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e-Naira: Things You Should Know About eNaira

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e-naira

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.

President Muhammadu Buhari on Monday, launched Nigeria’s first digital currency, e-Naira.

Buhari unveiled the digital currency at the State House with top government functionaries in attendance.

The digital currency was flagged off with over N500m of the currency minted.

Speaking during the unveiling, the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, disclosed that 33 banks had been fully integrated and live on the platform.

However, as the new eNaira hits Nigerians, Daily Tells has curated a list of 12 things to 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 a cheaper diaspora remittance option.

It is traceable so fraudulent activities can be traced.

It can be used for international and local trades.

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.

First digital currency in Africa.

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