eNaira transactions reached N46.3 million naira in less than two weeks after it launched.
The Central Bank of Nigeria (CBN) disclosed this about Africa’s first digital currency.
A senior CBN official disclosed this to the Financial Times.
According to the official, eNaira’s first week and a half was a “resounding success.”
He said the digital currency registered roughly 400,000 new wallets.
The official also revealed that eNaira had clients making 12,500 transactions worth N46.3 million ($113,000).
CBN Launches eNaira
The CBN launched eNaira on the 25th of October 2021 and had over 200,000 downloads 24 hours after launch.
To have eNaira, you would need a digital wallet to hold it.
eNaira Wallet
The eNaira Wallet is a digital storage that holds the eNaira.
The Wallet is held and managed on a distributed ledger.
ALSO READ: Nigeria’s Digital Currency, eNaira Is Not Cryptocurrency: Read The Difference
CBN says your wallet has the ability to access, hold and use the eNaira.
Benefits of the eNaira
The eNaira, according to the platform, offers the following benefits.
- Provides fast, cheap, reliable and available payment channel.
- Supports digital economy.
- Improves economic activities.
- It is a simplified and easy cross border payments and trade.
- It provides inclusion of excluded people in the financial system.
- Also, the eNaira provides improved effectiveness of monetary policies.
- It brings ease in tax remittance and collection to support the Country’s growth.
How To access and transact with Nigeria’s eNaira
The Centarl Bank of Nigeria has, in a post, said that anyone can access the eNaira through the following.
- Customers will be able to access eNaira via the wallet.
This access will be in app stores such as Google Play store and the Apple App store.
- Also, users can access the digital currency by dialing a USSD short code and following the required steps to perform transactions.
Steps To Open, Fund and transact with eNaira Account
The CBN has said that the platform will make for easier financial transactions for users of eNaira.
It will provide users the opportunity to send money in form of peer-to-peer payments.
Through peer-to-peer transaction, users will send and or receive money to one another.
But the users will first link their bank accounts or bank debit and credit cards to their wallets.
They must scan a QR code on the platform to get started.
Also, this will allow customers to move money from their bank accounts to their eNaira wallet with ease.
Similarly, users can monitor their eNaira wallet, check balances and view transaction history.
They can also make in-store payment using their eNaira wallet.
How it works
Explaining how users can operate their eNaira accounts, the CBN Governor, Godwin Emefiele said Nigerians will be able to download the eNaira app from either Google plays store or Apple app store.
He said they will, afterwards, sign into the digital currency’s app and platform and fund their wallets.
They will be able to do so using their bank account or with cash at a registered agent location.
Other countries like China, Bahamas, and Cambodia have also launched digital currencies.
Implications
You must not forget that the eNaira will make electronic transactions seamless for you.
Likewise, note that the eNaira is solely Nigeria’s digital currency which has placed the country among the comity of nations with digital money.
It has also place the country as first in Africa to officially launch the digital currency.
Also, soon enough, Nigerians will be fully transacting with the digital currency.
Likewise, foreign businesses and transactions will be done using the digital currency.
Although eNaira is not a cryptocurrency, it is a digital currency that runs on blockchain technology like other cryptocurrencies.
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