eNaira: Five things Nigerians can do on the new website

The website of Nigeria’s official digital currency, eNaira, went live before its planned launch on October 1, as disclosed by Central Bank governor, Godwin Emefiele.

Developed by Barbados-based fintech company Bitt Inc., eNaira is a legal tender just like the naira. According to the apex bank, it must be accepted by all merchants and business outlets as a form of payment in Nigeria.

A welcome note on the website describes the eNaira as a “Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.”

The website is a central repository where users can find comprehensive information about the official digital currency, but it offers much more than just details of the eNaira. Here are at least five other things Nigerians can do on the platform.

1.   Download the eNaira application

The eNaira app (termed “Speed”) can be downloaded from either the Google PlayStore, Apple App Store, or by scanning a QR code on the website. The app is expected to be available for download from October 1, 2021, and will serve as the official wallet for smartphone users.

2. Manage your wallet

eNaira users will be able to fund and manage funds in their wallets on the website once the digital currency is officially rolled out on October 1. According to information on the platform, the wallet offers a “great way of making purchases with retailers on-site, transferring or sending money”. The e-wallet can also be linked to bank accounts and used for pay-as-you-go services.

3. Join the eNaira community

The community is a social hub where, according to a note on the website, eNaira users across the globe can connect with one another, share their experiences using the digital currency, offer as well as request help.

There are four community rooms, each designed to host conversations about eNaira regulations, merchants, wallets, and registrations. Nigerians who are interested in joining the community can sign up using their email addresses.

4. Stay up to date with news on CBDCs

The news hub on the website curates content relating to the eNaira and other Central Bank Digital Currencies (CBDCs) across the world for users to stay updated with relevant developments on official digital currencies.

“CBDCs are being developed all over the world for differing national objectives. Being an eNaira user naturally transports you to the world of CBDCs and this space is your guide to that world,” a note on the website reads.

5. Read and share eNaira insights and experiences

Nigerians who choose to put their experiences with the eNaira in writing or want to share important insights can reach out to the authorities and have their feedback published on the Insights/Users Speak page of the website.

The eNaira website is loaded with very important information and instructions as well as answers to potential questions in the FAQ section.