Victor EzejaIN what seems as an indication of interest by Nigerians in the Central Bank of Nigeria’s digital currency, e-Naira, the website has reportedly recorded over one million hits in just 24 hours after it went live.
The website has gone live one week to its official launch date.
CBN has announced that it will officially launch the e-Naira on October 4th. This is after the apex bank cancelled the earlier October 1st date due to activities of the country’s independence day celebration.
CBN described e-Naira as a digital form of Naira and would be used just like cash, even in a cheaper, faster and more convenient way.
It said, “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.”
According to a statement on the website www.naira.com , it is a digital currency designed to solve payment needs of people using the domestic currency, Naira.
“e-Naira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.”
As indicated, the digital currency also offers better payment prospects in retail transactions when compared to cash payments.
According to the web platform, “e-Naira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.”
There are several benefits of the e-Naira which cuts across different sectors and concerns of the economy.
The areas of its benefits include fostering economic growth by “offering easier access to capital and financial services thereby increasing economic activities at low/no interest transaction rate.”
The digital currency service also promises to offer a secure and cheaper diaspora remittance option, while also speeding up such transactions.
In terms of digital financial security, the platform explained that e-Naira has ‘traceability’ feature which limits its use for “illicit or fraudulent purposes.”
It added that it has a “unique identity and security structure,” a strong security feature, which makes the platform unsusceptible to forgery or being counterfeited.
It also aids revenue collection by reducing cash handling costs
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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