Hey guys, today we gonna talk about Nigeria Digital currency “eNaira” . How does eNaira work? What eNaira meaning? eNaira wallet. I will talk about everything you need to know in this article. Let get started.
In this century, cryptocurrency has a value in the world, and bitcoin is the leading pack of cryptocurrencies in the world. This crypto currency that changed the world to good in terms of financial payments.
This year, the value of bitcoin has seen tremendous rise than last years, which makes everybody have interest in cryptos (including Nigerians).
Because now, in the world bitcoin have gained much popularity and adoption on our daily basis.
You may also like to read this: The Superb Advantages Of Bitcoin And Possibilities [2021 Reviews]
Unfortunately, in February, Nigerian government banned financial inctitutione from dolina in are facilitatina. That’s why Nigerian speak out now that, you Banned crypto currency and introduce eNaira.
What is eNaira Meaning?
eNaira is the abbreviation for (Electric Naira) which will be the Nigeria crypto currency. For online secure transactions for Nigerians.
According to Nigeria Central Bank Of Nigeria (CBN), eNaira, the Nigeria digital currency will be launched in October 2021.
And there won’t be a different from how naira does. eNaira will also be function as the same way naira does. Do eNaira a good idea for Nigeria? Drop your comment.
What Is eNaira value?
The value of the eNaira is pegged to the Nigeria naira. I.e, 1 eNaira = 1 Naira. Is that value good enough?? Drop your comment.
How Does eNaira work?
Like I said earlier, The value of the eNaira is pegged to the Nigeria naira. I.e, 1 eNaira = 1 Naira.
Nigeria will now be working with the Bitt Inc, for technical partnership. in its bid to launch Nigerian cryptocurrency.
eNaira will also have a wallet, just like Bitcoin and other crypto currency. And will be exchange in normal naira rate. 1 eNaira = 1 Naira.
eNaira value will not grow like Bitcoin or other cryptocurrencies. The value is the same way the Naira does.
eNaira wallet doesn’t contend with existing banks, yet is anticipating the formation of wallets by banks and different trailblazers.
You may also like to read this:Bitcoin: 4 Best Reliable And Trusted Exchanges You Should Know In Nigeria
eNaira Speed Wallet can be utilized by any individual who doesn’t have a bank account. Nonetheless, clients should present:
- Date of birth.
- Phone number.
- Identification photograph.
And their location.
A 50,000 naira limit is set up for Send and receive, the base necessity is the singular’s National Identity Number (NIN), which will be approved.
So current account is needed for clients of Level Two wallets. The client is restricted to sending and receive up to 200,000 naira each day.
Level three permits every day exchanges of 1,000,000 naira, with day by day and must have BVN ( Bank Verification Number)
Who Introduced eNaira in Nigeria?
The eNaira digital currency was introduced by the CBN governor Godwin Emiefele.
He has said that, the eNaira would operate as a wallet, which means user can hold their existing funds bank account.
He said, the eNaira currency would boost financial inclusion and also enable cheaper and faster remittance inflows.
The Central Bank Of Nigeria will be responsible for redeeming the eNaira digital
currency among other management functions.
What is the difference between Naira and eNaira?
The difference between Naira and eNaira is digital. The eNaira will be convert to Naira. their value remains the same, am not taking about pegged the eNaira to the dollar.
Additional: The naira will be in deposit in banks withing Nigeria banks and eNaira can be used by other countries. Which will has its own wallet.
What is benefits of eNaira?
The first benefits of eNaira is the seamless transfers between the enaira wallets and the bank accounts, with no fees for many transactions. Other eNaira benefits : 👇
- Accelerated financial inclusion
- Cheaper and faster remittance inflows
- Payment systems efficiency
- Increased cross-border trade
- Easier targeted social interventions
- Improvements in monetary policy effectiveness
Thanks for reading,what did you think about the introduction of eNaira? I will like to hear your opinion. Please drop your comment through the comment section below.
Don’t forget to share this article with your friends and family socal media network.