As preparation for the official launch of the highly anticipated e-Naira scheme, the official website of the scheme a few hours after its recent launch by the Central Bank of Nigeria has received a whopping 1 million visits already.

This unprecedented feat is a clear pointer to the scheme’s anticipation by curious Nigerians on the possibilities of the e-Naira as a digital currency and accompanying implications.

What we know from the website

To satisfy the curiosity of most importantly the website visitors, the digital currency is slated to ensure easier financial transactions for users of eNaira. According to the website, It offers the opportunity for peer-to-peer payments which allow users to send money to one another through a linked bank account or card.

In addition, customers are allowed to scan the QR Code on the website to get started.

The website puts it exactly like this:

“eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. 

“eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money. There are several benefits from a central bank-issued digital currency in Nigeria, and this cuts across different sectors of, and concerns of the economy.”

Nigerians are on the lookout for this innovative move by the Central Bank of Nigeria

CBN’s take on the digital currency’s inter-continental implications

Godwin Emefiele, the CBN governor in one of his sensitization tours about the new digital currency hailed the scheme to be the first in Africa after launch.

Emefiele further expressed that the eNaira would bring about increased cross-border trade, accelerate financial inclusion and lead to cheaper and faster remittance inflow. He said the digital money would lead to easier targeted social interventions, as well as improvement in monetary policy effectiveness, payment systems efficiency, and tax collection.

His words below,

“We are going to be the first country in Africa to launch a digital currency. It is a novel idea because we think it will facilitate trade, Nigeria being the biggest economy in Africa, this will set the tone to tell Africa that we are ready to lead and we would indeed lead in trade and we would make sure that happens.

“Between all central bankers in ECOWAS, we are already working on a certain collaboration to make trade, payment and banking system integrated in such a way to set the example on the African Continental Free Trade Area (AfCFTA).

How it should work for bank transactions

By the CBN’s plan, Nigerians should be able to download the eNaira app either Google plays store or Apple app store, onboard themselves, and fund their eNaira wallet using their bank account or with cash at a registered agent location.

The CBN further illustrates with the below:

 “If you are a bank customer and you have, say ₦10 million in your bank account, for your comfort of spending and making a purchase, you can tell the bank to load ₦2 million out of your ₦10 million into your wallet.

“So, your bank balance in physical cash drops to ₦8 million, while your e-wallet carries ₦2 million. With that, you can make purchases both within and across the country.

What you should know

The CBN  had reconsidered its October 1st initial launch date due to the activities surrounding the country’s Independence celebration on October 1st, the CBN is now looking at a likely rescheduled date of October 4, 2021. This is out of the Central Bank’s bid not to have the e-Naira’s launch overshadowed.

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