The CBN eNaira Wallet has become Africa’s first digital currency.
On Monday, October 25, 2021, at the State House, Abuja, President Muhammadu Buhari officially launched the long-awaited electronic Naira, dubbed eNaira.
Its value is equal to that of the currency Naira. Consider it the same Naira, only digital, borderless, and with more choices.
eNaira is an easy and secure way to hold and spend the Naira. It is first Nigeria’s digital currency platform, issued and controlled by the Central Bank of Nigeria (CBN) and designed to use blockchain technology.
Nigerians can now download, install, and use the mobile app to do business anywhere in the nation as long as they have access to the internet.
The software is available for Android users on the Google Play Store and for iOS users on the Apple App Store.
How to Download, Install, Operate eNaira
1. Download eNaira Speed Wallet from your Google Play Store or Apple App Store.
2. After that, you will be required to sign up in order to begin the onboarding process.
3. It will bring up the option to select your Bank name.
Select your bank from the list, after that, the Create Account page will appear, prompting you to enter your Phone Number (usually, this should be the phone number associated with your bank account) and Password, which must be at least 12 characters long.
4. After that, you’ll be directed to the next page, where you’ll be asked to enter your;
Date of Birth
State of Origin
Bank Verification Number (BVN)
5. You must then click the Continue button once this has been done.
A wallet activation email is sent to the email address associated with your BVN when the information is successfully validated.
Please keep in mind that the system will automatically unlock you after 30 minutes.
6. You must click on the Activate Wallet to validate your email and activate your eNaira Speed Wallet when you arrive at your registered email.
7. To access your eNaira Speed Wallet, use your Username (the email address associated with your BVN) and the Password you set during the Signup process.
8. To fund the eNaira Speed Wallet, log in to your Bank Mobile/Internet Banking platform and initiate the transfer and you are good to go.
The eNaira Speed Wallet has over 100,000 downloads in the google play store at the time of writing this report.
Frequently Asked Questions
What is the eNaira?
eNaira is a Central Bank Digital Currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It’s the digital equivalent of the actual Naira, and it works just like cash.
What are the advantages of using the eNaira?
eNaira is a fast, inexpensive, secure, and dependable payment method created to help Nigeria’s digital economy and financial inclusion. eNaira will improve Nigeria’s payment ecosystem, raise income and tax collection, support targeted social initiatives, and improve diaspora remittances, among other things. Users may use eNaira to make contactless payments by scanning a QR code.
What distinguishes eNaira from the amount in my bank account?
The money in your bank account is Naira kept as deposit liabilities by the banking institution, whereas eNaira is a digital currency that is a direct liability of the Central Bank of Nigeria.
Will eNaira be able to take the place of cash?
No, the eNaira will coexist with cash as a more efficient, secure, and cost-effective payment alternative.
Is there any value in the eNaira?
No. There is no interest component in the eNaira.