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e-Naira: 12 things to know about Nigeria’s first digital currency

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President Muhammadu Buhari on Monday, launched Nigeria’s first digital currency, e-Naira.

 

Buhari unveiled the digital currency at the State House with top government functionaries in attendance.

 

The digital currency was flagged off with over N500m of the currency minted.

 

Speaking during the unveiling, the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, disclosed that 33 banks had been fully integrated and live on the platform.

 

However, as the new eNaira hits Nigerians, here is a list of 12 things to know

 

1.       It is a digital storage that holds the eNaira.

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2.       It is held and managed on a distributed ledger.

 

3.       It can be used for remittance, which includes a cheaper diaspora remittance option.

 

4.       It is traceable so fraudulent activities can be traced.

 

5.       It can be used for international and local trades.

 

6.       It has a unique identity and security structure.

 

7.       It is exchanged peer to peer.

 

8.       It is universal – anybody can hold it.

 

9.       It does not yield any interest.

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10.   Payments can be made by scanning QR codes.

 

11.   You can monitor your e-wallet activities.

 

12.   First digital currency in Africa.

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