The Central Bank of Nigeria’s (CBN) digital currency, eNaira, will on October 1st 2021 be launched.
Ahead of the launch, the official website for eNaira has gone live and according to reports received millions of hits already.
However, there are severally frequently asked questions about how the digital currency will be used among others.
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.
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 are eNaira wallets created?
For smart phone 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 are the different tiers of eNaira wallet that I can open as an individual?
These are different tiers of wallets and they include:
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 [email protected]
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 do I reset my password?
You can also rest your password within the App by navigating the settings menu.
