e-Naira: 12 things to know about Nigeria’s first digital currency: President Muhammadu Buhari unveiled the country’s first digital currency, e-Naira, on Monday.
The Central Bank of Nigeria (CBN) debuted the digital currency eNaira on Monday, 25 October 2021, making it the world’s fifth digital currency and the first in Africa.
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The eNaira is a Central Bank Digital Currency (CBDC) issued as legal money by the Central Bank of Nigeria. It is the digital equivalent of the actual naira and functions similarly to currency.
Buhari presented the digital money at the State House in the presence of senior government officials.
The digital currency was launched with about N500 million in coined cash.
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During the unveiling, Godwin Emefiele, Governor of the Central Bank of Nigeria, CBN, disclosed that 33 banks were completely integrated and operational on the platform.
However, as the new eNaira becomes available to Nigerians, we’ve compiled a list of 12 essential facts.
- It is a form of digital storage for the eNaira.
- It is stored and managed through the use of a distributed ledger.
- It can be used for remittances, including a more affordable option for diaspora remittances.
- It is traceable, which enables the investigation of fraudulent acts.
- It is suitable for both foreign and domestic commerce.
- It is distinguished by its own identity and security structure.
- It is distributed using peer-to-peer networks.
- It is universal – it can be held by anybody.
- It bears no interest.
- QR codes can be scanned to make payments.
- You can keep an eye on your e-activity. wallet’s
- Africa’s first digital money.
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