Few days from today, the Federal Government of Nigeria would be launching the long-awaited e-Naira, the first digital currency of the Central Bank of Nigeria. In this, I have decided to provide all the necessary guides you may need during the entire registration, so you don’t make mistakes.
So at the end of this post, you won’t find anything difficult about e-Naira registration and other necessary things about the e-Naira.
What Is E-naira? (eNaira Meaning)
Before taking about the eNaira registration, let’s first of all know what is eNaira.
eNaira means “Electronic Naira.” It is a digital form of the physical Naira note, which is the legal tender/currency of the Federal Republic of Nigeria.
e-Naira would be used for all forms of transactions just like the Naira. It would be stored electronically in a wallet just like cryptocurrency, but it’s quite different from cryptocurrency which lacks a central regulation; Because e-Naira is a Central Bank Digital Currency (CBDC), meaning that eNaira would be greatly regulated by the Central Bank of Nigeria.
The Central Bank of Nigeria has announced that the eNaira would finally be launched on October 1st, 2021.
How To Register For eNaira (e-Naira Registration Guide)
ENaira registration is not really going to be so hard as you may think. The e-Naira registration is going to be free and as simple as creating crypto currency Wallet or other forms of online registration.
You may not necessarily need to visit any office before you would be able to complete the eNaira registration.
As long as the necessary requirements are met, anyone can complete the eNaira registration from their comfort through the internet.
Though the bank would always be there for those finding it difficult with the eNaira registration, but that doesn’t mean you must have to visit the bank before you would complete your eNaira registration.
You can complete your eNaira registration, but anyone finding it difficult with the registration can visit the bank, and process/complete the eNaira registration.
Requirements For eNaira Registration
During the eNaira registration, some documents like Government issue I.D Card may be required. To further strengthen security in eNaira transactions, Bank Verification Number (BVN) and/or National Identify Number (NIN) may also be the prerequisites for eNaira registration.
Since not everybody knows much about online registrations, licenced financial institutions like Banks would also be there to assist anyone that wants to register for eNaira.
In this, anyone that is confused about the eNaira registration can easily work up to his Bank and meet the Customer’s Care to them complete the eNaira registration.
The complete features of eNaira are now available on the e-Naira website, and the website has fully started working, awaiting the official launch of the digital currency on October 1, 2021.
To explore more about the eNaira, visit the e-Naira official website at: https://www.enaira.com
We will keep you updated on this post about the latest, once e-Naira is launched. Make sure you check back on this post for important updates. You can as well bookmark this page so you don’t miss out.
Just like other cryptocurrency wallets, the eNaira wallet is going to be the place where you can store your e-Naira fund. On the eNaira wallet, you would also be able to perform all forms of transactions involving the eNaira digital currency.
In your eNaira wallet, you would be able to make transfers, deposit from your bank, pay for goods/services, and lots more.
eNaira Wallet Login
Just as you can login to any of your online accounts, logging in to your e-Naira wallet is not going to be a big deal as well.
eNaira App Download
As we highly anticipate the eNaira, the Central Bank of Nigeria has announced that the eNaira would be in mobile Application form; both in Android, iOS and other possible versions.
In this, the CBN said the eNaira Mobile App would be available on the Play Store starting from October 1, 2021, when the eNaira would be launched.
So to download the eNaira Mobile App, Click Here to download.
How Much Is eNaira?
This is where the Central Bank of Nigeria got it right. Unlike other cryptocurrency that fluntuates in price and value, the eNaira is going to have the same price and value with the physical naira notes.
In other words, 1 Naira is going to be equal to 1 eNaira.
How Does The eNaira Work
Just as had been discussed, e-Naira is a Central Bank Digital Currency (CBDC) which is issued by the Central Bank of Nigeria. It is a digital form of the physical/paper Naira note.
eNaira serves many purposes especially for a store of value and for unit of exchange.
