eNaira - All you need to know


What makes eNaira different from money in your bank account.

eNaira is a CB - issued digital currency that provides a unique form of money denominated in Naira. 

What is eNaira? 

eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash. 

What is an eNaira wallet? 

The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger. 

The eNaira wallet is required to access, hold and use eNaira. 

Is eNaira wallet safe? 

Yes. The eNaira system uses a two-factor authentication system in addition to cryptographic encryption to ensure the safety of customers’ wallets and the eNaira holding. 

How are eNaira wallets created? 

For smartphone users, download the eNaira app (termed “Speed”) from either the Google Play Store or Apple Store and complete the registration process. 

For feature phone users, utilize USSD codes and follow the registration prompts. 

How do I connect my eNaira wallet to my bank account? 

The eNaira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions. 

What makes eNaira different from the money in my bank account? 

eNaira is the digital form of the cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions. 

How do I resolve failed transactions or raise enquiries on eNaira? 

Reach out to the customer support of the bank you selected when registering for eNaira through their available channels which include: phone, email, whatsapp, etc. Disputes will be resolved as soon as possible. 

If issues are not resolved within 48 hours, send an email to CBN’s eNaira Customer Support via [email protected] 

What are the different tiers of eNaira wallets that I can open as an individual? 

These are different tiers of wallets and they include: The CBN said, “e-Naira provides a secure and cheaper diaspora remittance option and an increase in the speed of such transactions.” 

CBN Governor, Godwin Emefiele, said; “Furthermore, in an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the Diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the Central Bank. 

"This rebate will be provided to the bank accounts of beneficiaries, following receipt of remittance inflows. 

"We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the Diaspora." 

It said the e-Naira would foster economic growth by offering easier access to capital and financial services. It added that the e-Naira would help increase the speed of remittance transactions. 

The CBN said, “e-Naira enables effective, equitable, and faster distribution of cash assistance to households and communities included in government social welfare programmes; e-Naira will accelerate financial inclusion."

The apex bank added that the e-Naira would increase local and international trade by serving as a cheaper, safer, and faster means of transaction. 

It said the digital currency would also aid revenue collection by reducing cash handling costs. 

Emefiele recently said that the e-Naira’s launch date might be moved from October 1 to October 4 because of the Independence Day celebration.

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