Common Questions About eNaira

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  • What is eNaira?

eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.

 

  • Is eNaria safe?

eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.

 

  • What is an eNaira Wallet?

The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger. The eNaira wallet is required to access, hold and use eNaira.

  •          How is eNaira different from cash?

    eNaira is the digital form of the cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.

     

             How is online bank transaction different from making payments with eNaira?

    There are intermediaries for the typical online bank transactions, whereas for eNaira transactions, there are no intermediaries.

     

             What are the benefits of eNaira? 

    1.    Fast, cheap, reliable and available payment channel.

    2.   Support digital economy.

    3.   Improved economic activities.

    4.   Simplified and easy cross border payments and trade.

    5.   Inclusion of excluded people in the financial system.

    6.   Improved effectiveness of monetary policies.

    7.   Ease in tax remittance and collection to support the Country’s growth.

    8.   Ease in targeted social interventions to support Nigerians.

    • Will eNaira replace cash?

    No, it will circulate alongside cash. The eNaira will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.

    • Am I assured of data privacy while using eNaira?

    Yes. Similar to the privacy enjoyed by current online banking patrons, the eNaira system has been designed to ensure data and user privacy. There are also operational policies and procedures in place to protect users’ identity and privacy.

    • Who can access eNaira?

    Similar to cash, any person or business can have access to eNaira as long as they have the requirements for onboarding.

    • Will eNaira and physical cash have different values/rates?

    No. The eNaira will have the same value as the physical naira. As such, it will be exchanged one to the other.

    • Why should I download and fund the eNaira wallet?
    1. No dispensing errors.
    2. Nationwide acceptance.
    3. Low charges.
    4. Advanced data privacy and security.
    5. 99% service availability.
  • Why should business/traders/corporate organizations operate eNaira wallets?
  1. Instant settlement.
  2. 99% service availability and reliability.
  3. Low charges.
  4. No dispensing errors.
  5. No reconciliation issues.
  • How do I access eNaira?
  1. Customers will be able to access eNaira via the eNaira wallet in app stores such as Google Play store and the Apple App store.
  2. Users can also dial a USSD short code and follow the required steps to perform transactions.
  • Can I pay cash to bank then instruct them to move it to my eNaira wallet?

No. In order to move cash into your eNaira wallet, kindly go to your bank.

  • Can I pay with my eNaira and cash for a transaction at the same time?

Yes. The eNaira and Cash are all variants of the legal tender. Either or both can be used to carry out transactions as the situation demands.

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Common Questions About eNaira

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