eNaira 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 will be used just like cash.

• The eNaira wallet is a digital storage for eNaira which is held and managed on a distributed ledger. This means that you don’t need to rely on an intermediary (financial institution) to access funds in your eNaira wallet.
• Why negative? You could say that you  need an enaira wallet to transact with  enaira.

No, it is not.

• eNaira is a legal tender recognized by Nigerian law and issued by the Central Bank of Nigeria as opposed to cryptocurrencies which are private digital currencies not backed by Nigerian law and are not legal tender currencies.
• eNaira is a unit of account, store of value and medium of exchange whereas, cryptocurrencies are not.

• While your bank is responsible for the money in your bank, the CBN is directly responsible for the eNaira in your eNaira wallet.

• When you perform a typical online bank transaction, there are intermediaries whereas for eNaira transactions, there are no intermediaries.

The benefits of the eNaira are:

• Fast, cheap, reliable and available payment channels.
• It supports Nigeria’s digital economy.
• It creates room for improved economic activities.
• It creates opportunities for simplified and easy cross-border payments and trade.
• It creates an all-inclusive financial system.
• It allows for improved effectiveness of monetary policies.
• It promotes ease in tax remittance and collection to support the country’s growth.
• It allows for ease in targeted social interventions to support Nigerians.

• The CBN is the only body authorized to issue all forms of Naira including eNaira, according to Section 2 of the CBN Act 2007.
• The CBN will also be responsible for guiding financial institutions on the technical, regulatory and operational standards for eNaira.

• No, it will be used alongside cash and will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.

• Yes, it is. eNaira is secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.

• Yes, your data is secure with eNaira. The eNaira system has been designed to ensure data and user privacy similar to that enjoyed by current online banking users. There are also operational policies and procedures in place to protect users’ identity.

• Similar to cash, any person or business can access eNaira as long as they have the requirements for onboarding on the eNaira wallet.

Having and funding an eNaira wallet gives you a lot of interesting benefits such as:

• 99.9% service availability
• Low charges on transactions
• Nationwide acceptance
• No dispensing errors
• Advanced data privacy and security

As a business/corporate, you enjoy the following benefits when you operate an eNaira wallet:

• Instant settlement
• 99.9% service availability and reliability
• Low charges on transactions
• No dispensing errors
• No reconciliation issues

eNaira can be accessed in the following ways:

• The eNaira wallet available in app stores such as Google Play Store and the Apple App store.
• Mobile App and Internet Banking.