eNiara digital currency have the same value as the physical Naira (Nigerian currency).
1 eNaira = 1 Physical Naira = 0.0024 USD
It definitely means it is not like other cryptocurrencies, where price of a currency is fluctuating on daily basis. It is a digital currency which is Issued and regulated by Central Bank of Nigeria (CBN). It delivers simple, safe, borderless and fast payment transfers from anywhere and anytime.
Launch of eNaira digital currency
eNaira, The digital currency is launched on 25 October, 2021 by President Muhammadu Buhari. Nigeria became the first African country to launch a digital currency with a vision to grow the economy by $29 billion in next ten years.
Nigeria’s digital currency ‘eNaira’ is now the second largest behind China’s digital yuan, and aims to digitize payments and increase financial inclusion in Africa’s most populous country.
eNaira is rapidly gaining popularity worldwide, and Nigeria is the first African country to officially launch a regulated digital currency pilot.
With a population of 211 million, Nigeria’s digital currency trial now becomes the second largest behind China’s digital yuan. 62% of Nigerian population is aged 24 or under, that makes eNaira more adaptable in digital world.
500 million eNaira have already been minted and ready for circulation. The popularity and interest in eNaira can be seen by that “33 banks, 2,000 customers and 120 merchants had already registered successfully on the app available on Apple and android store. Nigeria is ranking 6th in digital cryptocurrency adoption in the world.
Fintech company Bitt, whose Digital Currency
Management System is also behind the East Caribbean Central Bank’s digital
currency DCash, carried out development of the eNaira.
Major concern in buying eNaira:
Ban on Cryptocurrencies by Central Bank of Nigeria is the major concern in people of Nigeria. Central Bank ban cryptocurrencies transaction by banks and financial institutions in February 2021.
This is the major concern in adoption of eNaira digital currency by Nigerian peoples. CBN banned cryptocurrencies and still no clearance on eNaira’s conversion. Like people wants to know whether users could transfer eNaira back into traditional naira or they could use cryptocurrency to buy/sell the eNaira. whether there would be physical locations to use and transfer eNaira, or would it be entirely digital.
Nigerian people uses crypto investment for wealth creation and also use as a hedge against the Naira’s inflation. The currency Naira has been devalued twice and is worth 12.5 percent less then the value before pandemic.
eNaira launch have been successfully completed but still people have trust issues in Central Bank of Naigeria.
Benefits of buying eNaira digital currency
Nigerian peoples are using Bitcoin as a faster and cheaper alternative to make domestic and international transaction. People have faced high transaction charges, difficulties in foreign exchange in past, with their traditional Naira currency. CBN now give benefit to the Nigerian people same as bitcoin with safest and fastest digital transactions in eNaira.
eNaira is a fast, affordable, secure, and reliable payment option designed to support the digital economy and aid financial inclusion in Nigeria. That will help in boosting the economy.
Using the blockchain ledger, the eNaira will be able to eliminate the need for third parties and contribute to efficient and low-cost transactions, as consumers gain access to low-risk and reliable payment options.
eNaira will enhance the Nigerian payment ecosystem, increase revenue and tax collection. Users can make contactless payments with eNaira by scanning a QR code thru eNaira Wallet.
Enhanced oversight of funds and payments
provides a level of transparency that can serve to strengthen public confidence
and allow financial authorities to tackle economic crime and fraud.
Use the wallet to spend, send and receive eNaira.
CBN launches eNaira wallet for transactions, and it is available on Apple store and Android play store. Users with feature phones can also dial a USSD short code and follow the service prompts.
After download you can setup your wallet in 3 easy steps-
1. Select Guaranty Trust Bank
User can select his/her bank from the list provided.
2. Authenticate yourself
Input the following details exactly as captured during your BVN enrolment: First Name, Last Name, Date of Birth, State of Origin, and Email.
3. Off you Go
Fund your eNaira Speed Wallet via Online and Mobile Banking channels and start receiving, sending, and managing your digital currency.
“The eNaira wallet operates an open system that
is accessible to all users based on a tiered KYC structure. eNaira is safe and
secured with advanced cryptographic techniques against counterfeiting, cloning
and other forms of breaches.”