By Adedapo Adesanya
The Central Bank of Nigeria (CBN’s) eNaira website has gone live ahead of its Independence Day official launch with a promise to provide a unique form of money denominated in Naira.
According to the website, www.enaira.com, the eNaira will serve as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.
It added that eNaira had an exclusive operational structure that was both remarkable and nothing like other forms of central bank money.
“There are several benefits from a central bank-issued digital currency in Nigeria, and this cuts across different sectors of, and concerns of the economy,” it stated.
According to the CBN, the eNaira app would feature and reflect brand values centred around ease of use and efficiency while bearing in mind security.
“We have developed this App with a deeper understanding of customers, what they value, their abilities and also their limitations,” it added.
The website explained that customers would be able to move money from their bank account to their eNaira wallet with ease; monitor their eNaira wallet, check balances and view transaction history; make in-store payments using their eNaira wallet by scanning QR codes, and send money to one another through a linked bank account or card.
It stated that the eNaira was crafted with interesting elements for modern solutions that paid keen attention to details.
According to the website, the Nigerian digital currency that would be issued and regulated by the CBN has benefits like fast, cheap, reliable and available payment channels; supports digital economy; improved economic activities; and simplified and easy cross border payments and trade.
It also said it would ensure the inclusion of excluded people in the financial system; improve the effectiveness of monetary policies; ease in tax remittance and collection to support the country’s growth, and ease in targeted social interventions to support Nigerians.
The eNaira app will be available for download through the Google play store or Apple App store from October 1 and users will be able to fund their eNaira wallets, using their bank accounts or with cash at a registered agent.
What to know about the eNaira
What is the eNaira?
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 the 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 bank accounts?
eNaira is the digital form of the paper Naira and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.
Modupe Gbadeyanka