Understanding eNaira
eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.
eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.
The eNaira is the digital equivalent of the cash Naira. Put simply, “same Naira, more possibilities”. The eNaira – like the physical Naira – is the official tender of Nigeria and is a liability of the CBN. The eNaira and Naira will always be exchanged 1:1.
The CBN believes the eNaira will make a significant positive difference to Nigeria and Nigerians, including:
- Improving the availability and usability of Central Bank money
- Supporting a resilient payment system ecosystem
- Encouraging financial inclusion
- Reducing the cost of processing cash
- Enabling direct welfare disbursements to citizens
- Increasing revenue and tax collection
- Facilitating Diaspora remittances
- Reducing the cost and improving the efficiency of cross-border payments
eNaira App
The eNaira App is available and can be downloaded both on Google Play and App Store.
eNaira Wallet
The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger. The eNaira wallet is required to access, hold and use eNaira.
Your eNaira wallet offers a great way of making purchases with retailers on-site, transferring or sending money while tracking rewards programs. You can link the e-wallet to your bank account or pay as you go with a prepay option. In addition, the embedded security token system makes your information unreadable to fraudsters because tokens are randomly generated every time you make a payment.
For Individuals
Account Opening Steps
- Download eNaira app.
- Enter minimum identification details (i.e., NIN, BVN, or KYC/AML Information, depending on the customer tier you are).
- 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
Different Customer Tiers
- 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
For Businesses
Account Openings Steps
- Merchant downloads eNaira Mobile App.
- Enters invitation code from bank and validates it.
- Enters minimum identification details (i.e., Full KYC as stipulated in the CBN’s AML/CFT Regulations).
- Enter your TIN (Tax Identification Number).
- TIN is verified, entes other identification details (i.e., email, password, Business Category, Legal Business Name).
- Financial Institutions verifies application.
- eNaira wallet created and activated.
- Merchant and Financial institution receives notification.
The Fourth Customer Tier (The Merchants/Business Tier)
- Tier Four – Customers with regular spending abilities
- Minimum Account Opening Requirement: Full KYC as stipulated in the CBN’s AML/CFT Regulations
- Daily Transaction Limit: N1,000,000
- Maximum Cumulative Balance: Unlimited
For Government MDAs
MDAs Onboarding to eNaira Wallet
- MDA Downloads App.
- Login with MD code.
- Enter account (TSA/T24 Account).
- eNaira wallet created awaiting verification from CBN.
- CBN verify and notify MDA.
- MDA proceed to top up.
eNaira Frequently Asked Questions
What is eNaira?
eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.
What is an eNaira wallet?
The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger.
The eNaira wallet is required to access, hold and use eNaira.
What makes eNaira different from the money in my bank account?
eNaira is the digital form of the cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.
What are the benefits of eNaira?
The benefits of the eNaira are:
- Fast, cheap, reliable and available payment channel.
- Support digital economy.
- Improved economic activities.
- Simplified and easy cross border payments and trade.
- Inclusion of excluded people in the financial system.
- Improved effectiveness of monetary policies.
- Ease in tax remittance and collection to support the Country’s growth.
- Ease in targeted social interventions to support Nigerians.
Is eNaira safe?
eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.
Who can access eNaira?
Similar to cash, any person or business can have access to eNaira as long as they have the requirements for onboarding.
How do I access eNaira?
- Customers will be able to access eNaira via the eNaira wallet in app stores such as Google Play store and the Apple App store.
- Users can also dial a USSD short code and follow the required steps to perform transactions.
Will eNaira replace cash?
No, it will circulate alongside cash. The eNaira will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.
How does a customer identify stores/shops and outlets that accept eNaira?
While efforts will be made to put signages and decals at designated merchant locations, customers can simply ask the merchants if they accept eNaira.
Can I pay with my eNaira and cash at the same time for a transaction?
Yes. The eNaira and Cash are all variants of the legal tender. Either or both can be used to carry out transactions as the situation demands.
Can I pay cash into any bank and instruct them to pay the funds into my ewallet?
No. In order to move cash into your eNaira wallet, kindly go to your bank.
In a typical transaction, what is the difference between an online bank transaction and eNaira wallet?
There are intermediaries for the typical online bank transactions, whereas for eNaira transactions, there are no intermediaries.
What is the primary role of the CBN with respect to eNaira?
In line with Section 2 of the CBN Act 2007, the CBN is the issuing authority of all forms of Naira.
The Central bank will also be responsible for determining the technical, regulatory and operational standards for eNaira.
As an eNaira holder, am I assured of data privacy?
Yes. Similar to the privacy enjoyed by current online banking patrons, the eNaira system has been designed to ensure data and user privacy. There are also operational policies and procedures in place to protect users’ identity and privacy.
What is the exchange rate between eNaira and physical naira?
The eNaira will have the same value as the physical naira. As such, it will be exchanged one to one.
Why should an individual download and fund the eNaira wallet?
- 99.9% service availability.
- Low charges.
- Nationwide acceptance.
- No dispensing errors.
- Advanced data privacy and security.
Why should a business/corporate operate the eNaira wallet?
- Instant settlement.
- 99.9% service availability and reliability.
- Low charges.
- No dispensing errors.
- No reconciliation issues.
