The Nigerian digital currency 💹 eNaira
eNaira is the Nigerian digital currency issued and regulated by the Central Bank of Nigeria (CBN). It has the same value as the physical Naira and guarantees simple, safe, and fast transfers and payments anytime and anywhere
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
pilot scheme of the eNaira starting on October 1st, 2021.
It is still unclear how the CBN will roll out the launch and who will have access to the new currency from the start.
The eNaira will work as a digital version of the physical Naira.
Financial institutions licensed by the CBN will be responsible for ID verification, eNaira payment processing, and creating wallets for customers to hold their eNaira.
The eNaira wallet is similar to a bank account and is created in the same way; however, it will be a separate account that is not connected to an already existing bank account.
Transactions will be possible between two parties that both have an eNaira wallet
, which allows you to store, send, and receive eNaira.
eNaira is not like Bitcoin which is a cryptocurrency, the eNaira is a digital currency issued by the government.
This difference has a big impact on the stability of the currency.
For example, the eNaira will maintain the same value as the Naira. Therefore, its value will not rise and fall the way some Cryptos does, also meaning it is not something to invest in to grow your fortunes.
The eNaira simply makes it easier to facilitate transactions digitally without needing to be backed by cash.
It is still unclear what impact eNaira will have on the Nigerian economy, if any at all.
However, the CBN believes the eNaira will greatly improve financial inclusion, payment processing, and tax collection, among other things.
The eNaira is also expected to increase cross-border trade, which could have a positive impact on the Nigerian economy.Â
It is still unclear how cross-border transactions will work with eNaira.
This is still a big question many experts have ahead of the launch of the CBN’s pilot scheme of the eNaira.
However, one thing is certain.
The eNaira will not replace physical Naira. Therefore, it is still possible to send money to Nigeria as usual.
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But after t his lunch some if the citizens who are in haste to have a wallet for the eNaira are still having some issues with registration but I believe subsequently there will be improvement and every thing will work perfectly
Kudos to the CBN
