10 things to know about Nigeria’s first digital currency.
The president Mohammadu Buhari has today being Monday 25th, October 2021, launched Nigeria’s first digital currency. The unveiling of the currency took place in the state house with some government functionaries. The governor of the central bank of Nigeria (CBN) Godwin Emefiele mentioned that about 33 bank are well informed and are connected live.
However as the new eNaira hits Nigerians, here are 10 things you need to know about it:
* It is held and managed on a distributed ledger.
* It can be used for remittance, which includes a cheaper diaspora remittance option.
* It is traceable so fraudulent activities can be traced.
* It can be used for international and local trades.
* It has a unique identity and security structure.
* It can be exchanged from peer to peer.
* It is universal – anybody can use it.
* It does not yield any interest.
* Payments can be made by scanning QR codes.
* You can monitor your e-wallet activities.