eNaira Website Goes live, Displays CBN Digital Currency Features

eNaira Website Goes live, Displays CBN Digital Currency Features

The eNaira website of the Central Bank of Nigeria has gone live ahead of its official debut on October 1.

“eNaira is a CB-issued digital currency that provides a unique form of money denominated in Naira,” according to the website www.enaira.com.

According to the CBN, eNaira would function as both a medium of exchange and a store of value, with better payment prospects in retail transactions than cash.

It went on to say that the eNaira had a unique operational structure that was both unique and unlike any other type 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,” it stated.

According to the CBN, the eNaira app would feature and reflect brand values centered around ease of use and efficiency while bearing in mind security.

“We have developed this App with a deeper understanding of customers, what they value, their abilities and also their limitations,” it stated.

Customers will be able to easily transfer money from their bank account to their eNaira wallet; monitor their eNaira wallet, check balances, and view transaction history; make in-store payments using their eNaira wallet by scanning QR codes; and send money to one another via a linked bank account or card, according to the website.

The eNaira was designed with unique aspects for modern solutions that paid close attention to details, according to the statement.

According to the website, the CBN would create and control the Nigerian digital currency, which would have benefits such as a rapid, inexpensive, reliable, and available payment channel; support for the digital economy; increased economic activity; and simplified and easy cross-border payments and commerce.

It also stated that it would ensure that excluded people were included in the financial system, that monetary policies would be more effective, that tax remittance and collection would be easier to support the country’s growth, and that targeted social interventions would be easier to support Nigerians.

Following the most recent Monetary Policy Committee meeting, CBN Governor Godwin Emefiele said that it would be unveiled on Independence Day.

On October 1, a Nigerian should be able to download the eNaira app from Google Play or Apple App Store, register, and fund their eNaira wallet using their bank accounts or cash from a registered agent,” he said.

According to him, the introduction of the eNaira would not be a one-time event, but rather a journey that would begin on October 1.

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