eNaira: Definition, User Guide and FAQs

Posted a month ago

by shakiez893

eNaira was launched by Federal government of Nigeria, its digital currency exclusively issued, monitored and regulated by the Central Bank of Nigeria (CBN). 

One can say this is another step to actualize the cashless economy as earlier proposed by FGN.

The digital currency has equivalence of the physical Naira note the official Nigerian currency.

Well the major attributes of eNaira is, it enables simple, safe, fast payments anytime and anywhere with the eNaira app.

Features of eNaira 

The main features of eNaira are it's digital and borderless, with  more possibilities of sending and receiving payment.

How to sign up and use eNaira Mobile App.

Well to use the mobile app is not hard either,

1. Download the mobile app free on iOS or Playstore.

2. Sign up and provide all the prompted info about yourself for verification (BVN First Name, Last Name, Date of Birth, State of Origin, and Email)

3. Use USSD to load your account or select your bank from the options. 

FAQs of eNaira

What is eNaira?

eNaira is a digital legal tender issued by the Central Bank of Nigerian (CBN) and it's acceptable anywhere the physical naira is accepted for transactions.

What is the difference between eNiara and Physical Naira?

eNaira is the a digital currency and is a liability of the CBN unlike physical naira, it a liability of the commercial banks where it is deposited.

What is the benefit of eNaira?

It is easily accessible, affordable and secured, it will aid targeted financial interventions and improve remittances for users home and abroad.

Does the eNaira generate profit like other digital currencies?

No, it doesn't except the user invests separately into a business just like the physical naira.

Is my personal data protected?

Yes the eNaira app protects users data and uses it accordingly

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