eNaira Digital Currency

eNaira Digital Currency

eNaira Digital Currency

I’m sure quite a number of us have heard of the latest eNaira digital currency recently launched by the Central Bank of Nigeria. Well, for me, I struggled a lot to comprehend how a digital currency could be used for transactions and how it affects our present naira notes. This prompted me to do extensive research on all the eNaira is about and how useful it is in the digital age we currently live in.

The results of my research are what I would judiciously share with you today, so you are not in the dark whatsoever about all that goes on in the country and in this digital age generally. This is sure to be informative and I hope you share this with your friends too, so they equally get informed. Thanks in anticipation!

What Really Is The eNaira Digital Currency?

The eNaira digital currency is Nigeria’s very own digital currency promulgated by the Central Bank of Nigeria(CBN) that supplies the presently distinctive form of cash designated in Naira. The present eNaira does not just act as a currency for transactions, but also doubles as a store of value, thereby presenting a better payment mode for local transactions in comparison to cash channels.

The eNaira digital currency’s absolute mode of operation is phenomenal and does not possess any of the usual attributes associated with other profiles of the central bank money.

Of What Significance Is eNAIRA Digital Currency To The Economy?

  1. One of the major benefits of the eNaira is the fact that it supports economic growth, as it proffers trouble-free ingress to the nation’s reserves and commercial services, which in turn boosts revenue at low bargaining rate.
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2. Because the eNaira operates digitally, its trackability features reduce the rate of fraud or illegal operations.

3. The eNaira’s payment option is safe as well as cheap, and the speed of transactions on it makes it even better.

4. The eNaira permits faster disbursement of cash for welfare supports from the government.

5. The eNaira would improve the rate of local and international transactions, through its quick, cheap, and easy features.

6. When trade and transaction rates increase locally and internationally, this in turn would boost revenue for the country.

7. The eNaira features further ensure that no one is left out of its benefits; since it can be accessed digitally, even those in communities without banking opportunities get to benefit as well.

8. Unlike the naira that has counterfeits, the eNaira cannot be forged, hence, this is the most secure form of transaction.


  1. Customers are free to observe their eNaira wallet, check their balances and view transaction history as they do with their normal naira accounts.

2. Just like in bank transfers, customers can move money from their bank accounts to their eNaira wallets seamlessly.

3. The eNaira further permits users to send money to one another through a linked bank account or card

4. Another unique feature is the fact that customers can make in-store payments using their eNaira wallets by scanning QR codes. Cool, isn’t it?

In conclusion, the eNaira is the same naira but with newer amazing possibilities for exchange. And the best part, it is accessible to anyone and everyone.

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Do contact your bank for details on how you could also assess the eNaira. It’s worth having, I must say. I hope this session carefully analyzes the newest digital currency and its benefits.

See you in my next session. Cheers!

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