Is enaira a digital currency?

The eNaira is thus a digital currency similar to other digital currencies including, cryptocurrency, virtual currency, and central bank digital currency. A digital currency typically is any currency, money, or money-like asset that is primarily managed, stored, or exchanged on digital computer systems, especially over the internet.

What does enaira mean for Nigeria?

The Central Bank of Nigeria (CBN) on 25th October 2021 launched the eNaira, a digital currency for Nigerians to use for digital transactions. A lot has been said about the introduction of the eNaira and its implications for trade and commerce in the country.

Why did the Central Bank introduce the enaira?

The Central Bank has given several reasons for launching the eNaira. It is to: improve the efficiency of cross-border payments. The introduction of the eNaira will enable peer-to-peer payments, cutting out ‘middle men’ or the use of intermediaries, such as financial institutions. What are the risks and how can they be mitigated?

Who is responsible for my enaira wallet?

The eNaira is the digital form of cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions. In other words, the Central Bank is responsible for your eNaira wallet.