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Nigeria to launch its first digital currency

With the rise in popularity of cryptocurrencies like Bitcoin, governments around the world have begun to consider producing their own digital currencies.

Nigeria is no exception.

Recently, the Central Bank of Nigeria (CBN) announced plans to launch their own digital currency called the eNaira.

Here’s what we know about it.

What is eNaira?

eNaira is the name given to the CBN’s first proposed digital currency.

The new currency will not replace the physical Naira but will act as a digital representation of it.

When is the CBN launching eNaira?

The CBN has announced they will launch eNaira into the Nigerian Financial system on the 1st of October 2021.

We anticipate understanding how the eNaira will work in the financial system of Nigeria and how it will be incorporated into the banking system also.

How does the eNaira Work?

It work as a digital money, a digitalized version of the Nigerian Naira, Financial institutions will provide ID Verification, eNaira payment processing and the wallet creation for their customers, which will be used to manage and hold the eNaira.

Note that the eNaira wallet will operate just like the normal bank account and it will be created the same way, but it will be a different account and it will not be connected to your previous banka ccount.

Transactions will be enabled, for transfer, payment, receiving of enaira and moe between two parties who have their eNaira Wallet.

Is eNaira the same as Bitcoin?

No! Bitcoin is a cryptocurrency, while eNaira is a digital currency issued by the government and authorised for the people to carry out financial transactions.

For instance, eNaira has the same value with Naira so it is not like bitcoin that fluctuate, rising and falling in value, this also means, the eNaira is not something you invest into to build wealth and financial fortune.

The eNaira gives the flexibility of making payment, carrying out financial transactions digitally without having to use cash directly.

What will be the Effect of eNaira on the Economy?

This is not very certain yet, as the eNaira has the same value as the Naira, though the CBN believe the eNaira will greatly impact the economy, financial institution, payment processing, buying and selling among other things.

The eNaira is also going to facilitate cross-border trades, transactions, which will definitely result positively on the economy.

How will eNaira affect money Transfers and Payment in Nigeria?

The process of using eNaira to facilitate cross border transactions is still not very clear yet, it is the big questions many Nigerians and financial experts are still asking ahead of time.

But the major thing is the eNaira is not coming to replace the real Naira we have been using before now, so our normal transactions will definitely continue.

It is a good develop though, especially in a digitalized world that we are, Nigeria is coming up with her own digital currency for the first time, we anticipate the fullness of it operation and the benefits that comes with it.

To get started with the eNaira Wallet;

The Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, is now live.

The eNaira will serve as a digital legal tender and carries the same value as the Naira (₦100=e₦100).

To get started:

Download and launch the eNaira Speed Wallet from Google Play or Apple Appstore.
Click on ‘’Sign up’’ to begin the onboarding process.
Scroll down and select Wema Bank as your eNaira Partner.
Enter your Mobile Number and Create Password.
Enter the following Personal Details:
First Name
Surname
Date of Birth (DoB)
State of Origin
Wema Bank or ALAT account number
BVN
Once validated, a wallet activation mail is sent to the email address linked to your BVN.
Go to the registered mailbox, confirm receipt of the email and create a password.
Click on ‘’Activate wallet’’ to confirm your email and activate your speed eNaira Wallet.
Enter the email address linked to your BVN and Password to log in to the eNaira Speed Wallet.
Fund your eNaira Speed Wallet using ALAT and start making transactions.
Alternatively, you can walk into any of our branches to fund your eNaira wallet.

We will keep you abreast of all updates concerning the eNaira, so look out for our emails.

For now, enjoy a world of more possibilities with Nigeria’s new digital currency.

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