaira At Par With N1
The eNaira is a legal tender and will form part of the currency in circulation. The e-naira will be at par with the physical Naira, maintaining the same exchange value as the naira; this means that eNaira has the same value as the naira note. N1=1 e-naira.
What is the e-Naira Wallet?
The eNaira wallet is used to hold the eNaira wallet. The eNaira wallet is accessible only through the eNaira wallets, the digital storage that holds the naira wallet.
eNaira Mandatory Requirements
For a successful self-service enrollment for eNaira Speed App, mandatory
requirements for some BVN details must match similar details attached to the consumer
profile at the BVN database.
The relevant information for a successful BVN validation includes:
- First Name;
- Last Name;
- Date of Birth (DD/MM/YYYY);
- State of Origin;
- Email; and
- Phone Number.
eNaira Unique Identifier for users
The TIN, NIN, and/or BVN would be used as unique identifiers:
- TIN will for corporate entities;
- NIN and/or BVN will go for individuals; and
- BVN for merchants that are not corporate entities.
How Does eNaira Work
The eNaira will be provided by CBN to financial institutions as intermediaries who would help supply to individuals and customers; these financial institutions would maintain a treasury wallet to collect eNaira from CBN, they would after that oversee ID verification, eNaira payments processing, and generation of wallets for Nigeria to keep their eNaira.
If you are interested in investing in the eNaira, you can do so via financial institutions authorized by the central bank of Nigeria; make sure to do some research before diving in.
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