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eNaira: What You Need To Know About The CBN Just Launched Digital Currency

eNaira

eNaira is Nigeria’s first digital currency introduced by the Central Bank of Nigeria. It is to be official unveiled to the public on 1st October, 2021. According to the CBN governor,Godwin Emefiele: “We have all the approvals and mandates to launch on October 1, but it is important to understand that eNaira is not a one-off, it’s a journey that starts on October 1. From October 1, a Nigerian will be able to download the eNaira app from either Google Play Store or App Store, fund their eNaira wallet using their bank accounts or with cash at a registered agent, location.”

In the website of eNaira (www.enaira.com), 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.”

With the newly introduced digital currency, here are some basic functions and mode of transactions of the new currency:

• 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 make complaints of failed transactions or unresolved 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 however not resolved within 48 hours, send an email to CBN’s eNaira Customer Support via [email protected]

eNaira Platform Website and App

The official website of the eNaira is enaira.com. It also has an app that is available for download on Playstore and app store.

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