enaira

1st eCurrency in Nigeria: Everything You Need To Know About The eNaira

Introduction

Ezz stop there don’t move 😎 have you heard of e-naira? If yes you are saved if no you are going to the green and red light room 🤣🤣😂  (unless you are ready to negotiate with me sha🤪). 

There has been a lot of buzz about the so-called e-Naira in the media and online. Chances are you’ve read or heard about it and it’s got you wondering what it’s all about. That’s what we’re going to explore in this article: everything there is to know about the e-Naira. Hopefully, this will help you get a clearer picture of its purpose, what it will do for businesses and individuals who use it, and if it is something you should consider to be part of your future plans, Here is all you need to know about the eNaira.

What is the e-Naira?

eNaira is an eCurrency created by the Central Bank of Nigeria (CBN) that provides a unique form of money denominated in Naira. The eNaira acts as both a means of exchange and a store of value, the eNaira have a unique operational structure that sets it apart from fiat currency

The e-Naira will be a digital version of the paper Naira currency. In Nigeria, the eNaira will be a complimentary legal currency with the same exchange rate and parity of value as the Naira. There will be no interest paid to holders of the e-Naira. Blockchain open ledger technology underpins the e-Naira. There can be no duplicate or counterfeit eNaira since it is produced on the blockchain. 

How to own eNaira

To own the new eNaira first you need an e-wallet and to be able to have a personal ewallet you need to download the app on Play Store or AppStore depending on the kind of device you use.  

What is an eWallet: An e-wallet Is the official wallet of the Central Bank of Nigeria’s new digital currency enaira, you may transfer, receive, and spend eNaira with the Wallet. The CBN plans to introduce the e-Naira in phases, with financial institutions like banks receiving the currency first. Your bank will sell the e-Naira to you after that. If your daily transaction value is less than N50,000, you can buy eNaira without a bank account by using a NIN verified phone number.

When Did it Launch?

On the 27th of July. 2021, the CBN president announced that the Central bank Nigeria will be launching the e-Naira on the first of October 2021 but it was postponed In respect to the atmosphere of national rededication to the collective ideal of one Nigeria, the CBN chose to postpone the launch, which had been intended to coincide with the Independence celebration.

Is eNaira truly a stable coin?

A stable coin is a cryptocurrency that has reserves backing it up. Although the eNaira is tied to the FIAT Naira, although it is important to emphasize that Naira s not entirely stable. The eNaira must be linked to a currency such as the US Dollar, Euro, or even the Yuan to be regarded as a stable coin.

Why was eNaira created?

The fact that digital currency is the future of money is no longer news, therefore it only makes sense that Nigeria’s central bank invests in the future for the greater benefit.

How to use e-Naira

The eNaira will work as the digital version of Naira.

Benefits of using e-Naira

  • It ensures the effectiveness of monetary policies.
  • eNaira is quick and easy to use.
  •  Low transaction fee
  • It ensures cross-border transactions, payments are simplified and straightforward.
  • Very safe to use and it is also scam-proof.

Drawbacks of the eNaira

Presently it is impossible to know the drawbacks of the new eNaira because it is not live yet while we wait for the official launch of the eNaira we can only hope that the CBN has addressed every possible setback or any issue that may arise from the usage of the new digital currency.

Stop fearing change and take advantage of it!

The fact that digital currency is the future of money is no longer news, and I can only applaud the CBN for its investment in the digital economy. I can only urge you to not let your fears get the better of you and embrace the new digital economy.

While we await the official launch of the eNaira, The most important crypto issue has stayed constant over time: where do I exchange my bitcoin for cash any time of the day and easily? I propose trading with the most reputable crypto exchange platform, My BTC Nigeria, where you can trade your bitcoin for the greatest rate ever as well as enjoy trading 24/7.

All Comments:

  1. Sam

    06/10/2021

    Excellent blog you have got here..
    It’s hard to find high
    quality writing
    like yours nowadays. I honestly appreciate people like you!
    Take care!!

