What You Should Know About The e-Naira Launched By President Muhammadu Buhari

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.

What’s the difference between eNaira and the funds in one’s account?

eNaira is a digital currency and is a direct liability on the Central Bank of Nigeria while the money in your bank account is Naira held as deposit liabilities by the financial institution.

What are the benefits?

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.

Will eNaira Replace Cash?

No. eNaira will circulate alongside cash as a more efficient, safe, and cost-saving payment option.

How do I fund my wallet?

Funding of your eNaira wallet can be done through your regular bank app from your bank account and via cash through an eNaira verification agent, over the counter at designated bank branch or a SANEF agent. (SANEF means Shared Agent Network Expansion Facilities)

Does the eNaira Yield any Interest?

No. The eNaira has no interest component

Is your eNaira wallet safe and easily accessible?

Yes. eNaira is safe and secured with advanced cryptographic techniques against counterfeiting, cloning and other forms of breaches. The eNaira wallet operates an open system that is accessible to all users based on a tiered KYC structure.

Is data well protected?

Yes. Data protection and privacy remains fundamental to the core design of the eNaira system and users will be able to determine how their data is used, shared and processed.

Credit; Olajide Abiola