The eNaira is a new digital currency issued by the Central bank of Nigeria and Launched by President Muhammadu Buhari. This digital currency- eNaira provides a unique form of money denominated in Naira. eNaira serves as a medium of exchange and also a store of value, offering better payment prospects in retail transactions when compared to the normal cash payments. eNaira possess an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.

The central bank-issued digital currency in Nigeria came with a whole lot of benefits and this cuts across different sectors of, and concerns of the economy. These benefits includes:

Benefits of eNaira

1. Growth

eNaira fosters the growth of the economy by offering easier access to capital and financial services thereby increasing economic activities at low or no interest

2. Remittance

eNaira, the CBN issued digital currency provides a secure and cheaper diaspora Remittance option with an increase in the speed of such transactions.

3. Monitoring

The eNaira’s traceability has limited its use for illicit or fraudulent purposes.

4. Welfare

eNaira enables equitable, effective, and faster distribution of cash assistance to households and communities with inclusion in government Social Welfare Programs.

5. Inclusion

eNaira also provides Financial Inclusion by making available financial services to people, communities or organizations who do not have (enough) banking opportunity.

6. Trade

eNaira has increased Local and International Trade by making transactions cheaper, safer, quicker, and better.

7. Security

eNaira has a very strong security because it cannot be forged or counterfeited as a result of its unique identity and security structure.

8. Revenue

eNaira also aid in Revenue collection by reducing cash handling costs

Features of eNaira

1. Unified Payment System

Customers can now move money from their bank account directly to their eNaira wallet without stress.

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2. Contactless Payment

Customers can now make in-store payment using their eNaira wallet by scanning the QR codes.

3. Bank Account Management

Customers can now monitor their eNaira wallet, check their balances and view their transaction history.

4. Peer-to-Peer Payment

Also Allows users to send money to one another through a secured linked bank account or card.

5. Sending/Receiving Money

eNaira Customers can now send and receive money faster, easier and at very minimal costs.

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