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8 Vital Things to Know About Nigerias e-Naira Currency

Philip Aladino




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How to Get the Nigeria eNaira, eWallet and App 2021

Nigerian Digital Currency – e-Naira

Nigeria CBN planned to officially launch its Digital Currency – eNaira yesterday on the 1st of October, 2021 but was prosponed for some reasons yet to be revealed. Though citizens of Nigeria have been trying to speculate the purpose and use of the e-Naira.

Today we will be discussing in details more about this newly launched program in the country and to show more light to interested persons who might have an interest in the digital currency and its proposed uses, including how to make good use of it.

About Nigeria Digital Currency – eNaira

eNaira is the official digital currency of the Federal Government of Nigeria issued by the apex bank, the Central Bank of Nigeria (CBN).

The new e-Naira is to be used side by side with the countrues normal bank note in the digital world. The Nigerian digital currency will be serving as both a medium of exchange and a store of value which is believed will even offer a better payment experience in online retail transactions when compared to cash payments.

While we all anticipate the launch of the new currency, it is very important we note some vital things about the e-Naira currency.

Things to note about e-Naira Currency before formal launch

  • The e-Naira is a Central Bank Digital Currency (CBDC).
  • It is the digital equivalent of the Naira and will maintain parity of value with the Naira, i.e. 1 e-Naira = 1 Naira.
  • It is a legal tender, medium of exchange and store of value
  • The e-Naira is built on blockchain open ledger technology. As such, the e-Naira cannot be faked or duplicated. Each e-Naira note will be unique.
  • The e-Naira Wallet offers several benefits including zero transaction fees and much more

How is the eNaira Currency Stored?

The e-Naira will be held on a digital storage, called e-Naira Wallet, and managed on a distributed ledger.

How Safe is e-Naira as a Currency?

The currency has a unique identity and security chip. Unlike other cryptocurrencies, it is traceable in order to reduce fraudulent activities in the country. You can monitor your e-wallet activities from the official e-Naira app.

What are the Uses for eNaira?

Nigeria’s eNaira can be used for payment solutions ranging from retail transactions to online remittances even at cheaper rates than other options.

The currency can also be used for both international and local trade, Including peer to peer transaction and is universal which means anybody can hold it. It does not yield any interest.

What is an eNaira Wallet?

An e-Wallet is the official digital storage app provided by the Central Bank of Nigeria to hold the new digital currency, e-Naira.

Nigeria Digital Currency e-Naira

How to Activate eNaira in Nigeria

To start using the Nigeria digital currency, eNaira, you need to create an e-Naira Wallet which allows you to send, receive and spend e-Naira with little or no charges at all.

The steps below will guide you on how to get started;

Android users can proceed to download the eNaira app (labeled “Speed”) from the Google Play Store.

Apple iPhone Users can also Download the app from the Apple Store and complete the registration process.

Other phone users can utilize the USSD codes and follow the registration prompts.

For further information about the e-Naira Visit the eNaira website

How Can Payment Be made with e-Naira

All transaction payments can be initiated by simply
scanning QR codes. Though users may also be required to link their personal bank account(s) to the new e-Naira though you should be reminded that sensitive bank details should always be kept away from the internet).

How to Resolve Failed e-Naira Transactions

If any failed transaction is encountered, users are advised to reach out to the customer support of the bank selected during the registration for e-Naira.

For quick resolution of failed transactions reach out to the bank’s available channels such as phone, WhatsApp, Facebook, Telegram, email .

For issues not resolved after 48 hours, customers asked to send an email to CBN’s eNaira Customer Support via [email protected]

If there is any other vital information not treated here kindly let us know in the comment section below. Don’t forget to like and share this article with your friends and family.

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Dino is a Tech Consultant. Entrepreneur, Website/Blog Developer, Graphic Designer, Blogger and Digital Marketer, he has long been freelancing for more than 6 years before starting up Smartcoretech, during this time was writing for websites like Opera News Hub, Paulworkspace, etc. He is currently reporting on tech related contents on company's such as Apple, Google, Microsoft, Xiaomi, Facebook, Twitter etc. He also writes on Phone Reviews and Movies. When he is not writing he is working as an IT Manager for a company in his Local. Feel free to contact him via any of the available channels present

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