How is eNaira different from money in the bank account

The eNaira website www.enaira.com has been launched by the Central Bank of Nigeria ahead of the official launch on October 1.

The eNaira according to the website, “is a CB -issued digital currency that provides a unique form of money denominated in Naira.”

How is eNaira different from the money in the bank account?

What is eNaira?

eNaira is a digital form of the Naira issued as a legal tender. It is the central bank digital currency (CBDC) and it will be used as cash.

What is an eNaira wallet?

eNaira wallet is a digital storage that is required to access, hold and use the eNaira. It holds the eNaira electronically and it is managed on a distributed ledger.

How safe is the eNaira wallet?

The eNaira wallet is safe and uses a two-factor authentication system. In addition, the system also uses cryptographic encryption to ensure the safety of customers’ wallets and the eNaira holding.

How is eNaira wallet created?

Smartphone users: you download the eNaira app (called “Speed”) from either the Google Play Store or Apple Store and complete the registration process.

Feature phone users: use USSD codes and follow the registration prompts

How to connect eNaira wallet to bank account?

In the eNaira app, select the bank of choice, connect the eNaira wallet to the bank account and proceed to perform banking transactions.

How is eNaira different from the money in the bank account?

eNaira is a direct liability on the Central Bank of Nigeria while money in the bank account of a customer is a direct liability on the financial institutions in which such accounts are domiciled.

How can fail eNaira transactions are resolved or inquiries raised?

Contact the customer care of the bank you selected when registering for eNaira through their available channels such as phone, email, WhatsApp, etc.

However, if the issue is not resolved within 48 hours, send an email to CBN’s eNaira Customer Support via helpdesk@enaira.com

What are the different tiers of eNaira wallets available to an individual?

The different tiers of wallets available to an individual are shown below:

September 2021
TIERS CATEGORY REQUIREMENT DAILY LIMIT CUMULATIVE LIMIT
0 No Existing Bank Account NIN verified telephone number 20,000 120,000
1 No Existing Bank Account 50,000 300,000
2 Has an Existing Account BVN + valid means of identification 200,000 500,000
3 Has an Existing Account Tier 2 requirement + public utility receipt 500,000 5,000,000