The rise of eNaira: Everything You Need To Know About The Digital Currency
The Rise of eNaira: Everything You Need To Know About The Digital Currency
The eNaira
With the unveiling of the eNaira by President Muhammadu Buhari, Nigeria becomes the first country in Africa to launch a digital currency.
In recent times, the use of physical cash in conducting business and making payments has been on the decline. This trend has been exacerbated by the COVID-19 pandemic and the resurgence of a new Digital economy. In response to these developments, an overwhelming majority of Central Banks across the world have started to issue digital currencies in order to cater for businesses and households seeking faster, safer and cheaper means of payments.
It is on this basis that the Central Bank of Nigeria led by Mr. Godwin Emefiele, sought and received President Muhammadu Buhari’s approval to explore issuing Nigeria’s own digital currency named - eNaira.
What is the eNaira – The eNaira is a digital currency issued by the Central Bank of Nigeria, CBN, as a legal tender. It is a fast and contactless way of making payments by just scanning a QR Code.
The eNaira enables housholds and business entities to make fast, efficient, and reliable payments, while benefiting from a resilient, innovative, inclusive and a competitive payment system.
The eNaira is not a cryptocurrency and does not yield interest.
What Can You Do With The eNaira?
The eNaira can be used to make payments in two different ways. The first way is through QR Code. The second method is through a USSD code, the CBN will provide a code for folks without a smart phone so that they can access the eNaira system.
2, You can also send and receive money through the eNaira using a pin-to-pin model. Once you set up your eNaira Speed Wallet, you’ll be able to send and receive funds.
3, Diaspora Remittance - For Nigerians in the Diaspora and those abroad the eNaira makes overseas payments cheap and safe to ensure you get more value for every Naira you earn.
With the eNaira you can send funds faster to relatives and friends, save money and time.
How To Set-Up Your eNaira Wallet:
Go to the Play Store or App Store and download the eNaira Speed Wallet. Once you download and set up the eNaira Wallet it would be automatically linked to your bank account.
Once you download, you will set up an account and you can start using the eNaira to pay taxes, bills and make purchases from your Speed Wallet. You can also boycott the queues and lines and pay your bills from the comfort of your home.
For more information about the eNaira visit, www.enaira.gov.ng.
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