Few Things To Know About E-Naira

Following the unveiling of E-Naira by President Buhari on Monday, EKOHOTBLOG has uncovered a few things to know about the digital currency.

President Muhammadu Buhari, on Monday, unveiled Nigeria’s digital currency, e-Naira.

The digital currency was launched by President Buhari at the Presidential Villa in Abuja.

EKOHOTBLOG had earlier reported that the event had in attendance the Vice President, Yemi Osibanjo; the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; the Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami; among others.

It would be recalled that the e-Naira was earlier slated for unveiling on October 1, 2021, but was shifted due to activities on the Independence Day.

The CBN had said the e-Naira is a culmination of several years of research work in advancing the boundaries of payments system in order to make financial transactions easier.

The apex bank further stated that the digital currency is meant to create a secure and cost-effective process for remittance inflow to the country, amongst other benefits.

This online news platform reports that the e-Naira, when compared to FIAT, has a lower cost. The account holder is not charged for daily transfers between accounts. The fact that traders will not be charged fees for withdrawals and deposits to and from their bank account is a huge incentive. Transaction fees are eliminated, lowering the cost of doing business while increasing security.

The CBN also stated that e-Naira’s usability would improve as Nigerians without internet-enabled phones would be able to transact without having to subscribe to data or having an internet-enabled phone.

The apex bank added that the digital currency can serve as a medium for the government to send direct payments to citizens eligible for specific welfare programs.

It also stated that the launch of the digital currency is a major step forward in the evolution of money just it vowed to ensure that the e-Naira, like the physical Naira, is accessible by every Nigerian.

However, below are a few things to know about the e-Naira:

The e-Naira shall be administered by the CBN through the Digital Currency Management System (DCMS) to mint and issue e-Naira
Financial institutions shall maintain a treasury e-Naira wallet for holding and managing the digital currency on the DCMS.
The Financial Institutions (FI) Suite is the primary application used by the FIs to manage their digital currency holdings, requests, and redemption with the CBN.

The e-Naira stock wallet belongs solely to the CBN and it shall warehouse all minted e-Naira
Two-factor authentication and other measures shall be adopted to ensure the security of the e-Naira wallet.
The charges for e-Naira transactions shall be in line with the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.
Financial Institutions are required to comply with the Money Laundering (Prohibition) Act 2011 (as amended), the Terrorism (Prevention) Act 2011 (as amended) and all subsisting anti-money laundering laws and regulations as may be issued by the CBN from time to time.
The e-Naira is equitant to the physical Naira, it is the official tender of Nigeria and is a liability of the CBN. The e-Naira and Naira will always be exchanged 1:1, meaning it would only appreciate when the Naira is stronger.
Consumer Complaints concerning the usage of the e-Naira shall be referred to the Helpdesk of users’ preferred FI Helpdesk. If unresolved by the FI Helpdesk, it shall be escalated to the eNaira Helpdesk via 0800myeNaira (0800 6936 2472) orhelpdesk@enaira.com for resolution.

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