The e-Naira is the equivalent Naira representation in a digital form. While it has been erroneously interpreted to be a type of cryptocurrency, it is an entirely different concept — It is not developed on a blockchain nor is it decentralized — it is very much under the control of the Central Bank of Nigeria (CBN). In fact, it shares the same value as the physical cash naira and is not subject to volatility as is common with many crypto assets. The Button line is, #1 = 1 e-Naira.
This article focuses on how to buy the e-Naira; to help people looking at adopting and using it as a store of value to find headway. Let’s take a quick look at what it entails.
A Step-by-step Guide On How To Buy e-Naira
Since the introduction of the Nigerian digital currency, only 8% of the total supply is in use with a #53,000 average transactions. These values, compared to the total number of Nigerians that are active in the online financial space, are relatively poor. As analyzed by experts, one of the reasons for the low reception stems from not knowing how to buy, store, or use the e-Naira.
1. Download the wallet
The first step to buying the e-Naira is to download the wallet on playStore which would serve as the e-Naira storehouse. The wallet is also available in the Apple App store for preference.
2. Link to your bank
Next, you must link the e-wallet to your preferred bank account. A long list of functional Nigerian banks would be displayed to choose from. Pick the one you deem ideal.
3. Verify important your bank details
At this stage, you’re saddled with inputting your details in the e-Naira wallet. The details must sync with those existing in your chosen bank account to be linked with your e-wallet; details such as date of birth, name, BVN, NIN, etc.
4. Fund your e-Naira wallet
Once you’re able to fund your e-Naira via the account linked to it, then you can convert the funds therein to e-Naira. To fund the wallet, log into your mobile app and initiate the transfer or manually fill up a bank teller for a transfer.
You have to be cautious because there has been a report of a fake e-wallet on Playstore. It is an attempt by scammers to harvest some important bank details of customers to have access to their savings.
Can The e-Naira Be Traded?
The e-Naira can be used to facilitate transactions just as the traditional cash note or fiat bank transfer would suffice for transactions. However, the e-Naira cannot be traded — it is not a commodity that can be bought and stored with the hope that it experiences price elevation in the long run. You cannot make gains from storing the e-Naira. The price will always be the same as Naira in times of “conversion”.
Is There A USSD Code For The e-Naira?
Yes. The USSD Code for e-Naira, Nigeria’s digital currency is *997#. This was revealed by Nigeria’s central bank. According to its spokesperson, this code is to help with the deepening of financial inclusions. It was revealed by CBN’s deputy governor of operations, Folashodun Adenisi-Shonubi. He said the code stands as a channel through which many transactions can be accessed.
What Are The Advantages Of The e-Naira?
- The effectiveness of money is improved
- It gives a boost to Nigeria’s digital economy
- It supports Nigeria’s growth as it brings ease to tax remittance and collection
- It is one of the most reliable, cheap, and fast payment options
- It gives a boost to other economic activities
- It features zero dispensing errors
- It features an improved and far-advanced data security and privacy
- Charges are relatively low
- Service availability reaches over
The Nigerian financial sector is evolving and it is applaudable. It’s great to know that Nigeria stands as the first African country to have its official currency in a digital form. More closely, with the current Naira scarcity, since transacting with e-Naira is relatively easier, faster, and less costly, it is a more ideal option to look at. We still wonder about the other possible reasons why many Nigerians are not looking in this direction though. For now, the use of the e-Naira comes with advantages that supersede whatever demerits there can be, so we can say the CBN is doing great on this end.