eNaira digital currency is a Central Bank Digital Currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It enables households and businesses to make fast, efficient, and reliable payments, while benefiting from a resilient, innovative, inclusive, and competitive payment system. In this article, you will get to learn more about this digital currency, how to use it, the benefits of the eNaira, and how to download and register the app.


eNaira is the Nigerian digital currency that is issued and regulated by the Central Bank of Nigeria. Hence, Its functionality delivers speedy, safe, simple trading and transactional opportunities to customers and end-users.

According to Section 2 of the CBN Act 2007, the CBN is the issuing authority of all forms of Naira. The Central bank will also be responsible for determining the technical, regulatory, and operational standards for eNaira. Do you know that the eNaira is not different from the money in your bank account? Yes, eNaira is the digital form of cash and is a direct liability on the Central Bank of Nigeria while the customer deposits (i.e. cash in the bank) are direct liabilities on the financial institutions. To start with, let us find the answers to the following questions: what is the eNaira wallet and how you I get eNaira into your eNaira wallet?As a business owner of Cooperate organization, can I use the wallet? 


The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger. The eNaira wallet is required to access, hold and use eNaira. To learn the reason why you need to download and register this app, we will consider some exciting benefits of the eNaira digital currency.


The benefits of the eNaira digital currency are as follows:

  • Unified Payment System: Customers can now move money from their bank account to their eNaira wallet with ease.
  • Contactless Payment: Customers can make in-store payments using their eNaira wallet by scanning QR codes.
  • Peer-to-Payment: eNaira allows users to send money to one another through a linked bank account or card.
  • Bank Account Management: As a Customer, you can monitor your eNaira wallet, check balances, and view transaction history.
  • Sending/Receiving Money: If you are an eNaira Customer, you can send and receive money faster, easier, and at very minimal costs.
  • Verifying Payments: Customers can verify their payments and look up their transaction history anytime, anywhere.
  • Financial Institutions Transactions: Intra/inter financial institutions transactions are not only possible, but they are also faster and cheaper.
  • Foreign Exchange Transaction: With eNaira, you can also enjoy speedy transactions across boundaries and a hitch-free foreign exchange.

As you consider the above mentioned benefits, one question that should be on your mind now is, will this digital currency replace cash transaction?


The answer to this question is No. Rather, it will circulate alongside cash. The eNaira will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment. Furthermore, It may also interest you to know that in terms of data privacy, your data is assured of being secured. The eNaira system has been designed to ensure data and user privacy. There are also operational policies and procedures in place to protect users’ identities and privacy.

But get to think about the exchange rate of the eNaira with our current cash. The Central Bank of Nigeria has informed us that the eNaira will have the same value as the physical naira. As such, it will be exchanged one to one. Next, you might want to know how to access your eNaira wallet, the next sub-heading will explain more.


You can access the eNaira through the eNaira wallet in app stores such as Google Play store and the Apple App store. Simply go to google play store if you are using an andriod phone, search for eNaira app (termed “eNaira speed wallet”) and download, after which, you can complete the registration process. While for iphone users, go to the apple app store, search for eNaira speed wallet app and download. Note that the eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack. Furthermore, the following are the reasons why you should download and fund the eNaira wallet;

  • With eNaira, you are assured of advanced data privacy and security;
  • Nationwide acceptance;
  • Low charges on transaction;
  • 99.9% service availability and 
  • No dispensing error

The eNaira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions. You can get eNaira into your eNaira Speed Wallet, by the following ways:

  • Direct transfer from your bank account;
  • Through transfer from another wallet either individual or merchant and
  • cash payment through an agent or a bank.

Finally, do you know that as a merchant or Corporate organisation you can also create an eNaira wallet? The next paragraph will tell you how to do just that!


 To create an eNaira wallet as a merchant or a corporate, you will be required to follow these steps:

  • Visit app stores such as Google Play Store or Apple Store to download the eNaira wallet;
  • Register by providing your Taxpayer Identification Number (TIN) and identify a bank of your choice for validation;
  • Upon successful validation of a merchant’s details by a preferred bank, the merchant’s bank will create a wallet and advise the merchant.

Recommended: NIN to SIM Linkage for All Mobile Networks, NIN Registration and Linkage with SIM.

The eNaira was officially launched today being the 25th of October 2021. During the launching ceremony, the Governor Godwin Emeifele said,

the CBN will continue to refine, fine-tune and upgrade the eNaira” and he assured that “Nigerians should expect to see additional functionalities in the coming months.

Governor Godwin Emefiele

Furthermore, he explained some of the additional functionalities to include: accessibility and onboarding of customers without BVN and the use of the eNaira on the phone without the internet to further drive financial inclusion, making Nigeria one of the first countries in the world to deploy the CBDC via USSD on phones without relying on internet connectivity. He also said that the eNaira will also onboard revenue collection agencies to increase and simplify collections and finally create sector- specific tokens to support the Federal Government’s social programmes and distribution of targeted welfare schemes in a bid to lift millions out of poverty by 2025”.

To get more information on the eNaira and the eNaira Speed Wallet, Click HERE to visit the official website.


In conclusion, we want to thank you so much for reading this article “eNaira Digital Currency- Facts you need to know!”. Hope it was educative. Click the various links below to follow and subscribe to our various social media handles.

October 25, 2021

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  1. Sammy

    It is a step in the right direction and will only get better….

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