Basic Tips on Nigeria eNaira Digital Currency

Basic Tips on Nigeria eNaira Digital Currency

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Basic Tips on Nigeria eNaira Digital Currency.

The much-awaited digital currency for Nigeria will be launched on 1st October 2021 being the 61st independent anniversary day for the country. Also, the Central Bank of Nigeria CBN has unveiled eNaira website few days to the D-day.

Basic Tips on Nigeria eNaira Digital Currency




With these Basic Tips on Nigeria eNaira digital currency, not only Nigerian will be enlighten on the usability and benefits but also speedy, safe, and simple trading and transactional opportunities to customers and end-users.

“eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.

“eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money. There are several benefits from a central bank-issued digital currency in Nigeria, and this cuts across different sectors of, and concerns of the economy”

Basic Tips on Nigeria eNaira Digital Currency

Monitoring

eNaira’s traceability restricts its use for illegal or fraudulent activities. The current state of fraud or other criminal activities in country, with the use of digital currency, every transaction can be easily traced from originator to the receiver with the aid of Distributed Ledger Technology (DLT).

Diaspora Remittance

Introduction of eNaira will ensure a secure and cheaper diaspora remittance option couple with speedy transaction. Nigerians in diaspora will be the biggest benefactor of eNaira.

Financial Inclusion

According to CBN, Financial inclusion simply put, means bringing those who are currently not enjoying financial services such as savings, credit, payment, pensions, insurance, remittances amongst others into the financial system and by so doing, access and use such services for economic /other activities that better their lots. eNaira will accelerate financial inclusion.

Local and International Trade

Nigeria Digital Currency will hastens local and international trade transaction because it is secure, swift, cheaper and better. The DLT technology enables all parties in business transaction to be involved. “Intra and inter financial institutions transactions are not only possible, they are faster and cheaper”

Security

The unique identity of transaction and security structure of eNaira make it impossible to be counterfeited. Also, 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.

Dispute Resolution

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]

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…eNaira enables households and businesses to make fast, efficient, and reliable payments, while benefiting from a resilient, innovative, inclusive, and competitive payment system.

eNaira

For more detail on Nigeria CBDC, visit eNaira portal.

Read: Nigeria In Race To Launch Digital Currency Before End Of 2021

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