All you need to know about CBN’s e-Naira

Launched Monday, October 25, 2021, e-Naira is a Central Bank Digital Currency (CBDC) issued by the Central Bank of Nigeria (CBN) as a legal tender. It is the digital form of the Naira and is used just like cash.

 



In this article, Tribune highlighted everything you need to know about the digital currency.

What the e-Naira entails

According to the CBN, the e-Naira is not just another CBDC (Central Bank Digital Currency); the platform is said to be a people-oriented digital currency leveraging technology to connect individuals and businesses for easy trading and financial inclusion. The apex bank said it pushed the boundaries, bridged gaps, and told actual humane stories in the process of making the platform. “We are the foremost audience-centric digital currency brandishing a face,” the CBN noted on the e-Naira official website.


Log in to primsol.lawpavilion.com and enjoy the best E-journals, textbooks, and many more

To subscribe to Primsol, go to store.lawpavilion.com.

For further enquiries/assistance, send an email to [email protected] or call 08050298729


How it was built

In further explaining how the e-Naira was built, the CBN notes that from conception, the e-Naira has followed a careful thought and implementation process, beginning with understanding current realities in Nigeria’s evolving payment landscape, working with clear objectives and principles built from those realities, meticulously laying out the aspects of the architecture and infrastructure and keeping note of real-time risk management protocols.

Issues regarding cashless policy, National Financial Inclusion Strategy, Bank Verification Number, Shared Agent Network Expansion Facility, License categorization for the Payment System and Establishment of NIBSS Payment Infrastructure, were all put into consideration.

Its benefits

The e-Naira is expected to foster economic growth by offering easier access to capital and financial services which will increase economic activities at low/no interest transaction rates.

It is also expected to provide secure and cheaper diaspora remittance options and make such transactions faster.

Due to its traceability, e-Naira makes it more difficult for individuals or organizations to indulge in fraud.

While the impossibility of being forged, makes it very strong and reliable, the e-Naira provides financial inclusion by making financial services available to communities without enough banking opportunities.

Local and international trade are expected to be increased with the emergence of e-Naira, and the nation’s digital currency is expected to aid revenue collection by reducing the cost of handling cash.

Other benefits

With the e-Naira, diaspora payments are also expected to become cheaper and safer to ensure individuals get more value for every Naira they earn.

As regards local payments, people can boycott the queues and pay taxes, and bills from the comfort of their homes in an easier and dependable fashion.

Also with the e-Naira, the CBN assures that financial government aid will get straight to the people, as it knocks the middlemen out of the way and individuals can claim funds directly.

An extra benefit attached is the secure banking which the e-Naira promises.

Those worried about the safety and security of banking details can be rest assured that the transparency makes everything traceable.

Beyond faster and better transactions, the CBN promises that the eNaira makes it possible to send funds, save money, and save time while at it.




Call Bridget Edokwe Esq on 08060798767 or send your email to barristerngblog@gmail.com



The cost of the book is Seven Thousand Naira (N7,000) only. Call 08037667945 OR 08028636615 ;  or Email:princetonedu2012@yahoo.com; bookpublishing2017@gmail.com; princetonpub.com  to get your copy.




Author: Prof Theodore Okonkwo, Ph.D
: CALL: 08065159968; 08068771923: PRICES: N100,000 (SPECIAL EDITION), N60,000.00 (UNIVERSAL EDITION)


Digital Evidence and eDiscovery Law Practice in Nigeria -By Emeka Arinze Esq. [ORDER NOW] – For book cost & placing order, visit www.decfi.com.ng/order


Steps To Subscribe To the Court of Appeal Reports Nigeria


Get ‘Personal Property Law in Nigeria’ By Chief Mike A.A. Ozekhome, SAN (FREE)

Click below to download FREE

https://www.pulp.up.ac.za/monographs/personal-property-law-in-nigeria


ADVERTISEMENT

BESTSELLER: Commercial and Economic Law in Nigeria By Chief Mike Ozekhome, SAN [ORDER NOW]

To ORDER click the link

https://kluwerlawonline.com/EncyclopediaChapter/IEL+Commercial+and+Economic+Law/COMM20210001