The Pacesetter Frontier Magazine

Tag: CBDC

  • Why e-Naira is different from the money in your bank account

     

    The Central Bank of Nigeria’s eNaira website has gone live ahead of the October 1 official launch.

    According to the website, www.enaira.com, “eNaira is a CB -issued digital currency that provides a unique form of money denominated in Naira.”

     

    Find out what makes the eNaira different from the money in your bank account — according to the apex bank itself.

     

    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.

    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.

     

    Is eNaira wallet safe?

    Yes. The eNaira system uses a two-factor authentication system in addition to cryptographic encryption to ensure the safety of customers’ wallets and the eNaira holding.

     

    How are eNaira wallets created?

    For smartphone users, download the eNaira app (termed “Speed”) from either the Google Play Store or Apple Store and complete the registration process.

    For feature phone users, utilize USSD codes and follow the registration prompts.

     

    How do I connect my eNaira wallet to my bank account?

    The eNaira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions.

     

    What makes eNaira different from the money in my bank account?

    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 do I resolve failed transactions or raise enquiries on eNaira?

    Reach out to the customer support of the bank you selected when registering for eNaira through their available channels which include: phone, email, whatsapp, etc. Disputes will be resolved as soon as possible.

    If issues are not resolved within 48 hours, send an email to CBN’s eNaira Customer Support via helpdesk@enaira.com

     

    What are the different tiers of eNaira wallets that I can open as an individual?

    These are different tiers of wallets and they include:

     

    September 2021

    TIERS CATEGORY REQUIREMENT DAILY LIMIT CUMULATIVE LIMIT

    0 No Existing Bank Account NIN verified telephone number 20,000 120,000

    1 No Existing Bank Account 50,000 300,000

    2 Has an Existing Account BVN + valid means of identification 200,000 500,000

    3 Has an Existing Account Tier 2 requirement +  public utility receipt 500,000 5,000,000

     

     

     

     

     

    Source: www.punchng.com

  • An anxious wait as CBN launches CBDC (e-Naira) on 1st Oct

     

    With a few days to the official launch of the Central Bank Digital Currency (CBDC), eNaira, in partnership with Bitt Inc, Nigerians are anxiously waiting to experience a new banking product touted to be a game changer on the local business landscape.

    When the Director of Information Technology, Central Bank of Nigeria (CBN), Rukiya Mohammed, mooted the idea few months ago, it was greeted with mixed feelings. While some people believed it would be a federally administered cryptocurrency, many others, especially the illiterate population, thought it was just another bogus hoax meant to titillate them.

    According to records, 85 per cent of Central Banks globally are working dedicatedly on their digital currencies by gradually weaning themselves off rapidly-declining cash payments; and this forms the reason the CBN joined the fray so that Nigeria is not left in the lurch.

     

    According to the CBN Governor, Mr Godwin Emefiele, the eNaira, among others, seeks to help it achieve the apex bank’s monetary policy and financial inclusion objectives. It is also expected to increase the exchange of currency and facilitate cross border trade at a lower cost, especially when more countries unveil their own digital currencies.

     

     

     

     

     

    Source: www.sunnewsonline.com