The Nigerian eNaira has finally been launched on Monday, October 25th 2021. It was initially slated to be unveiled on October 1st, 2021 (Nigeria Independence Day) but later postponed due to reasons best known by the government. In this article, I will be showing you what you need to know about the eNaira, its official website, how to get started, and most importantly, how this digital currency will be of benefit to Nigerians.
What You Should Know About the eNaira Launch
The Nigerian eNaira was unveiled by President Muhammadu Buhari at the State House in Abuja on Monday, October 25th 2021. This means that Nigeria is now the 6th country to launch a centralized national economic money (or a Central Bank Digital Currency), and the only country from Sub-saharan Africa.
The other five countries that have fully launched a CBDC are the Bahamas, Antigua and Barbuda, Saint Kitts and Nevis, Saint Lucia, and Granada.
During the launch, the Governor of the Central Bank of Nigeria, Godwin Emefiele, said about 500 million eNaira has already been minted.
The Central Bank of Nigeria has earlier stated that the eNaira wallet offers a variety of easy of making purchases with retailers on-site, transferring or sending money while tracking rewards programs.
The statement also indicated that Nigerians can now link the eWallet to their bank accounts or pay-as-you-go with a prepay option and a promise of an embedded security token system that makes information hidden to fraudsters.
How to Get Started With the eNaira
If you want to know how to get started with the eNaira, just follow the steps below:
Account Opening Steps for Personal Use
- Download the eNaira app from the Play Store or Apple store
- Enter you minimum identification details (NIN, BVN, or KYC information, depending on the customer tier you belong)
- Enter other identification details (name, place, date of birth, passport photograph, phone number, Email address, and password)
- Minimum ID is validated
- You will then receive an Email to activate your wallet
- Finally, log in to your account
NOTE: According to the Central Bank of Nigeria, customers without an existing bank account and verified NIN, have a daily transaction limit of N20,000 while the maximum cumulative balance is N120,000. Customers without an existing bank account but with a NIN will have a daily transaction limit of N50,000 and a massive cumulative daily balance of N300,000.
Account Opening Steps for Businesses
- Download the eNaira app
- Enter invitation code from bank and validate it
- Enter minimum identification details (full KYC as stipulated in the CBN’s AML/CFT Regulations)
- Enter TIN (Tax Identification Number)
- TIN is verified
- Enter other identification details (email, password, business category, legal business name)
- Finally, financial institutions verifies application
A business account with regular spending abilities is entitled to a daily transaction limit of N1,000,000 and an unlimited maximum cumulative balance.
Benefits of the eNaira
- It supports digital economy
- It is a fast, cheap, reliable and available payment channel
- It improves economic activities
- It provides simplified and easy cross-border payments and trade
- It includes excluded people in the financial system
- It improves effectiveness of monetary policies
- It eases targeted social interventions to support Nigerians
- It provides ease in tax remittance and collection to support the country’s growth
Exchange Rate Between the eNaira and Physical Naira
The exchange rate between the eNaira and physical Naira is the same because both currencies have the same value. Hence, it will be exchanged one to one.
The symbol of the eNaira is a bit similar to the Naira sign. It is represented with the letter N and E embedded together, with both having double horizontal strokes across. You can see it from the image below.
To get more information, you can visit the eNaira website from this link. The eWallet is already available at the Google Play Store for Android users and Apple Store for iOS users.
These are the most important things you need to know about the eNaira as it has been launched fully in Nigeria. If you find this article informative enough, kindly share it by using the social share icons below. It will also benefit your friends and families.