All About eNaira Nigeria Digital Currency
You don’t have to stress yourself anymore in knowing all about eNaira and what it’s all about.
Generally, people are still confused about the whole eNaira thing, how it works and the purpose of established it.
Do not worry because we spent time in breaking down this article to the level that anyone can easily read and understand everything about this First Nigeria Digital Currency.
This is to bring to the generally notice of all the citizens of Nigeria on the newly Lunched Nigeria Digital Currency called eNaira.
Nigerian First Digital Currency eNaira
Nigeria, an African country at the Gulf of Guinea, has many natural landmarks and natural world reserves. Protected regions which include Cross River National Park and Yankari National Park have waterfalls, dense rainforest, savanna and uncommon primate habitats. One of the maximum recognizable sites is Zuma Rock, a 725m-tall monolith outdoor the capital of Abuja that’s pictured at the country wide currency.
About Naira (Nigeria Physical Currency)
The Naira is the currency of Nigeria. One naira is divided into 100 kobo. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume of money supplied in the economy in order to ensure monetary and price stability.
- Symbol : ₦
- Banknotes: 1000 Naira, 500 Naira, 200 Naira, 100 Naira, 50 Naira, 20 Naira, 10 Naira and 5 Naira.
- Coins: 2 Naira, 1 Naira, 50 Kobo
- ISOcode: NGN
What is eNaira?
eNaira is digital currency. It’s the first Nigeria Digital Currency and the name “eNaira“ was given to it by the Central Bank of Nigeria (CBN).
This is a new digital currency by Nigeria and will not replace the physical currency used by the Nigerians for buying and selling which is the NAIRA.
What is Digital Currency?
Digital Currency (or digital money) is refered to any means of payment that exists in an electronic form.
Digital Currency is exchanged using technologies such as smartphones, credit cards, and online cryptocurrency exchanges. In some cases, it can be converted into physical cash through the use of an ATM.
Digital currencies do now no longer have physical attributes and are to be had most effective in digital form.
Transactions regarding digital currencies are made with the use of computer systems or digital wallets connected to the internet or specific networks.
In contrast, physical currencies, which includes banknotes and minted coins, are tangible, that means they have got exact bodily attributes and characteristics. Transactions regarding such currencies are made feasible most effective when their holders have bodily ownership of those currencies.
How eNaira Works
The eNaira works as a digital version of the physical Nigeria currency which is NAIRA.
The eNaira wallet is similar to a bank account and is created in the same way; however, it will be a separate account that is not connected to an already existing bank account.
Transactions will be possible between two parties that both have an eNaira wallet, which allows you to store, send, and receive eNaira.
What is eNaira Speed Wallet?
The eNaira Speed Wallet app, is a digital storage which the eNaira is stored in. The wallet is required to access, hold and use eNaira.
How to Open eNaira Wallet.
For downloading the eNaira Wallet you need to know that for android users, you’ll go to Google Play Store and for iOS users, you’ll to Apple App store.
How to Download eNaira via Play store;
- Go to google play store and search for the eNaira Speed Wallet app.
- When it appears, tap on the install icon to begin the download and installation of the app.
- After that, you will be required to sign up.
- You’ll be taken to a page that you’ll be required to choose your bank and input your phone number and a password minimum of 12 characters.
- A page will open requiring you to put your; First Name, Last Name, Date of Birth, State of Origin, Account Number and BVN.
- When you’re done, click CONTINUE
- If the validation is successful, an email will be sent to email linked to your BVN.
- Note that the system will unlock you for 30minutes.
- When you get to your registered email, you will be required to click on Activate Wallet to confirm your email and activate your eNaira Speed Wallet.
- Finally, enter your Username (email address tied to your BVN) and the Password you created during the sign up to access your eNaira Speed Wallet.
How to Fund eNaira Wallet
- Login to your Mobile Banking App or Online Banking Platform (how select while onboarding).
- Click on the eNaira quick button on the mobile app.
- Select eNaira Account type either “Individual or Marchant”.
- Click transfer to type then select either Transfer to my eNaira Wallet or withdraw from my eNaira Wallet.
- Enter you eNaira Wallet username (That’s your BVN -linked email address)
- Enter your eNaira wallet password
- Add remarks and continue
- Provide the correct authentication requirement ( Transaction pin or Token for your Online/Mobile Banking)
- Your wallet is funded.
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