E-naira Digital Currency
a general overview.
>What is e-naira?
E naira is the digital version of the NGN(Nigerian Naira) ie, the normal cash we all know and use,it’s also called CBDC, which is central bank digital currency,the innovation, was envisioned, and executed by the CBN, even though the Apex bank is not a fan of cryptos, which is also a digital money and adopts blockchain technology, as the CBN had previously banned cryptos,claiming that the crypto transaction are not secured or that the system couldn’t be monitored due to the nature of the blockchain which is closed from government interference, >so what exactly is e-naira?
* Enaira is the online digital numbers of the normal physical cash,
>what e-naira is NOT:
*Enaira is not a crypto currency and does not not run on any smart contract, although it adopts cryptos, blockchain centralized p2p system of transaction,
*Enaira is not an investment, as there are no airdrops, unlike the crypto that uses a smart contract system of distribution moreso because of the nature of the naira as a legal tender, it purchasing power is weak internationally and so is less accepted globally should in case the E-naira becomes a crypto currency,so it is not an investment whereby you huddle and wait if it rises then you sell off to make gain, but not so.
,the initiative behind the enaira as envisioned by the CBN are,
>to cut cost of transactions which the banks impose on citizens for every transaction like, airtime,data, and subscriptions services as you can do any of these transactions with the E-naira almost with zero fees
>to control and monitor transactions,, as to be able to curb fraud through a kyc system(know your customer) questionnaire form/page which is required and completed by the user for security purposes it’s required for sign-ups which is then stored on CBN database for reference, tracking, approval and so on Sigup for Enaira here
>COMMON FAQS OF E-NAIRA:
*how do i fund my wallet?
*can i make transactions with the E-naira wallet?
Yes of course you can pay merchants and make p2p wallet transactions at zero costs.
*is my enaira wallet safe?
Yes it is absolutely safe and se secured it is managed by the CBN while, product, distribution, numbering, digital minting is done by, Bitt, incorporation, a digital and e minting company based in Barbados 🇧🇧 so your wallet security is CBNS top most priority.
*pros and cons of e-naira
1,secured, as it is managed by top most data protection mechanism with CBN at the forefront
2,almost zero costs fee for transactions compared to banks
3,boosts productivity in terms of time and efficiency
1,It does not appreciate like as it is not a crypto,, of which you buy cheap and sell at high prices for gain if it gained value(hike)
2,it is not an investment.
3,transactions are limited, only only to p2p (peer to peer) and not the normal bank to bank money transfers you can only make transactions with an Enaira user or merchant who has the wallet.
Enaira is set to launch 12 midnight October 1st to mark Nigerias 61th independence the Enaira portal is also scheduled to open up by this time as it is currently unaccessible now also the wallet app on playstore will be accessible come October 1st, few things to do with e naira including bill payments, airtime, and data purchases, hotels tickets, flight tickets and many more, with merchants and business that accepts the app (enaira) isn’t that amazing!
Please share your opinions on this via the comment section for more on e naira you can refer to CBN