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.