INTRODUCTION



What is the e-Naria?

The e-Naira will be a digit representative of a paper Naria currency issued by the Central Bank of Nigeria. The e-Naria will be a “complementary” legal tender in Nigeria, having the same exchange value as the Naira, and maintain a “parity of value” with the Naira.


The e- Naira will not earn any interest to holders. The e-Naira is built on a blockchain open ledger technology. Creating the eNaira on the blockchain means you cannot have a duplicate or fake e-Naira. Each e-Naria note will be unique.
I recall that the Central Bank of Nigeria recently postponed the planned flagging off of the country’s digital currency e-Naria.

Owing to the regulatory guidelines on the eNaria released by the CBN, financial institutions will be required to maintain a treasury eNaria wallet for holding and managing eNaria on the Digital Currency Management System (DCMS).

Furthermore the Central Bank of Nigeria has planned a rollout in a tiered manner; it will issue the e-Naira, to financial institutions like banks. The bank will retail the e-Naria to the customers/individuals,depending on your transactionvalue, if your transaction value is less than N50,000 a day, you don’t need a bank account to get the e-Naria;you can use a National Identification Number verified phone number to buy e-Naria. If you want to withdraw more than N50,000 but up to the daily limit of N1million, the you will need a Biometric verification Number in addition to a NIN verified phone number. The CBN has very strict “Know Your Customers” protocols for this process, the aim being to assure all retailers of the safety and utility of the e-Naria.