The Nigeria Digital Currency – eNaira officially launches on 1st October 2021. However, a lot of people are wondering what the eNaira is all about or even what it is used for. As an education platform, crossriverhub.com feels the need to educate its users and as many people who may be interested to know about the digital currency and its proposed uses, including how to use it.
eNaira is the official digital currency of the Federal Government of Nigeria issued by the apex bank, the Central Bank of Nigeria (CBN). It is to be used side by side with the fiat (call it, the normal banknote) and it is expected to represent the Nigerian Naira in the digital world. The Nigerian digital currency serving as both a medium of exchange and a store of value is believed will offer better payment prospects in retail transactions when compared to cash payments.
What You Should About The ENaira
As the Nigeria digital currency launches, it is important you know these few things about the currency.
How is the Currency Stored?
The eNaira is held in digital storage, eNaira Wallet, and managed on a distributed ledger.
How Safe is the Currency?
The currency has a unique identity and security structure. Unlike cryptocurrencies, it is traceable and as such, fraudulent activities can be traced. You can monitor your e-wallet activities from the app.
What are the Uses for eNaira?
- eNaira can be used for payment solutions ranging from retail transactions to diaspora remittances even at cheaper rates than other options.
- The currency can also be used for both international and local trade, exchanged peer to peer and is universal which means anybody can hold it. It does not yield any interest.
- It will also create jobs for youths. Here is an article on how to become an e-Naira merchant.
What is an eNaira Wallet?
eNaira Wallet is the official digital storage app provided by the Central Bank of Nigeria to hold the new digital currency, eNaira.
How To Get The ENaira
To start using the Nigeria digital currency, eNaira, you need to create an eNaira Wallet which allows you to send, receive and spend eNaira with little or no charges at all.
The steps below will guide you to get started;
- For Android Users: download the eNaira app (termed “Speed”) from either the Google Play Store
- For iPhone Users: Download the app from the Apple Store and complete the registration process.
- For Feature Phone Users: Utilize the USSD codes and follow the registration prompts.
- Payments can be made by scanning QR codes.
Notably, you may be required to link your personal bank account(s) and/or bank verification details (you should however be reminded that sensitive bank details should always be kept away from the internet).
How To Resolve Failed ENaira Transactions
In the case of any failed transaction, users are advised to reach out to the customer support of the bank selected during the registration for eNaira. For quick resolution of failed transactions reach out to the bank’s available channels such as phone, email, WhatsApp, Facebook, etc.
For issues not resolved after 48 hours, customers should send an email to CBN’s eNaira Customer Support via firstname.lastname@example.org
Visit the eNaira website www.enaira.com for further details on the currency.