In this article, we’d be introducing the eNaira, a digital currency issued by the Central Bank of Nigeria (CBN).
It made history in October 2021 as the first digital currency from an African central bank. As legal tender, the eNaira carries the full backing and trust of the Nigerian government. It is directly linked to the Nigerian Naira, meaning its value is equivalent to the traditional currency.
The eNaira provides a seamless payment experience both online and in person, even for international transactions. Compared to cash or traditional bank transfers, it offers enhanced efficiency and convenience. Additionally, its robust security measures make it immune to counterfeiting risks.
The eNaira holds the potential to revolutionize payment practices in Nigeria, fostering financial inclusion by expanding access to financial services.
In this blog article, we will delve deeper into the eNaira, exploring its inner workings, practical applications, and the potential benefits it brings to Nigeria. We’d also see how to download the eNaira wallet on both Android and iPhone devices.
Benefits of using the eNaira
Using the eNaira offers several advantages:
- Efficiency and Convenience: It is a faster and more convenient alternative to using cash or traditional bank transfers.
- Enhanced Security: The eNaira provides a higher level of security compared to cash since it cannot be counterfeited.
- Versatile Usage: It can be used for both online and in-person transactions, making it versatile for various purchasing needs.
- Financial Inclusion: By making financial services more accessible, the eNaira contributes to improving financial inclusion in Nigeria, benefiting individuals who previously faced barriers in accessing such services.
What Is The Value Of The ‘eNaira Crypto’?
The eNaira is not a type of cryptocurrency. It’s actually a digital currency issued by the Central Bank of Nigeria (CBN). It’s called a central bank digital currency (CBDC), and it’s based on the Nigerian Naira.
The eNaira is not meant for investing or making speculative bets. Instead, it’s designed to make payments easier and more convenient. You can use it to buy things online or in stores.
Since its launch in October 2021, the eNaira has become quite popular in Nigeria. By March 2023, there were over 34 million eNaira wallets in the country, and people had made transactions worth more than $10 million using the eNaira.
It’s still too early to know for sure how valuable the eNaira will be in the long run. But it has the potential to change the way people in Nigeria make payments and could help more people have access to financial services.
How Can You Download The eNaira Wallet?
To download your eNaira wallet, the steps are very simple:
- Visit the eNaira official website
- At the top you’ll see the link to download the app, or visit this link.
- You will see the links to download it for your App Store and Google Playstore.
That’s all. I advise you use the official website to avoid getting cloned apps since this has to do with finances.
How To Fund The eNaira Wallet
You can fund the wallet directly from your bank account, or get other eNaira users to send you money.
Tokens will also be generated for transactions to prevent fraud.
NOTE: Unlike cryptocurrencies like Bitcoin and Ethereum, eNaira funds don’t generate interest and are not decentralized. If you’re in search of ways of making money from cryptocurrency in Nigeria, I’d recommend this article on 7 ways to make money from cryptocurrency in Nigeria.
