What Nigerian's Should Be Expecting As CBN Launches eNaira
The 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 Naira and it will be used just like cash. While the eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger. The eNaira wallet is required to access, hold and use the e-Naira.
The eNaira can be created for smart phone users, which can be on Android and on IOS. To download the eNaira app (termed Speed) from either the Google Play Store or on Apple Store and complete the registration process. For feature phone users, utilize USSD codes and follow the registration prompts.
The eNaira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions.
What makes eNaira different from the money in your bank account?. eNaira is the digital form of the cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.
The CBN has said the eNaira will be available to Nigerians on every kind of mobile phone, even with the phone without the internet enable.
Recommeded For Your: How To Install eNaira App
Sponsored Links
No comments