The eNaira is the Nigerian digital currency that is issued and regulated by the Central Bank of Nigeria. It is the digital form of the Naira and is used just like cash. The eNaira wallet is a digital storage that holds the eNaira. The eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. The eNaira has an exclusive operational structure that is both remarkable and unlike other forms of central bank money. There are several benefits from a central bank-issued digital currency in Nigeria, such as:
- Faster and cheaper transactions
- Financial inclusion and innovation
- Enhanced monetary policy effectiveness
- Reduced cash handling and printing costs
- Improved security and transparency
To use the eNaira, you need to download the app or scan the QR code from the official website¹. You can also visit the Central Bank of Nigeria website² or the Wikipedia page³ for more information. Alternatively, you can read this article⁴ that explains what the eNaira is, how it works, and all you need to know. I hope this helps you understand the eNaira better. 😊
