Nigeria’s eNaira Website is Now Live!

The official website for Nigeria’s central bank digital currency (CBDC) has gone live, ahead of the digital naira’s anticipated deployment date next month.

eNaira is a digital currency created by the Central Bank of Nigeria that provides a unique form of money denominated in Naira. 

eNaira acts as both a means of exchange and a store of value, providing improved payment prospects in retail transactions. 

eNaira has a unique operational framework that is unlike any other type of central bank money.

eNaira acts as both a means of exchange and a store of value, providing improved payment prospects in retail transactions.

Also See:

Can the Government monitor transactions with the eNaira?

There are numerous advantages to a central bank-issued digital currency in Nigeria, and these advantages cut across all areas and concerns of the economy.

They are cover under 8 frontiers according to eNaira’s Official Website:

  1. Growth 
  2. Remittance
  3. Monitoring 
  4. Welfare
  5. Inclusion
  6. Trade
  7. Security
  8. Revenue
8 frontiers according to eNaira’s Official Website

Rakiya Mohammed, the Central Bank of Nigeria’s (CBN) information technology director, stated the bank’s aim to launch the country’s CBDC by October 1.

The CBN will issue and oversee Nigeria’s digital currency.

Financial officials in Nigeria have been grappling with the growth of cryptocurrency in the African country. In February, Nigeria prohibited cryptocurrency transactions in the banking sector.

CBDCs are viewed as an efficient way to fight cryptocurrency’s growing popularity in the digital age.

A CBDC claims greater payment prospects than traditional systems or real cash, particularly for retail transactions, but it is not without drawbacks.

The eNaira App includes and represents brand principles based on usability and efficiency while keeping users’ security in mind. 

  • Unified Payment System
  • Contactless Payment
  • Bank Account Management
  • Peer-to-Peer Payment
The eNaira App is available for both iOS and Android

The eNaira has been designed with intriguing components for modern solutions that pay close attention to detail.

Some claim that a CBDC promotes financial inclusion, while others are worried that it would give central banks greater influence over individuals’ financial rights through disintermediation with commercial banks.

Nonetheless, the website says that using the eNaira would foster economic growth, provide cheaper remittances, minimize fraudulent activity, and is safe, among other advantages.

According to the web website, the eNaira will be accompanied by a CBN-approved wallet that users may either attach to their bank accounts or pay as they go with a prepay option.

The eNaira App is available for both iOS and Android users. 

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