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How Nigeria’s digital currency, eNaira, will work

WHAT IS ENAIRA

eNaira is issued by CBN as a legal tender and it is also the digital form of the naira and will just be like cash.

WHAT ARE THE BENEFITS?

The digital currency is for everyone: individuals, households, businesses, non-governmental organisations (NGOs), religious institutions, and governments at all levels, as it enables customers to move money from their bank account to their eNaira wallet with ease.

Some of the benefits include diaspora payments, receiving financial support/intervention funds through the digital wallet; increasing customer base for financial institutions and businesses

The eNaira will ensure transparency in taxation systems for governments; facilitate the instant cross-border foreign exchange to boost economic growth, and minimize fraudulent activities such as money laundering, and illegal money deals because of the trackable unique ID of each eNaira.

WHAT IS ENAIRA WALLET?

This is the digital storage that holds the eNaira. It is held and managed on a distributed ledger and it is required to access, hold and use eNaira.

DIFFERENCE BETWEEN DIGITAL MONEY AND PHYSICAL MONEY

The eNaira is the digital form of cash and is a direct liability on CBN, while the customer deposits are direct liabilities of the financial institutions.

HOW TO ACCESS ENAIRA?

To access the digital currency, you will have to download the eNaira app either on the Google play store or the App store.

HOW CAN YOU GET STARTED?

Individuals

1. Download the eNaira app;

2. Enter the invitation code received from the bank;

3. Enter minimum identification details (i.e., NIN, BVN, or know your customer (KYC)/anti-money laundering (AML) information, depending on the customer tier you are);

4. Enter other identification details such as name, place, date of birth, phone number, passport photograph, email and password);

5. Minimum ID is validated;

6. You receive a notificati
07:09 PM - Oct 26, 2021
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