Do you know that as the world evolves the economy of the world has also continued to take shape amidst the covid?  I thank God for creativity and how things are panning out.

The Federal government of Nigeria headed by the President in synchrony with the central bank of Nigeria has developed a method known as e-naira for a more safe transactions on the Nigerian naira without going around with physical cash risking being rubbed this and more.

In this article, I will explain extensively what the introduction of the e-naira a CBDC ( Central bank digital currency) has come to do in our beloved country and how it tends to boost the economy. ANSWERS 👉 some questions about e- Naira that would be running through your minds.

eNaira: Top 10 Things You Need To Know About Nigerian Digital Currency

Here are the top 10 things you need to know about e-Naira Nigerian digital currency

1. What Is e-Naira?

E-naira is an electronic form of Naira which is a legal tender equal to the value of the Naira. Unlike other cryptocurrencies that does not have a central regulation.

The e-Naira would be regulated by the Central Bank of Nigeria. Following an initial postponement on October 1, 2021, the e-Naira was officially launched on October 25, 2021.

The e-Naira would be a Central Bank Digital Currency (CBDC) which means that while it is regulated by the CBN, it is a token that would only exist in digital and electronic form.

e-naira CBDC would be a legal tender with one e-naira equivalent to one naira which shows fundamental differences between CBDC and cryptocurrencies. I want you to note that this is a digital currency and not a physical coin or paper note.

As a result of this, you will need a wallet to store the E-naira token. Just like the physical Naira, the CBN will design the e-Naira usage to still pass through regulated financial institutions( i.e the banks) in the form of digital cash to individuals and businesses.

Therefore, the app will be provided by individual banks and other financial institutions. The E-naira app will be made available on Android Google Play Store and Apple iOS store.

2. How Will e-Naira Operate?

The e-Naira will be made accessible only through the e-Naira Wallets which is the digital storage that holds the e-Naira. The e-Naira Wallet is held and managed on a distributed ledger and it is required to access, hold and use e-Naira.

As it stands, e-Naira will be supplied by the CBN (from their Stock Wallet) to intermediaries (licensed Financial Institutions) for forward supply to individuals. As such, these financial institutions will retain a treasury wallet to collect e-Naira from the CBN.

Financial institutions licensed by the CBN will oversee Id verification, e-Naira payment processing, and generation of wallets for customers to keep their e-Naira.

The e-Naira app gives customers the opportunity to identify a bank of their choice, connect to their bank accounts and perform transactions.

The CBN has set out in the e-Naira white paper, a tiered form for KYC( know your customers) operations as stated below:

The CBN has set out in the eNaira white paper a tiered form for KYC

3. Who Can Use The e-Naira And Are There Charges Using The e-Naira?

The e-Naira is designed for all whether you are an individual, consumers, merchants, government ministries, departments and agencies , licensed financial institutions, and even the central bank itself.

Mores so the CBN said that charges for transactions that originate from the e-Naira platform shall be free for the first 90 days commencing from October 25, 2021.

4. How To Access The e-Naira?

I want you to note that the Central Bank of Nigeria [CBN] acknowledged that e-naira has the same value as the fiat Naira. The Central Bank of Nigeria said she has receive more than five thousand downloads of the e-Naira within few hours of the launch.

The bank said charges on any transaction on the e-Naira platform will be free for the first 90 days. And then it will revert to applicable charges as outlined in the guide to charges by Banks, other Financial and Non-bank Financial Institutions.

The Nigeria digital Customers can access e-Naira through the e-Naira wallet by downloading the wallet through app stores like Google Play store and Apple App store. Once customer has accessed the E-NAIRA wallet, they can use the e-Naira wallet to receive and send money.

The e-Naira wallet is required to access, use and hold the e-Naira. More so users can also dial a USSD short code and follow it’s required steps to perform transactions. The e-Naira has the same value as the physical naira. As such, it is exchanged one Naira to one e-Naira.

Commercial deposit banks say transaction with e-Naira can guarantee the following:

  • Instant settlement
  • 99.9% service availability and reliability
  • Low charges
  • No dispensing errors
  • No reconciliation issues
  • Nationwide acceptance
  • Advanced data privacy and security

The relevant information for a successful BVN validation check Are:

  • First Name;
  • Last Name;
  • Date of Birth (DD/MM/YYYY);
  • State of Origin;
  • Email; and
  • Phone Number.

e-Naira Unique Identifier For Users

  • TIN will be for corporate entities
  • NIN or BVN will be for individuals
  • BVN will be for merchants that are not corporate entities

e-Naira mandatory requirements

For a successful self-service enrollment to the e-Naira Speed App, the mandatory requirements for some BVN details must match similar details attached to the customer profile at the BVN database.

Steps To Download e-Naira App

#Step 1: Download the eNaira app.

#Step 2:Type in your invitation code received from your bank.

#Step 3: Enter minimum identification details (i.e., NIN, BVN, or KYC/AML Information, depending on the customer tier you are).

#Step 4: Enter other identification details (i.e., Name, Place and Date of Birth, Phone Number, Passport Photograph, Email and Password).

#Step 5: Minimum ID is validated.