So, let’s look into how the eNaira works:
e-Naira is just a digital currency like the crypto currency, but it’s quite different from cryptocurrency in the sense that cryptocurrency is not regulated by any authority, but e-Naira is strongly regulated by the Central Bank of Nigeria (CBN).
Anyone is qualified to have the eNaira as long as they submit the necessary documents. But for you to have the e-Naira, you need to open/create the eNaira wallet which serves as a store for the eNaira.
3 Levels Of eNaira Users
Though anyone can own or use the eNaira legally, but there is a limited access to which some users may have on e-Naira, depending on their levels.
So, there are about 3 different levels in which e-Naira users can operate, these are:
- Speed Wallet Users (Tier One)
- Tier two wallet users
- Tier Three wallet users
1. Speed Wallet
This eNaira wallet level is for anyone who does not have a bank account, but the user is required to submit their name, birth date & place, a passport photograph, a phone number, and their address.
Users in Speed Wallet would be able to send/receive a limited amount N50,000 in their eNaira wallet. However, a cumulative balance of three hundred thousand naira is fixed each day, if a user is able to submit and validate his account with National ID Card.
2. Tier two wallet users
This eNaira wallet level is for users that have a bank account. The minimum requirement for this level is a Bank Verification Number (BVN).
Users in this level would be able to send/receive a limited amount of N200,000 daily.
3. Tier Wallet Users
This eNaira wallet level is for merchants who deal with huge amount of cash on daily basis.
The minimum requirements for this level is also the Bank Verification Number (BVN).
This level allows daily transactions of up to N1 million, with daily cumulative balances of N5 million.
Merchants/users in this level would also be able to move as much money as they want into their bank accounts.
How to Get eNaira
If you have been asking how can I get eNaira, then how to get eNaira is very simple.
Whether you have bank account or not, you are still eligible to get eNaira. But the level of those that has Bank account is not the same with those that don’t have. You may refer to Levels of eNaira users as discussed above.
So, the major thing you need if you want to get e-Naira is just the e-Naira mobile application.
How To Use The eNaira
Just as had been said, the eNaira can be used for many purposes; for savings in the wallet, for payment of purchased goods, payment of fees to the Government, and others.
It can also be used to funds to friends and loved ones, both within and outside the country.
So, to use the eNaira for any of the purposes, check the next sections below.
How To Fund eNaira Wallet
While funding e-Naira wallet, it’s either you are funding your wallet from the same bank that is connected to your eNaira wallet or you are funding a different eNaira wallet that is connected to a different bank account.
Whichever one you want to do, the process is always very simple:
Funding your eNaira wallet from the same bank
If you want to fund your e-Naira wallet that is connected to your bank account, then:
- Login your bank mobile app
- There, you would see “transfer to youe wallet”. Then select that option
- If the transaction is successful, you will receive a notification in your eNaira wallet.
Funding eNaira wallet from an account in a different bank
If you want to fund a different eNaira wallet that is not connected to your bank account, then:
- Login to your bank mobile app
- select “transfer to eNaira wallet”
- Select the e-Naira wallet that you want to fund.
Cash to eNaira Wallet Funding
If you have your cash at hand and want to transfer it to your Naira wallet, then it is still very simple. Just almost the same way we give cash to POS operators to put in our bank account.
So follow the guide below:👇
- Go to verified e-Naira agent nearest to you.
- Give the agent your cash and tell him you want to fund your e-Naira wallet.
- The agent will now login to his eNaira wallet and transfer equivalent amount of e-Naira to your eNaira wallet.
Foreign Exchange Deposit To eNaira Wallet
One of the most interesting features about e-Naira is that it is convertible. You can easily convert e-Naira to foreign currency, and at the same time convert foreign currency to eNaira.
People abroad can easily send eNaira to their friends and relatives in Nigeria without stress. At the same time, people living in Nigeria can as well send fund abroad without stress.
So if you are living abroad and want to convert your foreign currency to e-Naira or to fund your e-Naira from your foreign bank account; or that you want to send e-Naira from abroad to someone living in Nigeria, then follow the guide below: 👇
- Login to your customer FX bank account (e.g., HSBC).
