E-Naira Registration 2021 – ENaira app Download – How to Register for E-Naira wallet | E-Naira wallet Login has emerged.
Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has launched the official platform for a digital currency called the ‘e-Naira’ yesterday.
Remember, that E-Naira is an electronic currency and you will require a wallet to operate it. In this article, we will provide you with a step-by-step guide on how to register for E-Naira wallet. Here, you will also find the guide on how to do E-Naira wallet Login with ease.
Digital currency is becoming a reality in Nigeria. After two years of contemplation, the CBN has finally announced its intention to achieve 80% financial inclusion by the end of 2021 with the launch of digital naira. As we speak, the implementation of E–Naira is on track as everything is set for the launch date being 1st October 2021.
E-Naira Meaning – What is E-naira?
E-naira is an electronic form of Naira which is a legal tender equal to the value of the Naira. Unlike other Cryptocurrencies that does not have a central regulation, The e-Naira would be regulated by the Central Bank of Nigeria.
The e-Naira would be a Central Bank Digital Currency (CBDC) which means that while it is regulated by the CBN, it is a token that would only exist in digital and electronic form. e-naira
CBDC would be legal tender with one e-naira equivalent to one naira which shows fundamental differences between CBDC and cryptocurrencies.
The E-naira project is facilitated by the CBN in partnership with technical fintech partner, Bitts Inc. CBDC will provide a platform for the government to leverage blockchain technology to maintain a centralised and institutional role over the currency.
About Bitts Inc
Bitts Inc. has been a forerunner in the creation of payment systems that improve social inclusion, financial inclusion and overall sustainable economic growth; the excellence in their operation methods has earned them acknowledgment from the Bretton Woods Institutions – .IMF/World Bank. This is one of the reasons the CBN enlisted them for this crucial exercise.
Also, the company was the first fintech to digitize a national currency on a blockchain by creating a synthetic CBDC with the support of the Governor, Central Bank of Barbados and the country’s Minister of Finance.
Read Also: eNaira Will Increase Nigeria’s GDP By $29bn – Buhari
E-Naira app Download
Remember, this is a digital currency and not a physical coin or paper note. As a result of this, you will need a wallet to store the E-naira token. Just like the physical Naira, the CBN will design the e-Naira usage to still pass through regulated financial institutions, in the form of digital cash to individuals and businesses.
How to Register for E-Naira wallet
E-Naira registration will be free and has gone live from the launch date. As I said earlier, financial institutions in Nigeria will still be relevant for the usage of E-Naira. Hence, you will have to visit your bank and ask the customer care officer to add the E-naira feature on your banking profile. You may be given a form to fill to get your E-naira account created and activated.
How to Get e-Naira?
The CBN has planned a rollout in a tiered manner; first, it will issue the e-Naira, to financial institutions like banks. Your bank will then retail the e-Naira to you. If your transaction value is less than N50,000 a day, you don’t need a bank account to get the eNaira; you can use a NIN verified phone number to buy eNaira. If you want to withdraw more than N50,000 but up to the daily limit of N1 million, then you will need a BVN in addition to a NIN verified phone number. The CBN has very strict ‘Know Your Customers” protocols for this process, the aim being to assure all retailers of the safety and utility of the e-Naira.
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