eNaira: All You Should Know About The Nigerian Digital Currency

eNaira Wallet: The Central Bank of Nigeria (CBN) will officially launch her Digital Currency, eNaira on October 1, 2021. The official website of e-Naira is www.enaira.com.

eNaira Wallet App

e-Naira is a Central Bank of Nigeria issued digital currency that provides a unique form of money denominated in Naira.

CLICK TO SEE: How to Create e-Naira Account and Download e-Naira Wallet App

According to the CBN, the e-Naira is a digital currency to be issued by the Nigerian government with the same value as fiat naira (i.e. physical naira notes). It is to be purchased by the general public through Financial Institution (FI) and transferred into e-wallets maintained by customers.

What is eNaira?

e-Naira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. e-Naira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. e-Naira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money. Read more

What is an e-Naira wallet?

The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger. The e-Naira wallet is required to access, hold and use eNaira.

Is eNaira wallet safe?

Yes. The e-Naira system uses a two-factor authentication system in addition to cryptographic encryption to ensure the safety of customers’ wallets and the e-Naira holding.

Things To Know About e-Naira

Below are some things you should know:

  • It 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 is traceable, hence, fraudulent activities can be traced.
  • It can be used for both international and local trade.
  • It has a unique identity and security structure
  • 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.

How are eNaira wallets created?

To create an e-wallet account for smartphone users, download the e-Naira 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.

How do I resolve failed transactions or raise enquiries on eNaira?

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. Disputes will be resolved as soon as possible.

If issues are not resolved within 48 hours, send an email to CBN’s e-Naira Customer Support via [email protected]

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