5. The Benefits Of Using e-Naira

There are several benefits that users can gain from using the e-Naira over commercial digital banking. The benefits of using e-Naira over commercial digital banking is as follows:

A. There is the elimination of third party in transactions which could reduce time and cost of transactions.

This means that instead of customers transacting with money kept and maintained by a bank, e-Naira is directly held by customers in their e-Naira Wallets which is basically like holding digital cash.

B. The elimination of the intermediaries is expected to reduce the cost and time of transactions and also ease cross-border transactions.

C. Further to this, the introduction of e-Naira will provide customers with a lower cost compared to commercial digital banking as daily transfers between accounts will be at no cost to the holder of the account. This will help to ease costs for traders and those who deal in general commence regularly.

D. reduction of fraudulent transactions and illegal money deals such as money laundering due to the unique ID of the e-Naira.

E. No dispensing errors

F. reconciliation issues

J. Nationwide acceptance

H. Advanced data privacy and security as stated before

6. How To Accept Payment Using The e-Naira System

This will be simple. Just like you usually receive electronic money transfers, you will be able to accept payments into your E-Naira wallet from another E-naira wallet seamlessly.

7. Guidelines As Regards The e-Naira

CBN on October 24, 2021 released the e-Naira design White paper titled “Design Paper For The e-Naira” which breaks down the objectives, principles, and the e-Naira design plan.

The White Paper gives much more detail on the critical dimensions of the e-Naira, including the e-Naira design and architecture, the initial e-Naira functionality, what roles different economic actors play as the e-Naira is introduced, the risks of the e-Naira and how they will be mitigated, and the e-Naira Implementation roadmap.

The e-Naira white paper provides the following:

  • The Naira shall be managed by the CBN through the Digital Currency Management System (DCMS) to issue e-Naira and its unique code run through blockchain technology.
  • The e-Naira will use existing identity infrastructure – BVN, NIN, TIN etc. – to uniquely identify individuals and corporate entities to ensure a robust KYC(know your customers) framework.
  • Financial institutions shall keep a treasury e-Naira wallet for securing and administering e-Naira on the DCMS.
  • The two-factor authentication and other measures shall be implemented to guarantee the security of the e-Naira wallet in line with data security regulations.
  • The charges for e-Naira transactions shall conform with the guide to charges by banks, other financial and non-bank financial institutions, released by the CBN.
  • Financial institutions are mandated to abide by the Money laundering (Prohibition) Act 2011 (as amended), the Terrorism (Prevention) Act 2011 (as amended) and all subsisting anti-money laundering laws and regulations as may be issued by the CBN at any time.
  • The e-Naira will not earn interest.

8. E-Naira Is Different From Crypto Currency

Unlike Bitcoin and other cryptocurrencies, the e-Naira is a digital currency issued by the government and is a legal tender equivalent to the Naira value. This means that users can directly access the currency from the CBN as opposed to through a commercial bank.

It is also pegged against the physical Naira therefore its value will not fluctuate due to market influence at a different rate from the Naira.

Due to its value being pegged to the physical Naira and e-Naira being non-interest bearing, it may not be utilized for wealth, growth or investment as with other cryptocurrencies traded.

The e-Naira basically offers digital stability by simply making it easier to facilitate transactions digitally without the need for physical cash. It also limits the use of commercial banks as intermediaries in e-Naira transactions, save for the use of e-Naira Wallets.

9. How Will Dollar Remittance To E-Naira Work?

The e-Naira will be integrated into the CBN’s forex process, and this is to make it easier to receive remittances to Nigeria. These transfers could be from the CBN crediting e- Naira directly to the International Money Transfer Organization (IMTO).

A Nigerian abroad sending $100 to his uncle can debit his US bank account and credit $100 to an IMTO, who will buy e-Naira from their corresponding Nigerian bank.

The $100 is converted to e-Naira instantly at a far lower transfer fee which is a real benefit and a significant advantage the e-Naira will enjoy.

10. How To Use e-Naira

The CBN has planned a rollout in a tiered manner; first, it will issue the e-Naira, to financial institutions like banks. Your bank will then retail the e-Naira to you. If your transaction value is less than N50,000 a day, you don’t need a bank account to get the e-Naira; you can use a NIN verified phone number to buy e-Naira.

If you want to withdraw more than N50,000 but up to the daily limit of N1 million, then you will need a BVN in addition to a NIN verified phone number. The CBN has very strict ‘Know Your Customers” protocols for this process, the aim being to assure all retailers of the safety and utility of the e-Naira.


e-Naira is the Nigerian digital currency issued and regulated by the Central Bank of Nigeria (CBN). It has the same value as the physical Naira and guarantees simple, safe, and fast transfers and payments anytime and anywhere.

Think of it as the same Naira but digital, borderless, and with more possibilities. The e-Naira is designed for all whether you are an individual, consumers, merchants, government ministries, departments and agencies, licensed financial institutions, and even the central bank itself.

There are transaction and balance limits for individual e-Naira wallets. These have been out by the CBN. For Tier 0 (Non account holders and without NIN), the daily transaction and balance speed wallet limits are N20,000.00 andN120,000.00, respectively.

For Tier 1(customers with NIN) daily transaction and balance speed wallet limits are N50,000.00 and N300,000.00, respectively.

For Tier 2 customers (with existing bank account +BVN), daily transaction and balance speed wallet limits are N200,000.00 and N500,000.00, respectively.


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