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eNaira - The Layman’s Questions Answered

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eNaira - The Layman’s Questions Answered CBN

Recently, the Central Bank of Nigeria issued the eNaira - a digital currency that provides a unique form of money denominated in Naira. For the layman, a few questions beg for answers. Find out!

What is eNaira?
eNaira is the digital version of the Naira.
Just like the Naira, the eNaira is money, a store of value, and a medium of exchange for goods and services. It is the exact digital equivalent of your normal Naira. One eNaira is equal to one Naira.
One major difference is that unlike the Naira, you cannot physically bring out the eNaira from your purse or pocket, and hand over to someone during transactions.

How then do I start using the eNaira?
Create a Wallet.
Just as you keep and manage your Naira in a Bank Account, you keep and manage your eNaira in a Wallet (eNaira Wallet). Just as you transact with Naira from your Naira account, you transact with eNaira from your eNaira Wallet. Just as you send and receive payments in Naira from your Naira Account, you similarly send and receive payments in eNaira from your eNaira Wallet. In other words, a Wallet is to eNaira what a Bank account is to Naira.

How do I create eNaira Wallet?
Download and install the App.
There is the eNaira speed wallet for individuals, and there is the eNaira merchant wallet for organizations. Visit Google Play or App Store to download the eNaira Wallet App and install on your computer, smartphone or device. Follow the instructions to create and start using your eNaira Wallet.

Once you successfully create your eNaira Wallet, you can do the following:
♦ Fund your eNaira Wallet from your Naira bank account
♦ Make payment for purchases using eNaira
♦ Receive payment for sales via eNaira
♦ Transfer eNaira from your wallet to another eNaira wallet
♦ Receive eNaira from another wallet into your eNaira wallet
♦ Move money from your existing naira account to your eNaira wallet, and from your eNaira wallet back to your Naira account.

The eNaira buzz is still unfolding and we hope to keep you updated.
Please use the comment box below to share your views or ask your questions, and we’ll endeavor to include or answer them in our next update to this post.

Visit the eNaira website for more technical information on the eNaira features, benefits, functionalities, security and privacy issues.

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