{"id":2908,"date":"2021-10-27T14:04:15","date_gmt":"2021-10-27T14:04:15","guid":{"rendered":"https:\/\/christianassociationofnigeria.org\/?p=2908"},"modified":"2021-10-27T14:04:29","modified_gmt":"2021-10-27T14:04:29","slug":"enaira-basic-questions-and-answers","status":"publish","type":"post","link":"https:\/\/christianassociationofnigeria.org\/?p=2908","title":{"rendered":"eNAIRA: BASIC QUESTIONS AND ANSWERS"},"content":{"rendered":"\n
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WHAT IS eNAIRA?<\/strong><\/p>\n\n\n\n

eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.<\/p>\n\n\n\n

WHAT IS AN eNAIRA WALLET?<\/strong><\/p>\n\n\n\n

The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger.<\/p>\n\n\n\n

The eNaira wallet is required to access, hold and use eNaira.<\/p>\n\n\n\n

IS eNAIRA A CRYPTOCURRENCY?<\/strong><\/p>\n\n\n\n

No, it is not.<\/p>\n\n\n\n

\u2022 eNaira is a legal tender backed by law, the full sovereignty of Nigeria, and issued by the Central Bank of Nigeria.<\/p>\n\n\n\n

\u2022 Cryptocurrencies are private digital currencies, not backed by law, underlying assets or by the sovereignty of any nation. They are not legal tender currencies.<\/p>\n\n\n\n

\u2022 eNaira is a unit of account, store of value and medium of exchange.<\/p>\n\n\n\n

\u2022 Cryptocurrencies do not have all these qualities<\/p>\n\n\n\n

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WHAT MAKES eNAIRA DIFFERENT FROM THE MONEY IN MY BANK ACCOUNT?<\/strong><\/p>\n\n\n\n

\u2022 eNaira is the digital form of the cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.<\/p>\n\n\n\n

IN A TYPICAL TRANSACTION, WHAT IS THE DIFFERENCE BETWEEN AN ONLINE BANK TRANSACTION AND eNAIRA WALLET?<\/strong><\/p>\n\n\n\n

There are intermediaries for the typical online bank transactions, whereas for eNaira transactions, there are no intermediaries.<\/p>\n\n\n\n

WHAT IS THE PRIMARY ROLE OF THE CBN WITH RESPECT TO eNAIRA?<\/strong><\/p>\n\n\n\n

In line with Section 2 of the CBN Act 2007, the CBN is the issuing authority of all forms of Naira.<\/p>\n\n\n\n

The Central bank will also be responsible for determining the technical, regulatory and operational standards for eNaira to guide financial institutions.<\/p><\/blockquote>\n\n\n\n

WILL eNAIRA REPLACE CASH?<\/strong><\/p>\n\n\n\n

No, it will circulate alongside cash. The eNaira will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.<\/p>\n\n\n\n

IS eNAIRA SAFE?<\/strong><\/p>

eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.<\/p><\/blockquote>\n\n\n\n

As an eNaira holder, am I assured of data privacy?<\/strong><\/p>\n\n\n\n

Yes. Similar to the privacy enjoyed by current online banking patrons, the eNaira system has been designed to ensure data and user privacy. There are also operational policies and procedures in place to protect users\u2019 identity and privacy.<\/p>\n\n\n\n

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WHO CAN ACCESS eNAIRA?<\/strong><\/p>\n\n\n\n

Similar to cash, any person or business can have access to eNaira as long as they have the requirements for onboarding.<\/p>\n\n\n\n

WHAT IS THE EXCHANGE RATE BETWEEN eNAIRA AND PHYSICAL NAIRA?<\/strong><\/p>\n\n\n\n

The eNaira will have the same value as the physical naira. As such, it will be exchanged one to one.<\/p>\n\n\n\n

How do I access eNaira?<\/strong><\/p>\n\n\n\n

Customers will be able to access eNaira via the eNaira wallet in app stores such as Google Play store and the Apple App store.<\/p>\n\n\n\n

HOW ARE eNAIRA WALLETS CREATED?<\/strong><\/p>\n\n\n\n

\u2022 For smart phone users, download the eNaira app (termed \u201cSpeed\u201d) from either the Google Play Store or Apple Store and complete the registration process.<\/p>

\u2022 Feature phone users, will utilize USSD codes and follow the registration prompts<\/p><\/blockquote>\n\n\n\n

How do I get eNaira into my eNaira wallet?<\/strong><\/p>\n\n\n\n

There are several ways to do so<\/p>\n\n\n\n

\u2022 Direct transfer from your bank account;<\/p>\n\n\n\n

\u2022 Transfer from another wallet either individual or merchant;<\/p>\n\n\n\n

\u2022 Cash payment through an agent or a bank<\/p>\n\n\n\n

How do I connect my eNaira wallet to my bank account?<\/p>\n\n\n\n

The eNaira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions.<\/p>\n\n\n\n

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HOW DO I CREATE A MERCHANT eNAIRA WALLET FOR MY BUSINESS?<\/strong><\/p>\n\n\n\n

To create an eNaira wallet as a merchant\/corporate, you will be required to follow the required steps:<\/p>\n\n\n\n

\u2022 Visit app stores such as Google Play Store or Apple Store to download the eNaira wallet;<\/p>\n\n\n\n

\u2022 Register by providing your Taxpayer Identification Number (TIN) and identify a bank of your choice for validation;<\/p>\n\n\n\n

\u2022 Upon successful validation of a merchant\u2019s details by a preferred bank, the merchant\u2019s bank will create a wallet and advise the merchant<\/p>\n\n\n\n

WHAT ARE THE DIFFERENT TIERS OF eNAIRA WALLETS THAT I CAN OPEN AS A MERCHANT?<\/strong><\/p>\n\n\n\n

\u2022 As a merchant\/corporate, you can open a merchant wallet with full KYC requirements for opening a merchant\/ corporate account. The stipulated limits on the wallet are as follows:<\/p>\n\n\n\n

Category: Account Holders<\/p>\n\n\n\n

Requirement: BVN, TIN and Bank confirmation<\/p>\n\n\n\n

Daily Transaction Limit (NGN): No Limit<\/p>\n\n\n\n

Daily Cumulative Balance (NGN): No Limit<\/p>\n\n\n\n

<\/p>\n\n\n\n