How to Use the CBN eNaira Wallet in Nigeria

How to Use the CBN eNaira Wallet in Nigeria

The eNaira was issued by the Central Bank of Nigeria [CBN] and it has the same value as fiat Naira.

eNaira is a digital currency that uses blockchain technology and is Nigeria first digital currency platform.

CBN stated that the eNaira will provide a “unique form of money that will be denominated in Naira”.

President Muhammadu Buhari officially launched the digital currency on Monday, October 25, 2021, at State House Abuja.

CBN eNaira wallet is expected to guarantee secure, faster and more convenient transactions, according to banks.

The eNaira wallet is a digital wallet that stores eNaira currency. It will be for and managed on a distributed ledger.

Within hours after its introduction, the Central Bank of Nigeria announced it had received over 5,000 downloads of the e-Naira.

The bank says charges on any transaction on the e-Naira platform will be free for di first 90 days.

How to use e-Naira – Nigeria digital currency

eNaira is the digital form of cash and a direct liability on the Central Bank of Nigeria.
Customers may access eNaira via the eNaira wallet, which is available on Google Play and Apple App Stores.

Once a customer gets access to the wallet, they can use the eNaira wallet to receive and send money.

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The customer’s deposit will be direct liabilities on the financial institutions like the deposit banks and CBN.
Users can also execute transactions by dialling a USSD short number and following the on-screen instructions.

The value of the eNaira is the same as the actual naira. As such, it will be as exchanged for one Naira to one eNaira.

Commercial deposit banks have stated that transactions with e-Naira can guarantee;

•Instant settlement

•99.9% service availability and reliability

•Low charges

•No dispensing errors

•No reconciliation issues

•Low charges

•Nationwide acceptance

•No dispensing errors

•Advanced data privacy and security

How to Use the CBN eNaira Wallet in Nigeria

Objectives of eNaira are to:

Aid financial inclusion

Improve payment efficiency

Improved income and tax collection, as well as social initiatives that are more focused

Diaspora payment

The eNaira app (dubbed ‘Speed’) will be accessible on Google Playstore and Apple Store.

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