What To Know About Newly Launched CBN’s eNaira

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The Central Bank Digital Currency (CBDC) eNaira took off on Monday with over N500m of the currency minted so far. The Central Bank of Nigeria(CBN) Governor Godwin Emefiele said 33 banks have been fully integrated and live on the platform.

“eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. “eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.

“eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money,” he said.

Here are things to know about eNaira: 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 so fraudulent activities can be traced.
  • It can be used for international and local trades.
  • 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.

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