eNaira: All You Need to know about Nigeria’s first digital currency
By Eyo Nsima
The Central Bank of Nigeria, CBN has concluded plans to operate its first digital currency, eNaira with the creation of a website from October 1, 2021.
An investigation by The Daily, www.thedaily-ng.com, indicated that the website, www.enaira.com, is currently operational.
People-oriented
In information obtained from the website, CBN stated: “With 81 countries and more on the race to develop own their Central Bank Digital Currencies, let it be very clear that we are not just another CBDC, we are a people-oriented digital currency leveraging technology to connect individuals and businesses for easy trading and financial inclusion.
“We push the boundaries, bridge the gaps, and tell actual humane stories. We are the foremost audience-centric digital currency brandishing a face.”
Legal tender
According to the bank, eNaira is s legal tender, adding: “eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.
“The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger. The eNaira wallet is required to access, hold and use eNaira.
“eNaira is the digital form of the cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.”
Beyond an App
It also stated: “Our eNaira wallet goes beyond an App, it is a companion for all transactions. At the core of our strategy sits a dire need to find the confluence between humanity and technology. Our wallet was designed to respond to your needs and thrash your worries.
“Careful thoughts and analytics from real Nigerian situations and global realities were distilled into creating the eNaira wallet. For us, the question is not ‘what can I do with my wallet?’ but ‘what can my wallet do for me?’”
Specific solutions
The bank, which disclosed that eNaira comes with a specific solution, stated: “We create specific solutions that are all-encompassing for individuals and organizations. We don’t run a one-size-fits-all service model. eNaira exists not just in your wallet but in our tech lab, thinking and rethinking ways, it is a product of our belief that we can make life easy, safe, one Naira at a time. Feel free to visit the link(s) that concern you and if you can’t find anyone, know that we are reengineering to meet your expectations.”
All about you
On the peculiarity of the currency, it stated: “We are more interested in people than we are in the technology that we created. eNaira is all about you, your stories, and that is the reason we have created and curated content covering all facets to inspire, celebrate, inform, and re-assure. Here you will find out why we are interested in you. Make your journey and we will be here documenting every moment of it, creating and curating informative and inspiring content all the way.”
