It’s Africa’s first digital currency the enaira is a central bank digital currency (CBDC) issued by the central bank of nigeria as a Legal tender, it’s a digital form of the real naira and will be used as cash.
enaira comes with an ewallet a digital storage that holds the enaira ,the ewallet is required to access hold and make usage of the enaira stress free. For secuity and convienience the ewallet uses a two factor authentication system in addition to cryptographic encryption to ensure the safty of customers wallet and the naira holding
The enaira was launched monday 25th october 2021, as against the initial proposed date of october 1st at the presidential villa by the president of Nigeria Muhammed buhari and the central bank Governor Godwin emefiele according to the governor 500,000,000.00 has been minted and in circulation of which 200,000,000 has been issued to financial instituton in the country and over2000 customer had enrolled and over120 merchant had also enrolled in the enaira platform to transact businesses.
The enaira and the physical cash are virtually the same, same value, same purchasing power, the enaira and the real naira exchange for 1:1
How it works
The eNaira will work as a digital version of the physical Naira
Financial institutions licensed by the CBN will be responsible for ID verification, eNaira payment processing, and creating wallets for customers to hold their eNaira.
The eNaira wallet is similar to a bank account and is created in the same way; however, it will be a separate account that is not connected to an already existing bank account.
Transactions will be possible between two parties that both have an eNaira wallet, which allows you to store, send, and receive eNaira.
One might be curious to ask Is the eNaira the same thing as Bitcoin?
No. Unlike Bitcoin which is a cryptocurrency, the eNaira is a digital currency issued by the government.
This difference has a big impact on the stability of the currency.
For example, the eNaira will maintain the same value as the Naira. Therefore, its value will not rise and fall the way Bitcoin does, also meaning it is not something to invest in to grow your fortunes.
The eNaira simply makes it easier to facilitate transactions digitally without needing to be backed by cash.
How will the eNaira affect the economy?
It is still unclear what impact eNaira will have on the Nigerian economy, if any at all.
However, the CBN believes the eNaira will greatly improve financial inclusion, payment processing, and tax collection, among other things. According to the president Muhammed Buhari he said the plartform will increase nigeria's GDP by $29bn in 10years
The eNaira is also expected to increase cross-border trade, which could have a positive impact on the Nigerian economy.
How will eNaira affect money transfers to Nigeria?
It is still unclear how cross-border transactions will work with eNaira.
However, one thing is certain.
The eNaira will not replace physical Naira. Therefore, it is still possible to send money to Nigeria as usual.
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So here’s a new easy way to carryout transaction and also to furtherance of the CBN cashless policy and ease of doing business in Nigeria…..
What’s yourtake on these…let your thought count….thanks a lot for reading thru
What advantage does ENaira have over other forms of sending money like the one Opay uses?
well? not much of advantage is it?... other than it makes one go cashless and makes purchasing easier....just like the inter-bank transaction....but still this is nigeria...will it last?.....thanks @mistakili ...appreciates you beyond words
So far, this is just about the only positive thing I can see about the eNaira. The government and CBN believes it will improve the economy. Only time will tell... Let's see how it plays out.
Thanks for this enlightening post about Nigeria's digital currency.
thats very true @kemmyb ...you share my thought, to me it's okay but ..lets not for get this is Nigeria....lets watch and see how long it last....if its survive the next 5years.....
thanks a lot @kemmyb....voices like yours need to be heard
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Is it just me? This eNaira has something like control in it. But who knows I might be wrong.
Let see how it goes.
Thank you for the Enlightenment
thanks a lot for stopping by @ijohnsen....i appreciate your thought.....offcourse i thought as much when i first saw it......let see how it goes from here