Seven Things You Should Know About Nigeria’s Digital Currency, ‘e-Naira’

The Central Bank of Nigeria is set to unveil a digital currency dubbed the ‘e-Naira’ by October 2021.

According to CBN, the e-Naira is a legal tender equal to the value of the naira and thus must be accepted as a form of payment by all merchants and business outlets in the country.

Below are seven things you should know about the e-Naira:

1. The e-Naira is a currency that only exists in an electronic form.
2. The liability of the e-Naira money is directly borne by the CBN, the same way the liability of the physical naira rests on the central banker.
3. From October 1st, 2021, when the currency goes into effect, Nigerians can open e-wallets on their phones.
4. One of the benefits of digital currency is that it would reduce the cost of minting the physical naira and kobo.
5. The CBN Director, Payment System Management, Mr. Musa Jimoh added that charges of transferring funds would be lower for those using the e-naira.
6. Based on a CBN presentation on eNaira, banks will be responsible for promoting and marketing the centrally issued digital currency as a cash alternative to existing and potential customers in support of its goal for financial inclusion.
7. The eNaira’s, system will be subjected to comprehensive security checks, and all data and personally identifiable information will be kept off the ledger and not be stored on the ledger.