HOW TO BUY eNaira; The eNaira is a digital version of Nigeria’s official currency, the Naira, which is issued by the Central Bank of Nigeria (CBN). It is designed to be a secure and convenient means of payment for individuals and businesses within the country, as well as to facilitate cross-border transactions with other countries. The eNaira is expected to operate on a blockchain-based platform, allowing for faster and more transparent transactions, and reducing the need for physical cash. The CBN has stated that the eNaira will be backed by the country’s foreign reserves, and will be fully regulated to ensure the stability and security of the currency.
The eNaira is Nigeria’s central bank digital currency (CBDC) and it was officially launched on October 25, 2021. The eNaira is expected to bring about a revolution in Nigeria’s financial system by providing a faster, more secure, and more efficient means of payment.
If you’re interested in buying eNaira, there are a few steps you need to follow. In this article, we’ll walk you through the process of buying eNaira.
HOW TO BUY eNaira
Step 1: Get a Bank Verification Number (BVN)
Before you can buy eNaira, you need to have a Bank Verification Number (BVN). The BVN is a unique identification number that is assigned to every bank account holder in Nigeria. It is used to identify individuals when they carry out financial transactions.
If you don’t have a BVN, you can get one by visiting any bank in Nigeria and providing your personal details. Once you have your BVN, you can proceed to the next step.
Step 2: Download the eNaira App
To buy eNaira, you need to download the eNaira app. The eNaira app is available on the Google Play Store and Apple App Store. Once you have downloaded the app, you need to create an account.
To create an account, you will need to provide your personal information, such as your name, address, and BVN. You will also need to create a password for your account.
Step 3: Fund Your eNaira Account
Once you have created your eNaira account, you need to fund it. There are two ways to fund your eNaira account:
a. Bank Transfer: You can transfer funds from your bank account to your eNaira account. To do this, you need to add your eNaira account as a beneficiary on your bank’s mobile banking app or internet banking platform. You will need to provide your eNaira account number and the name of the account holder.
b. Cash Deposit: You can also fund your eNaira account by depositing cash at any eNaira agent location. To find an eNaira agent location near you, you can check the eNaira app or visit the eNaira website.
Step 4: Buy eNaira
Once your eNaira account has been funded, you can now buy eNaira. To do this, simply follow these steps:
a. Open the eNaira app and login to your account.
b. Click on the “Buy” button.
c. Select the amount of eNaira you want to buy.
d. Confirm the transaction and enter your eNaira PIN.
e. The eNaira will be credited to your account instantly.
That’s it! You have successfully bought eNaira.
It is not yet clear whether the eNaira can be exchanged for USDT or any other cryptocurrency. The Central Bank of Nigeria (CBN) has not provided any official statement on this matter. However, given that the eNaira is a fiat currency issued and backed by the Nigerian government, it is unlikely that it will be directly exchangeable for cryptocurrencies. It is possible that exchanges or peer-to-peer platforms may facilitate such trades, but it is essential to check for regulatory compliance and the legality of such transactions in Nigeria. As the eNaira is a relatively new currency, it is best to wait for official guidelines and regulations from the CBN before engaging in any exchanges involving it.
How to Exchange Other Crypto Assets for Naira on DartAfrica
DartAfrica is a rapidly growing cryptocurrency trading platform that is dedicated to making it easy and convenient for users in Ghana and Nigeria (at present) to sell their cryptocurrencies for fiat currency. The platform supports popular cryptocurrencies like BTC, ETH, USDT, and USDC, and is looking to expand this selection to cater to a broad range of consumers with different preferences. One of the significant advantages of using DartAfrica is that it does not charge transaction fees, in contrast to other exchange platforms or conventional banking institutions.
The platform offers a simple interface, secure transactions, and a user-friendly design. To use DartAfrica effectively:
- Visit their website and sign up by following a few simple steps.
- Create a transaction PIN by logging into your account and selecting “Security” to authorize withdrawals.
- Click on “Account Details” for guidance on setting up a local bank account.
- Select the coin you wish to deposit by clicking “Sell Coins.” Enter the USD amount (minimum of $20).
- Click “Sell Now,” and you will receive a barcode and wallet address to deposit the corresponding amount you want to sell. After two block confirmations, the equivalent amount of fiat will be transferred to your account. You can monitor your transaction’s progress in the “Trades” section until the deposit is complete, which you can view on your “Dashboard.”
- To withdraw funds to your previously set up account (in step 3), click “Withdraw funds,” enter the desired amount, and without any additional fees, your local bank account will receive a quick credit.
Buying eNaira can be a convenient and secure way to participate in Nigeria’s digital economy. However, it’s crucial to understand the process of buying and storing eNaira safely, as well as to choose a reputable platform to transact. With the eNaira’s potential to revolutionize Nigeria’s economy and make financial transactions more accessible, it’s worth considering this digital currency as a viable option. By doing proper research and following the steps outlined in this guide, you can start buying and selling eNaira with confidence.