eNaira Platform is Back!

WHAT IS THE eNaira?

The eNaira is an electronic version of the local paper naira currency, equal in value and issued by the Central Bank of Nigeria. It is not intended to replace cash but will function as a safe and efficient alternative means of payment.

As the eNaira has the same value as the physical naira, its value will rise or fall in relation to the dollar in the same way as the fiat currency. It is therefore unlikely to be as volatile as a cryptocurrency

WHY IS THE CBN INTRODUCING THE eNAIRA?

The onset of the pandemic has led to the closure of bank branches across the country, and those that have reopened are mainly in urban centres. This has further excluded Nigerians without bank accounts in remote areas from the financial system.

Boosting inclusion is one of the principal aims of the digital currency. It aims to integrate millions of unbanked Nigerians into the banking sector. Some 55% of adult Nigerians were unbanked in 2020 – around 58m people. Of these, 35m own mobile phones and could be reached with mobile money.


One of the advantages listed by the CBN in its Design Paper for the eNaira is that the eNaira will provide “a clear means for the government to send direct payments to citizens eligible for specific welfare programs more rapidly than through other means” without the need for an intermediary.

The eNaira is aimed at boosting transparency by allowing the regulator to better monitor currency transactions and curb black market trading in the paper naira. The new currency is built on blockchain’s open ledger technology, which reduces the risk of fraud by ensuring each eNaira note is unique and can’t be duplicated or counterfeited.

The eNaira is also aimed at boosting in-bound remittances by providing a cheaper, more secure and faster way for Nigerians in the diaspora to send back money. Remittances to Nigeria amounted to over $17.2bn in 2020, according to the World Bank.

Central Bank unveiled eNaira USSD channel using *997# for onboarding and transactions to further deepen financial inclusion. #CBN #enaira

eNaira is expected to support poverty reduction, enable direct welfare disbursement, support a resilient payments ecosystem, improve availability and usability of money, facilitate diaspora remittances, reduce the cost of processing cash & improve efficiency of cross-border payment.

The eNaira USSD channel in time would be used as a tool for interventions and welfare disbursements to Nigerians towards enhancing economic prosperity and improving the standard of living for all Nigerians.

Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment solution will be available for eNaira transactions before the end of August 2022. This feature would allow eNaira users to seamlessly transact between the eNaira and any bank of their choice.

Meet a community of innovative like-minded individuals like yourself to collaborate, network, create and win at the eNaira Hackathon. Apply now at affcbnhack.com. Application closes in 7 days.

As part of efforts to drive financial inclusion, facilitate macroeconomic growth and integrate the Nigerian economy to the world leading economies through innovation and cutting edge emerging technologies, the Central Bank of Nigeria (CBN) and Africa Fintech Foundry (AFF) have opened eNaira Hackathon. Interested participants should visit the eNaira Hackathon website at affcbnhack.com to register for the event.

https://african.business/2021/10/finance-services/nigeria-gears-up-for-enaira/

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