Connect with us

Business

The New Digital Currency Of Nigeria: How To Use eNaira

Visit here to know how to use eNaira

Published

on

how to use enaira

Stay Connected And Informed! Follow Us On Instagram, Facebook, and Twitter

The Nigerian government is launching its own digital currency, eNaira, an electronic version of the Nigerian Naira. We tell you what we know about the new currency, who can use it, and which countries in the region accept eNaira payments and transfers.

eNaira is a digital analogue of the national currency, not a type of cryptocurrency. It cannot be mined like bitcoin. The eNaira is obtained or exchanged from banks, credit institutions and licensed financial agents who have an agreement with the Nigeria Central Bank. It is also allowed to transfer savings from a bank account into digital currency.

eNaira was launched in 2021 after the central bank banned banks and financial institutions from transacting in or operating in cryptocurrencies as they posed a threat to the financial system.

eNaira app

Download eNaira app on Google playstore and Apple Store.

How eNaira works

To create eNaira account install the official mobile currency app. The app is free and available for download on Google Play and the Apple Store.

You would be asked to input the following details exactly as captured during your BVN enrollment;

  • Enter your identification details (i.e., NIN, BVN, or KYC/AML Information)
  • Enter other identification details (i.e., Name, Place and Date of Birth, Phone Number, Passport Photograph, Email and Password).
  • Minimum ID is validated.
  • You receive an email to activate your wallet.
  • Log in to account

Who can use eNaira

  • Tier Zero – Customers without Existing Bank Account and without Verified NIN
    • Minimum Account Opening Requirement: Phone Number
    • Daily Transaction Limit: N20,000
    • Maximum Cumulative Daily Balance: N120,000
  • Tier One – Customers without Existing Bank Account
    • Minimum Account Opening Requirement: NIN
    • Daily Transaction Limit: N50,000
    • Maximum Cumulative Daily Balance: N300,000
  • Tier Two – Customers With Minimal Spending Abilities
    • Minimum Account Opening Requirement: BVN
    • Daily Transaction Limit: N200,000
    • Maximum Cumulative Balance: N500,000
  • Tier Three – Customers With Regular Spending Abilities
    • Minimum Account Opening Requirement: BVN
    • Daily Transaction Limit: N1,000,000
    • Maximum Cumulative Balance: N5,000,000

 

You can use eNaira even without a Nigerian bank account. You can even transfer money and pay for purchases from abroad. If you are in Nigeria, you can use eNaira for utility bills, taxes, and retirement benefactions.

The eNaira payments are made in real-time; all you need is internet access. There are no fees for eNaira transactions. To pay with digital currency, users scan a QR code, enter a confirmation code from an SMS message or follow a link from a mobile app.

 

Share your story with us! Email MandyNews1@gmail.com

Source: MandyNews.com

I have a passion for blogging about what's trending in Hip-Hop, politics and entertainment. I'm a huge Hip-hop fan; my favorite artiste are Chris Brown, Jay'z & Beyonce. I also enjoy spending time with my team (#TeamWE), and working hard as hard work pays off.

Advertisement
Click to comment

Leave a Reply

TRENDING

𝗖𝗼𝗽𝘆𝗿𝗶𝗴𝗵𝘁 © 𝟮𝟬𝟮4 𝗠𝗮𝗻𝗱𝘆 𝗡𝗲𝘄𝘀. 𝗔𝗹𝗹 𝗿𝗶𝗴𝗵𝘁𝘀 𝗿𝗲𝘀𝗲𝗿𝘃𝗲𝗱. 𝗠𝗮𝗻𝗱𝘆𝗡𝗲𝘄𝘀 𝗱𝗼𝗲𝘀𝗻'𝘁 𝘁𝗮𝗸𝗲 𝗿𝗲𝘀𝗽𝗼𝗻𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝗳𝗼𝗿 𝘄𝗵𝗮𝘁'𝘀 𝗼𝗻 𝗼𝘁𝗵𝗲𝗿 𝘄𝗲𝗯𝘀𝗶𝘁𝗲𝘀 𝗼𝗿 𝘁𝗵𝗲 𝗻𝗲𝘄𝘀 𝘁𝗵𝗲𝘆 𝘀𝗵𝗮𝗿𝗲.