Things You Should Know About the CBN’s E-Naira
The Central Bank of Nigeria had earlier announced that the launch of the digital currency, eNaira, would hold on October 1 but postponed the launch due to lined up events for Nigeria’s 61st independence anniversary.
However, before the launch, Nigeria’s digital currency website, eNaira, went live in September. 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:
“E-Naira 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 twelve things you should know about the eNaira:
- 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 E-Naira Customer Support via email@example.com.