The latest development makes Nigeria the first African country to go into the digital currency sphere.
e-Naira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria (CBN) as a legal tender. It is the digital form of the Naira and will be used just like cash.
While this remains a laudable project by the Nigerian government, Nigerians however have been asking what the new digital currency is all about and in this piece I will be revealing the seven important things you need to know about the just launched digital currency.
To this end therefore, here are 7 things you need to know about the e-naira.
1. The new currency will not replace the physical Naira but will act as a digital representation of it.
2. The e-Naira is not a cryptocurrency. It value does not fluctuate like that of cryptocurrencies.
3. The value of the e-Naira is the same with the physical Naira. So One e-Naira is equal to N1.
4. The e-Naira will not earn any interest to holders.
5. The e-Naira will maintain the same value as the Naira. Therefore, its value will not rise and fall the way Bitcoin does, this means that it is not something to invest in to grow your fortunes.
6. The eNaira wallet is required to access, hold and use eNaira.
7. The new digital currency can be used for both international and local trade.
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