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With eNaira, the Nigerian Naira embarks on a cryptocurrency adventure

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With eNaira, the Nigerian Naira embarks on a cryptocurrency adventure

by Ebube Oge
October 27, 2021
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Nigerian enaira app returns back on Google play

The CBN plagiarized an eNaira policy document from the American JLG website

48 hours after, the eNaira app was removed from the Google Play Store

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Ebube Oge
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Ebube Oge
Writer/Author at OGE LALA BUSINESS CONCEPT
Oge Ebube, a writer/singer and songwriter who is popular known as 6ixGig Willi, He is the owner of Validnewstoday. Oge began writing blog post in 2017 after finishing his Secondary Education at Saint Patrick's Secondary School Enugu. He attended Zhejiang University of science and technology at the department of Digital Media Technology also currently schooling at Enugu State University of science and technology (ESUT) In the department of Geology and Minning. Oge Ebube has many works in Music and he is currently writting a short novel 'Je suis Prisoner: I'm a Prisoner'.

Email: ogeebube@validnewstoday.com
Ebube Oge
My SociaProf
Latest posts by Ebube Oge (see all)
  • YOUR DISNEY PLUS PRICE INCREASE AND WHEN WILL THE NEW AD TIER RELEASE? - August 11, 2022
  • SEE LEGO’S NEW 5000-PIECE AS HOGWARTS EXPRESS HARRY POTTER SET IS A WHOPPING $499 - August 11, 2022
  • SWEET RAKSHA BANDHAN 2022 WISHES AND MESSAGES TO CELEBRATE SIBLINGS’ BOND - August 11, 2022

Nigerian President Muhammadu Buhari has just launched eNaira today, a new digital currency, on October 25. In addition to replacing cash, this cryptocurrency will be utilized as a form of payment and a store of value. “Even in naira, there are more options.” Nigerian President Muhammadu Buhari launched eNaira on Monday, October 25, from the presidential mansion of Aso Rock in Abuja, with this tagline.

One of the goals of this new currency is to combat the use of cryptocurrencies, of which the West African country, with its 170 million residents, is the world’s third largest user, behind the United States and Russia, with 400 million dollars in transactions in 2020.

In February, Nigeria attempted to outlaw all cryptocurrency transactions, claiming that they constituted a threat to the country’s financial system.

According to Nigerian news outlet The Nation, 500 million eNaira have already been created, with 33 banks completely connected into the new currency’s web infrastructure. More than 2.5 million people visit the website every day, and 120 merchants have successfully registered on the platform, according to other statistics.

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The benefits of this currency are also highlighted by The Nation: customers who download the eNaira Speed Wallet program will be able to build their wallet, fund it with eNairas from their bank account, transfer eNairas from one wallet to another, and pay for purchases from registered businesses.

Increased Security


eNaira, which had took several years to create, “would make financial transactions easier and more transparent for all parts of society,” according to the South African publication Daily Maverick, citing the Central Bank of Nigeria. The financial magazine Nairametrics questioned the safety of this digital currency created by the Central Bank of Nigeria in an essay published a month ago.

Proof of ownership is required to secure the eNaira, according to this online Nigerian evaluation. A bank account or an electronic wallet can be used to store the currency. Furthermore, worldwide banking standards for verification and authentication, or KYC standards, have been implemented “to prevent money laundering, terrorist financing, and other financial crimes,” according to this review.

Also according to Nairametrics, this cryptocurrency

Would boost the stability of the financial system as deposits diversify when more people have a bank account,” citing a Central Bank of Nigeria official.

Tags: E-NairaEnairaNigeria Cryptocurrency
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Nigerian enaira app returns back on Google play

Nigerian enaira app returns back on Google play

by Ebube Oge
October 29, 2021
0

The eNaira App has resurfaced on the Google Play Store less than 24 hours after it was removed by the...

The CBN plagiarized an eNaira policy document from the American JLG website

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October 29, 2021
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President Muhammadu Buhari had lauched Nigeria's digital currency on October 25 with the hope, boosting cross-border trade and other financial...

48 hours after, the eNaira app was removed from the Google Play Store

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October 28, 2021
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Everything You Need to Know About eNaira, Nigeria’s Digital Currency

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October 26, 2021
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The Nigerian Central Bank has issued thorough and formal guidelines for the country's newly established digital currency, eNaira. President Muhammadu...

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