So CBN is really serious about this eNaira? Nawaoooo….So after stopping banks from supporting cryptocurrency transactions, the apex bank still went ahead to launch crypto that it will regulate just like it is doing with the forex. Let’s hope it would blame crypto exchanges if the eNaira crashes. Mtchew!!!
Anyways, we just want to report to you that the eNaira website is live and it is good to go on October 1st (Nigeria’s independence day) when it would be launched. Let’s see if Nigerians would adopt the Central Bank Digital Currency considering the fact that it yields no interest.
Interestingly, the website has revealed more details about the eNaira including features, benefits, how to download and more.
eNaira Features
- Contactless Payment: Customers can make in-store payment using their eNaira wallet by scanning QR codes
- Peer-to-Peer Payment: Allows users to send money to one another through a linked bank account or card.
- Bank Account Management: Customers can monitor their eNaira wallet, check balances and view transaction history.
- Unified Payment System: Customers can now move money from their bank account to their eNaira wallet with ease.
- Sending/Receiving money: Customers can now send and receive money faster, easily and at very minimal costs.
- Verifying Payments: Customers can verify their payments and look up their transaction history anytime, anywhere.
- Fiancial Institutions Transactions: Intra/inter financial institutions transactions are not only possible, they are faster and cheaper.
- Foreign Exchange Transactions: Customers can enjoy speedy transactions across boundaries and a hitch-free foreign exchange.
Account Opening Steps (For Individuals)
- Download eNaira app
- Enter invitation code received from bank.
- Enter minimum identification details (i.e., NIN, BVN, or KYC/AML Information, depending on the customer tier you are).
- Enter other identification details (i.e., Name, Place and Date of Birth, Phone Number, Passport Photograph, Email and Password).
- Minimum ID is validated.
- You receive a notification from your financial institution.
- Log in to account
Different Customer Tiers
Tier One – Customers without Existing Bank Account
Minimum Account Opening Requirement: NIN
Daily Transaction Limit: N50,000
Maximum Cumulative Daily Balance: N300,000
Tier Two – Customers With Minimal Spending Abilities
Minimum Account Opening Requirement: BVN
Daily Transaction Limit: N200,000
Maximum Cumulative Balance: N500,000
Tier Three – Customers With Regular Spending Abilities
Minimum Account Opening Requirement: BVN
eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.
