The Digital Currency introduced by the Central Bank of Nigeria (CBN), e-Naira, is set to be officially unveiled today, October 25 by President Muhammadu Buhari.
Here are 10 things you need to know about the digital currency:
1. The eNaira shall be administered by the CBN through the Digital Currency Management System (DCMS) to mint and issue eNaira.
2. Financial institutions shall maintain a treasury eNaira wallet for holding and managing eNaira on the DCMS.
3. The eNaira stock wallet belongs solely to the CBN and ishall warehouse all minted eNaira.
4. The Financial institutions (FI) Suite is the primary application used by the FIs to manage their digital currency holdings, requests, and redemption with the CBN.
5. Two-factor authentication and other measures shall be adopted to ensure the security of the eNaira wallet.
6. The charges for eNaira transactions shall be in line with the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.
7. The eNaira is equivalent to the physical Naira, as it is the official tender of Nigeria and is a liability of the CBN.
8. The eNaira and Naira will always be exchanged 1:1, meaning it would only appreciate when the Naira is stronger.
9. Financial Institutions are required to comply with the Money Laundering (Prohibition) Act 2011 (as amended), the Terrorism (Prevention) Act 2011 (as amended) and all subsisting anti-money laundering laws and regulations as may be issued by the CBN from time to time.
10. Consumer complaints concerning the usage of the eNaira shall be referred to the Helpdesk of users’ preferred FI Helpdesk. If unresolved by the FI Helpdesk, from where it shall be escalated to the eNaira Helpdesk via 0800myeNaira (0800 6936 2472) or helpdesk@enaira.com for resolution.
