Following the launching of Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, by President Muhammadu Buhari, on Monday, October 25, the Central Bank of Nigeria (CBN) has released the list of services available to individual consumers on the eNaira platform.
The eNaira is the digital form of the Fiat currency (Naira), issued by the CBN in line with Section 19 of the CBN Act. It is a direct liability of the CBN, a legal tender and will form part of the currency-in-circulation. The eNaira will complement cash as a less costly, more efficient, generally acceptable, safe and trusted means of payment and store of value. Additionally, it will improve monetary policy effectiveness, enhance government's capacity to deploy targeted social interventions, provide alternative less costly channel for collection of government revenue and boost remittances through formal channels.
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According to the apex bank, the following services shall be available to individual consumers on the eNaira platform:
a) Person to Person (P2P);
b) Person to Business (P2B) / Business to Person (B2P);
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c) Person to Government (P2G) / Government to Person (G2P);
d) Cash or Bank account to eNaira speed wallet;
e) eNaira speed wallet to cash or bank account; and
f) Any other services as may be approved by the CBN from time to time.
Going further, the CBN also listed services that shall be available to merchants on the eNaira platform:
The services are
a) Merchant/Business to bank account;
b) Merchant/Business to Person (M/B2P); and
c) Cash or bank account to eNaira speed wallet.
What is eNaira?
Meanwhile legit.ng has earlier reported that in July, the Central Bank of Nigeria (CBN) released the guidelines on eNaira.
The eNaira will be a non-interest bearing currency and won't serve as a hedge to escape inflation which many have used Bitcoin and Ethereum.
The Central Bank of Nigeria also noted Nigerians won't be charged by the financial institution for the utilisation of the eNaira through POS or the banks.
Source: Legit Nigeria