Nigeria launched the much awaited eNaira on Monday, October 25, 2021. This came up some three weeks after the initial schedule of October 1, 2021. Here are some quick facts about it:
It is different from bitcoin/cryptocurrency because it is under the regulation of the Central Bank of Nigeria.
The official way of writing its name is eNaira – not e-naira or enaira.
Because it is under regulation, it is traceable alongside its transactions in case there are issues.
As ‘The Guardian’ had also noted, eNaira 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 can be used for both international and local trade.
It has a unique identity and security structure
It will be used just like the Naira cash but in the digital form.
The eNaira is stored in an eNaira Wallet which is a digital purse that holds the eNaira and the wallet is held and managed on a distributed ledger.
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.
Without the eNaira wallet no individual can access, hold and use eNaira.
To create an e-wallet account, for smartphone users, download the eNaira app (termed “Speed”) from either the Google Play Store or Apple Store and complete the registration process. For feature phone users, utilize USSD codes and follow the registration prompts.
To resolve failed 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 not resolved within 48 hours, send an email to CBN’s eNaira Customer Support via [email protected]
