Newsonline understands that eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria (CBN) as a legal tender.
It is the digital form of the Naira that will be used just like cash we spend daily across the country.
Explaining the major difference between the eNaira and money in the bank account, CBN notes eNaira is a direct liability on the CBN while the customer deposits are direct liabilities on the financial institutions.
The information available on the eNaira website shows it does not yield any interest unlike the money in the bank account.
eNaira will be held in digital storage known as a wallet managed on a distributed ledger.
eNaira wallet is required to access, hold and use eNaira.
The idea dates back to 2017 when the apex bank set the ball rolling with consultations, presentations and discussions.
The launch was scheduled for the 61st Independence Anniversary until the CBN spokesman, Osita Nwanisobi, explained the planned unveiling had been deferred due to other key activities lined up to commemorate the Independence ceremony.
· Unified Payment System: Users will have access to move money from their bank account to their eNaira wallet.
· Contactless Payment: Users can make in-store payment using their eNaira wallet by scanning QR codes.
· Bank Account Management: Users can monitor their eNaira wallet, check balances and view transaction history.
· Peer-to-Peer Payment: It allows users to send money to one another through a linked bank account or card.
· Foreign Exchange Transactions: Users can access transactions across boundaries and a foreign exchange. It is universal – anybody can hold it.
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