- Transfer the amount of money you want to send, into International Money Transfer Operators’ (IMTO) FX bank account (e.g., Barclays, Western Union).
- Then login to your IMTO eNaira wallet.
- Transfer from IMTO eNaira wallet to consumer eNaira wallet.
How To Make payments Using The eNaira
For Businesses (paying a merchant)
Of course you know e-Naira serves as a store of fund and as a unit of exchange; eNaira cab be used to pay for business transactions, as every business in Nigeria is mandated to accept e-Naira.
So to make business transactions through the eNaira, then:
- Login to your eNaira wallet.
- There you will see “transfer to merchant”, select that option.
- Put in the amount you want to send, and make your payment.
- If the transaction is successful, the merchant will receive notification instantly.
For Government MDAs (citizens paying fees to Government)
To make e-Naira payment to any Government Ministries, Departments and Agencies (MDAs), then:
- Login to your eNaira wallet
- Select “transfer to eNaira wallet of MDA
- Select the particular Government parastatal that you want to make the payment to.
- Put in the amount you want to pay, and make your payment.
When Was e-Naira launched
eNaira was launched on October 1, 2021.
When was e-Naira introduced
Though e-Naira was launched on October 1, 2021, the idea had started as far back as 2017, when the CBN started the Consultations, Presentations, Discussions, about the eNaira digital currency.
The need for the eNaira became more agitated after the CBN banned the use of cryptocurrency in Nigeria, around February 5, 2021.
After all the necessary arrangements, the eNaira was finally announced on August 2021, and was finally launched on October 1, 2021.
Who Introduced eNaira
eNaira was introduced by the Central Bank of Nigeria (CBN) through the CBN Governor, Mr. Godwin Emefiele.
e-Naira Technical Pertner
A popular Global Fintech Company known as Bitt Inc. was selected by the CBN as the eNaira technical partner. The company is to pilot the major technical aspects of the eNaira to make sure it’s fully developed and functional.
Though many Nigerians was asking why the CBN didn’t use a Nigerian company to develop the e-Naira, but the CBN Governor, Mr. Emefiele made it clear that the CBN decided to use Bitt Inc. because of the company’s technological competence, efficiency, platform security, interoperability, and implementation experience.
Bitt Inc. has done similar projects in different countries including the Eastern Caribbean Countries where they also developed the country’s digital currency in April 2021.
So, with this, it is better to let Bitt Inc. do the e-Naira project since they already have the wealth of experience in such project.
Though Bitt Inc. is a foreign Company, but the CBN said it is going to have a branch office in Nigeria so that there would be smooth running of the eNaira digital currency.
Benefits of E-Naira
Since the CBN announced the plan to launch the eNaira, I have been so elated because there are many hidden benefits and potentials it would bring.
- Easy Cross-border trade
With the e-Naira, people can easily trade across any country that accepts eNaira without any challenge of Bank differences.
- Cheaper and Faster Inflow of Remittance
Those that have used cryptocurrency would understand how fast it is to transact using the crypto. So this fastness is what the eNaira would also provide. It would also help to reduce the high transaction charges that we experience today.
- New Business Opportunity
The best upcoming and the greatest advantage of the e-Naira is the business opportunity it would offer to young Nigerians in many aspects.
- More Security In Transaction
One of the possible reasons that the CBN banned the use of cryptocurrency in Nigeria is because it was not regulated at all, and many people were always falling victims of cryptocurrency fraud on daily basis.
But the eNaira is highly regulated by the CBN, and there won’t be such fraud as in other cryptocurrency.
The eNaira is a legal tender in Nigeria, meaning it’s a unit of exchange which is going to be generally acceptable within and across the country.
The Central Bank of Nigeria has made it clear that every Busines in Nigeria must accept the eNaira as a unit of exchange or payment.
Remember to check back on this page as we shall be updating you with subsequent information you need to know about the eNaira.