What You Need To Know About eNaira
The eNaira, the digital currency of the Central Bank of Nigeria (CBN), is set to go live today with President Muhammadu Buhari's ceremonial unveiling at the State House in Abuja. The website www.enaira.com is already operational, and banks have integrated it into their various electronic banking platforms.
The eNaira is a sort of Central Bank Digital Currency (CBDC) that is being investigated by over 80% of central banks throughout the world. CBDCs are a new type of central bank currency that differs from physical cash and reserves/settlement accounts.
It's a digital representation of sovereign currency issued by a country's monetary authority, as well as a direct responsibility of the central bank that issued it. CBDCs are not intended to replace cash or bank deposits, contrary to popular misconception, but rather to coexist as another kind of Central Bank-issued money.
CBDCs should not be confused with cryptoassets like Bitcoin, Ethereum, and others, which are privately issued tokens based on cryptographic principles and denominated in their own currency. Cryptoassets are thus fundamentally distinct from other forms of digital money, such as the CBDC, which uses technology to digitally reflect a country's legal currency.
While the website claims that the app can be downloaded, a search on Google Play shows that it has yet to be loaded, and scanning the quick response (QR) code returns you to the website. Meanwhile, some commercial banks have begun contacting their customers to invite them to join the eNaira community by registering.
Here are a few things to keep in mind while you wait for the eNaira to be released. You must first register with your bank to acquire an invitation code, after which you must download the eNaira app and enter the bank's invitation code.
After that, depending on the customer tier you are in, you will need to input minimum identity details (i.e., NIN, BVN, or know your customer (KYC)/anti-money laundering (AML) information).
You'll also need to provide other identity information, such as your name, address, date of birth, phone number, passport photo, email address, and password.
Your financial institution will notify you once your identification has been verified, and you may then log into your account.
Individuals can fund their eNaira wallets by sending physical money from their usual bank (e-banking app) to an eNaira verification agent/bank branch/CBN shared agent network expansion facility (SANEF). After that, the agent deposits the equivalent in cash into the customer's eNaira wallet.
The diaspora regular account holder signs in to your customer forex bank account, such as HSBC, transfers funds into international money transfer operators' (IMTO) forex bank accounts, such as Western Union, and then transfers from IMTO eNaira wallet to consumer eNaira wallet.