Anyone can have access to the CBN eNaira through the wallet, use it as cash and for forex.
The Central Bank of Nigeria, CBN has issued its digital currency, eNaira which holds several promises to the government and the people.
The eNaira, a digital form of the Naira that serves alongside cash as a legal tender in Nigeria.
One of the elaborate components of the central bank digital currency (CBDC), eNaira is the eNaira wallet.
The CBN has said that the wallet, a digital storage holds, uses and grants customers access to the eNaira.
Any person or business can have access to eNaira through the wallet.
It is like financial accounts that will enable users to store money, execute transactions, and keep track of financial statements over internet networks.
The eNaira wallet is available in app stores including Google Play Store and the Apple App Store. It also enables USSD short code transactions.
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CBN eNaira and wallet safety and privacy
All e-wallets systems are software-based. Similarly, the eNaira wallet operates within a software system and according to the CBN, the eNaira wallet is “protected with cryptographic techniques.”
e-wallet systems store users’ information and passwords. Logically, the cryptographic techniques will provide a conveniently safe measure against counterfeiting, cloning, and other forms of attacks.
The CBN said it also has “operational policies and procedures in place to protect users’ identities and privacy.”
eNaira or cash
eNaira in the wallet is not different from the money in the bank, the CBN said.
The difference between an online bank and eNaira wallet transactions is that the presence of intermediaries in typical online bank settings. However, eNaira transactions, do not require intermediaries.
The technical, regulatory and operational standards for eNaira are the responsibilities of the CBN.
eNaira is not taking over cash, it will complement the Naira as a generic, cheaper, more efficient means of payment. It will also circulate alongside the Naira.
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