What the eNaira isn’t


*What is the eNaira currency?


The eNaira is a legal tender issued by the Central Bank of Nigeria as a central bank digital currency (CBDC). It is a digital version of the Naira that will be utilized in the same way as currency.


*Can you tell me what an eNaira wallet is?


The eNaira wallet is a digital wallet that stores the currency. A distributed ledger is used to store and manage it.

To access, retain, and use eNaira, you’ll need an eNaira wallet.


*Can you tell me if eNaira is a cryptocurrency?


No, it’s not the case.

  • The eNaira is a legal tender in Nigeria, backed by the law and the country’s full sovereignty. It is issued by the Central Bank of Nigeria.
  • Cryptocurrencies are unregulated digital currencies that are not backed by law, underlying assets, or national sovereignty. • The eNaira is a unit of account, a store of value, and a medium of exchange. • Cryptocurrencies do not have all of these characteristics.


*What distinguishes eNaira from the money in my bank account?*


  • The eNaira is a digital form of money that is a direct responsibility of the Nigerian Central Bank, whereas customer deposits are direct liabilities of financial institutions.


*What is the difference between an online bank transaction and an eNaira wallet transaction in a typical transaction?


There are intermediaries for traditional online bank transactions, but there are none for eNaira transactions.


*What is the CBN’s major role in relation to the eNaira?


The CBN is the issuing authority for all types of Naira, according to Section 2 of the CBN Act 2007.

The central bank will also be in charge of establishing technological, regulatory, and operational standards for the eNaira, which will serve as a reference for financial firms.


*Will eNaira be able to replace cash?


No, it will be used in the same way as currency. The eNaira will serve as a cheaper, more efficient, widely accepted, safe, and trustworthy alternative to cash.


*Is eNaira a secure currency?


Cryptographic techniques protect eNaira from counterfeiting, cloning, and other forms of assault.


*Do I have data privacy as an eNaira holder?*


Yes. The eNaira system has been developed to ensure data and user privacy, similar to the privacy experienced by present online banking customers. Users’ identity and privacy are additionally protected by operational policies and procedures.


*Who is eligible to use eNaira?*


Anyone or any business can use eNaira, just like currency, if they meet the onboarding conditions.


*What is the eNaira to physical naira exchange rate?


The value of the eNaira will be the same as that of the actual naira. As a result, it will be swapped out one for one.


*How do I gain access to eNaira?


Customers will be able to use eNaira through the eNaira wallet, which will be available in app stores such as Google Play and Apple App Store.


*How do eNaira wallets get made?


  • For smart phone users, go to the Google Play Store or Apple Store and download the eNaira app (called “Speed”) and finish the registration process.
  • Users using feature phones will use USSD codes and will be guided through the registration process.


*How do I transfer eNaira to my eNaira wallet?


There are various options for doing so.

  • Cash payment through an agency or a bank; • Direct transfer from your bank account; • Transfer from another wallet, either individual or merchant;


*Can you tell me how to link my eNaira wallet to my bank account?


Customers can use the eNaira app to find a bank of their choice, connect to their accounts, and conduct transactions.


*How can I set up an eNaira merchant wallet for my company?


As a merchant or corporation, you must complete the following procedures to create an eNaira wallet:

  • Download the eNaira wallet from app stores such as Google Play Store or Apple Store.
  • After a preferred bank validates a merchant’s data, the merchant’s bank will create a wallet and notify the merchant.


*Can you tell me about the various tiers of eNaira wallets that I can open as a merchant?


  • You can open a merchant wallet with all KYC requirements for a merchant/corporate account as a merchant/corporate. The wallet’s specified restrictions are as follows:

Account Holders is a category.

BVN, TIN, and bank confirmation are required.

No limit on daily transactions (NGN)

No Limit on Daily Cumulative Balance (NGN)


*How do I get help with eNaira if I have a problem with a transaction or have a question?


  • Contact the bank’s customer service via the channels provided to you when you registered for eNaira, such as phone (0800myenaira), email, Whatsapp, and so on. Any disagreements will be settled as quickly as feasible.


  • Send an email to CBN’s eNaira Customer Support at helpdesk@enaira.com if a customer’s complaint is not resolved within 48 hours.


*Is the eNaira wallet secure?


  • The answer is yes. To protect the security of clients’ wallets and the eNaira holding, the eNaira system employs a two-factor authentication method in addition to cryptographic encryption.


*How can I change my password?


By browsing the settings option within the App, you may also reset your password.

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