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What You Should Expect From The eNaira That President Buhari Is Set To Launch On Monday October 25th

On Monday, President Muhammadu Buhari will launch the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira. The Central Bank of Nigeria had launched the eNaira website in September, and had said that the eNaira will provide a unique form of money that is denominated in Naira.

They had earlier scheduled October 1st for the launch of the digital currency, but the plans were later cancelled because of Independence Day activities. After the launch, the eNaira Wallet App will be available for download on Google Play Store for Android users and Apple Store for iPhone users.

According to the statement which was issued on Saturday by the spokesperson of CBN, Osita Nwasinobi, the launch will take place at the State House, Abuja.

So with the eNaira set for official unveiling, what are the things to expect from the digital currency? Well, that is what we are going to discuss here.

The eNaira will ensure a unified payment system. This means customers will be able to move their money from their bank accounts to their eNaira without any stress.

The digital currency will also give customers the opportunity to manage their bank account seamlessly. They can monitor their eNaira wallet, check the balance they have in their bank account and their transaction history.

According to the report which was made by BBC News Pidgin, another thing to expect from the eNaira is contactless payment. This feature will help customers make in-store payment with their eNaira wallet by scanning QR codes.

The eNaira will also come with peer-to-peer payment. Through this, users will be able to send money to one another with their linked bank account or card.

While listing the benefits of the eNaira, the CBN Governor, Godwin Emefiele, had said that the eNaira will accelerate financial inclusion, increase cross-border trade, lead to cheaper and faster remittance flow, among others.

Godwin Emefiele:

It should also be noted that the regular Naira currency will still be in use alongside the digital eNaira.

What do you have to say about this eNaira? Please feel free to share your thoughts with us.

Photos credit: Premium Times, Vanguard, Guardian.

Content created and supplied by: Richiehenshaw (via Opera News )

Independence Day Muhammadu Buhari Osita Nwasinobi eNaira eNaira Wallet App

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