    • Communication

      06/10/2021

      Thanks for the awesome review

  2. Kenton

    06/10/2021

    This is a very good tip particularly to those fresh to the blogosphere.

    Brief but very accurate info? Many thanks for sharing this one.

    A must read article!

    • Communication

      06/10/2021

      Glad you find this helpful

  3. Quentin

    06/10/2021

    We are a group of
    volunteers and opening a new scheme in our community.

    Your website provided us with helpful info to
    work on. you’ve done a formidable
    task and our whole group will likely be grateful to
    you.

    • Communication

      06/10/2021

      Glad you find this helpful

  4. Lynn

    07/10/2021

    Appreciate the recommendation. Let me try
    it out.

    • Communication

      07/10/2021

      Glad you find this helpful

  5. Shavonne

    07/10/2021

    It’s hard to find experienced
    people on this topic, however, you sound like you know what you’re talking about!

    Thanks

    • Communication

      07/10/2021

      Glad you find this helpful

  6. Madie

    08/10/2021

    This article will assist the internet viewers for setting
    up new website or even a
    blog from start to end.

    • Communication

      08/10/2021

      Glad you find this helpful.

  7. Tonja

    08/10/2021

    Wow, that’s what I was looking for,
    what a stuff! existing here
    at this webpage, thanks admin
    of this website.

    • Communication

      08/10/2021

      Glad you find this helpful.

  8. Kerri

    09/10/2021

    I like the helpful information you provide in your articles.

    I’ll bookmark your blog and check again
    here regularly. I’m quite sure I’ll learn plenty of new
    stuff right here! Best of luck for the next!

  9. Jefferson

    09/10/2021

    Fascinating blog!
    Is your theme custom made or did you download it from somewhere?

    A theme like yours with a few simple adjustements would really make my blog jump
    out. Please let me know where you got your theme.
    Thanks

    • Communication

      09/10/2021

      Let me just say we have great developers.

  10. Vanita

    09/10/2021

    This paragraph presents clear idea designed for the new people of blogging, that really how to do blogging and site-building.

  11. Dwain

    10/10/2021

    Everything is very open with a clear clarification of
    the issues.
    It was truly informative.
    Your site is very useful.
    Thank you for sharing!

    • Communication

      10/10/2021

      Glad you find this helpful

  12. Jay

    10/10/2021

    I think this is among the most significant info for me.
    And I’m glad reading your article. But want to remark on few general things,
    The website style is perfect,
    the articles is really nice
    : D. Good job, cheers

    • Communication

      10/10/2021

      Thanks for the awesome review, glad you find this helpful.

  13. Nelly

    10/10/2021

    An intriguing discussion
    is worth comment. There’s no doubt that that you should publish
    more about this subject matter,
    it may not be a taboo subject but generally people
    do not discuss
    such topics. To the next!
    All the best!!

    • Communication

      10/10/2021

      Thanks for the awesome review.

Your Comment:

Related Posts

Btc wallet address

22

Oct
Crypto, Crypto tips, Finance Services, News, Updates

BUY, SELL, SEND and STORE BTC With The New Automated MYBTC NIGERIA Bitcoin Wallet.

Bitcoins are the future of money. MYBTC Nigeria Bitcoin Wallet is your perfect companion to store, send and receive bitcoins anywhere in the world.

06

Oct
Mybtcnigeria Ambassadors, News, Updates

How To Create A Culture Of Excellent Service Delivery

For too many of us, service is just something that we do. It’s not. It’s core to our brand identity and way of doing business. It’s essential to our survival yet it rarely receives the recognition it deserves. Service. The most basic of actions. But sometimes, the most simple of actions are the hardest to perform, and this is no exception. In fact, it can be harder to provide a service than one would think. So why is so important to Create A Culture Of Excellent Service Delivery?