e-Naira-Nigeria Central Bank New Digital Currency

The Central Bank of Nigeria, recently launched a digital currency called e-Naira. This new currency is basically the digital version of naira.

The Central Bank digital currency (aka CBDC) also known as e-Naira was launched on Monday, 25th October, 2021 by CBN. This is coming months after the ban on cryptocurrencies, prompting an uproar by some members of the public.

Though CBN have stated that e-Naira is not a cryptocurrency but a digital currency, based on the fact that it cannot be mined and it doesn’t yield any interest if held overtime, regardless both still run on blockchain. Hence, people are encouraged to embrace the new era of digital currency.

READ ALSO: The complete beginners guide to cryptocurrency.

How To Use e-Naira?

Though, this newly launched Nigeria digital currency is not fully operational as it is still in it’s testing phase, but to send or receive e-Naira, CBDC has to be purchased first, and this is done through the e-Naira wallet.

e-Naira wallet is an e-wallet where CBDC is stored and then used for transactions, just like cryptocurrencies, thus it cannot be Withdrawn from ATMs.

Steps To Signing Up For e-Naira Wallet.

e-Naira is Nigeria Central Bank New Digital Currency.  As a newly launched wallet, many people may not have the firsthand knowledge on how to go about signing up. But don’t worry we have got you covered. However, the following steps can help you sign up for e-Naira wallet.

1. Download the e-Naira wallet from play store if you are using Android or from Appstore for iPhone users.

2. After the download is completed, enter an invitation code sent to you by your bank, if you didn’t receive the invitation code, you can visit your bank for authorization. But if you already have a valid invitation code. Then Proceed to registration.
– Setup a unique password
– Enter your BVN for verification
– Add your email address and
– Add your phone number, don’t forget to verify everything.

How To Fund The e-Naira Wallet.

You can fund your e-Naira wallet through this mediums
– e-Naira agent
– Transfer from back account
The e-Naira wallet facilities, wallet to wallet transfers and wallet to bank transfer, meaning you can credit your e-Naira wallet from your bank app, exchanging naira for e-Naira .

Pros And Cons Of e-Naira.

Here are the pros of the Nigeria new digital currency;

Cheaper Transaction Rate:

e-Naira is transferred from one person to another, without going through a bank or clearing house. So, the costs are much lower , in most cases almost zero.

Recognized By Central Authorities:

They can be used allover the country, from sites, shops to restaurants, making this a means of differed payment. Hence, it is recognized by the government.

Fast transaction:

The e-Naira wallet is designed to initiate fast transaction for business and personal use. Making it a reliable me of payment .

Cons Of e-Naira

The following are the con’s of e-Naira;

Transactions Can Be Tracked:

The e-Naira system is based on a public ledger. So, anyone can use it to track transactions, thus locating the wallet owner. For this reason the anonymity feature is not really there.

e-Naira Is Still Experimental:

This is a new experimental digital currency in full development. Its future cannot be predicted yet.

Not Profit Oriented:

Unlike cryptocurrencies, e-Naira cannot be mined hence, it is not profit oriented, if acquired and held over time. It can only be bought through the official wallet. Meaning, its sole aim is to enable fast and affordable transactions online and offline.

Final Thought.

We all now live in a digital era, so why not take our money transactions to the next level of digitalization.

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