E-NAIRA: Nigerian Cryptocurrency Platform [2024]

With the popularity of digital currency, Nigeria knew she had no exception than to launch the E-Naira.

However, the rate at which individuals and organizations are also seeking easy means of payment led to the introduction of e-Naira in Nigeria.

This Nigerian cryptocurrency now serves as a medium of exchange and value storage.

It also offers better payment when compared to cash.

E-Naira Nigerian Cryptocurrency Platform

This digital currency was issued by the Central Bank of Nigeria to increase economic activities at low transaction rates, distribution of cash, limiting fraudulent purposes etc.

In this article, we’ll be discussing about the e-naira (Nigerian Cryptocurrency), the features, and if it’s a waste of investment

Table of Contents

What is e-Naira

The eNaira is a Nigerian Cryptocurrency or digital currency that was issued by the Central Bank of Nigeria to ensure safe, speedy delivery of transactions, simple trading to their customers.

It has the same value as the physical notes and can be obtained by customers through FI and transferred into wallets maintained by them.

The new Nigerian Cryptocurrency won’t replace the fiat notes but will serve as a digital representation of it.

Also, the launch kicks off in October 2021 as announced by the central bank.

How will the eNaira work

All licensed financial institutions will be responsible for verification of ID, creating wallets, enaira payment processing, etc.

The eNaira will act as the digital version of the fiat note.

The eNaira will have a separate account and won’t be connected to any existing account in the bank.

You can also send eNaira to another with an eNaira wallet, receive and store eNaira.

Bitcoin and eNaira: Are they similar?

The eNaira referred to by some individuals as Nigerian Cryptocurrency is different from Cryptocurrency.

Bitcoin is a cryptocurrency while eNaira is a digital currency issued by the government.

The reason here is that, unlike Bitcoin whose value rises and falls, eNaira maintains the same value as the fiat notes.

It’s not something to invest in to yield returns.

It’s mainly for digital transactions with no cash.

Benefits of e-Naira

√ It would serve as a medium of exchange

√ Offer good payment in retail transactions than with cash payment

√ Fast and reliable available payment channels

√ A simple easy cross border trade and payments

√ Easy tax remittance to support the country’s growth

Would e-Naira affect the Nigerian economy

For now, there is no sure proof it would affect the economy.

There is a belief by the CBN that the e-Naira would improve the financial economy of Nigeria.

However, the launch of this eNaira Nigerian Cryptocurrency by the government is to follow the trend.

Frequently Asked Questions About E-Naira

Will eNaira replace the Naira note?

The eNaira will not replace the naira note, however, it will greatly complement it to ensure transactions on the Naira can be done on a global stage.

Where can I store my eNaira?

Your eNaira will be stored in a secured wallet strictly dedicated to you.

Is eNaira a Crypto Currency?

eNaira is a central bank digital currency (CBDC) backed by law, the full sovereignty of Nigeria, issued by the Central Bank of Nigeria as a legal tender.

It is the digital form of the Naira and is used just like cash.

The eNaira wallet is a digital storage that holds the eNaira.

Conclusion

For the eNaira Nigerian Cryptocurrency to grow successfully in Nigeria, it means it requires Nigerians, Organizations, Companies, etc to maintain an e-wallet.

However, it will be disturbed by the lack of power, unstable internet connection, illiteracy, and low value of the Nigerian currency.

Though it is the right approach to a cashless economy, there is yet to be a drafted guideline on the operation of the eNaira.

But we hope the guidelines will lead to the operation of Cryptocurrencies in Nigeria.

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