Nigeria Is the 1st African Country to introduce digital currency, and among the 1st 6 in the world.
What is e Naira?
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 will be used just like cash.
What is an eNaira wallet?
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 eNaira.
What makes eNaira different from the money in my 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.
In a typical transaction, what is the difference between an online bank transaction and eNaira wallet?
There are intermediaries for the typical online bank transactions, whereas for eNaira transactions, there are no intermediaries.
What are the benefits of eNaira?
The benefits of the eNaira are:
1. Fast, cheap, reliable and available payment channel.
2. Support digital economy.
3. Improved economic activities.
4. Simplified and easy cross border payments and trade.
5. Inclusion of excluded people in the financial system.
6. Improved effectiveness of monetary policies.
7. Ease in tax remittance and collection to support the Country’s growth.
8. Ease in targeted social interventions to support Nigerians.
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