However, it is my best interest to expose you on certain things you should know about the e-Naira digital currency that'll be unveiled on Monday.
What Is e-Naira All About?
At first, let's start by what this e-Naira is all about. E-Naira is a digital currency that has an exchange value equivalency to the normal naira note. It is being issued by the Central Bank of Nigeria to serve as a safe and efficient payment alternative. Just like the same way you use naira notes, you can also buy and carry out your transactions with e-Naira. Also, one unique thing about the digital currency is that it was created on a block chain. Meaning that no one can duplicate or produce a fake e-Naira. However, the digital e-Naira is essentially a stablecoin, hence its price isn’t going to fluctuate like Bitcoin and other cryptos that vary in their exchange value.
Where To Acquire Your Own e-Naira
Unfortunately, a lot of scams have popped up claiming that you can buy digital e-Naira using an app or website. If you see any advertisement claiming to let you trade digital e-Naira, then you have to be careful not to be in a haste to buy them. The e-Naira will first be allocated to banks and other financial institutions. Those banks will then sell it to their customers through an app that is said to be like a wallet.
How Safe Is The e-Naira?
Speaking of how safe an e-Naira can be, the data security that accompanied e-Naira design is something that can never be jeopardized. The CBN built the program so strong that even hacker will hardly access your e-Naira tokens or even gain to the details you used to open the wallet account.
Can Dollar Remittance To e-Naira Work?
The e-Naira will be integrated into the CBN’s forex process to make it possible for people in Abroad to send money to those in Nigeria. The CBN can achieve this by crediting e-Naira directly to the International Money Transfer Organisation (IMTO).
A Nigerian in Abroad can send money to a friend in Nigeria by crediting the amount of dollars he intends to transfer to an IMTO, who will buy e-Naira from their corresponding Nigerian bank. The money will then be converted to e-Naira instantly at a far lower transfer fee.
What are the risks?
Credit: Google Research
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