By Mbonu Watson C
As The Federal Government Of Nigeria through CBN plan on launching e-naira, Here Are Things You Need To Know About The E-Naira
The Nigeria government through her Central Bank Of Nigeria (CBN) will be introducing e-Naira to Nigerians, this is coming after the Government lead by President Buhari placed a ban on Cryptocurrency across the country
The e-Naira is a digital currency just like cryptocurrency but a bit different, the e-naira will allow people to exchange naira currency online between people, companies, trade, etc
e-Naira digital currency is scheduled to launch on the 1st of October 2021, until then here are some things you need to know about the e-naira currency. starting with
1: The Naira Digital currency is not cryptocurrency because it is different from crypto and it will be issued by a sovereign authority, which is the Central Bank Of Nigeria (CBN)
2: It will propel a cashless policy in and across Nigeria, according to the CBN
3: e-Naira digital currency does not need physical cash to facilitate all transactions
4: Unlike bitcoin, the e-Naira digital currency will not grow value like Bitcoin cryptocurrencies, but will well function in the same way the Naira does
5: There will be no much difference between the e-naira digital currency to the Naira, the only difference is that e-naira as the name implies is a digital naira currency and it will be pegged to Naira so the value between both remain the same and many stable coins when pegged to the dollar as well
6: The e-Naira digital currency will be created independently to the normal bank accounts, it will have a wallet and it will be created by financial institutions that will create customers identification through an application product interface
7: e-Naira digital currency is 100% legal tender across entire West Africa Nigeria, it will have a non-interest bearing Central Bank Digital Currency Status, with a transaction limit for customers and a value-based transaction limit also
8: e-Naira digital currency will be subjected to comprehensive security check always, will be 100% secure and users’ data, Personally Identifiable Information (PII) will all be kept off, and best encrypted from the ledger, and will not be stored on the ledger server. Read more News Here
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Mbonu Watson C
Mbonu Watson C is a professional websites developer, mobile app developer, internet marketer, blogger, and SEO expert, he is the CEO of NL_SOFT Owner's of AfriNOTES Africa Multipurpose portal for Africa Global Tiers, He is a Father and A Lover of Gods words, A proudly Africans
