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.
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.
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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.
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.
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.