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Video | All you need to know about the Enaira

This is all you need to know about the Enaira.

The e-naira is a new type of currency that is being introduced to Nigeria. It is a digital version of the paper naira. It is not a cryptocurrency as cryptocurrencies are banned in the country.

The e-naira is issued by and regulated by the Central Bank of Nigeria, unlike the others independent of the government’s control.

The e-naira is an excellent innovation because if you live in a remote area without a bank branch, you could walk in and send money to a family or friend that needs it. You could easily debit the amount you want to ship from your account, convert it to e-naira and transfer it to whoever needs it. They can spend it directly from their phone or transfer it and get cash.

Because the e-naira is formulated on blockchain technology, you can not have fake e-naira.
One of the many advantages of the e-naira is if you have no bank account. Still, you have a mobile phone. You can carry out financial transactions on it. You can easily make payments for goods and services simply using your phone.

It could be something as simple as paying a mechanic. You could also carry out financial transactions with business partners from other African countries.

The e-naira is efficient, but it also comes with some risks. You can still fall prey to scammers trying to hack and steal your data.

Ghana is expected to begin the use of e-cedi as a means of transaction starting in October 2021.