Difference Between eNaira & Money in your Bank Account – Ogbeta Online

Bank eNaira Money

Welcome to today post, in this blog post, I will show you the difference between eNaira and money in your bank account.

I recommend you to continue to read to get all the info.

The Central Bank of Nigeria’s digital currency website has gone live ahead of the October 1 official launch.

According to the website, “eNaira is a CBN issued digital currency that provides a unique form of money denominated in Naira.”

What is eNaira?

eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender.

It is the digital form of Naira and will be used just like cash but in digital or electronic form.

Digital wallet will be created to store and holds your Naira. It is held and managed on a distributed ledger.

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The wallet is required to access, hold and for digital Naira usage.

Is eNaira wallet safe?

Yes. The system will be using a two-factor authentication system in addition to cryptographic encryption to ensure the safety of customers’ wallets and the digital Naira holding.

What is eNaira Wallet

Digital Naira wallet is the official wallet of the Central Bank of Nigeria’s new digital currency.

The eNaira Wallet allows you to send, receive and spend, eNaira without charges.

Think of eNaira as your Naira but in digital, borderless and with more possibilities.

How are eNaira wallets created?

For smartphone users, the mobile app will soon be available for download from either the Google Play Store or Apple Store.

How do I connect my eNaira wallet to my bank account?

The eNaira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions.

What makes eNaira different from the money in my bank account?

The digital form of your Naira cash is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions. That is, no charges.

How do I resolve failed transactions

Reach out to the customer support of your bank you selected when registering through their available channels which include: phone, email, whatsapp, etc.

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Disputes will be resolved as soon as possible. If issues are not resolved within 48 hours, send an email to CBN’s digital Naira Customer Support via helpdesk@enaira.com

 Different tiers of Wallet

  • No Existing Bank Account

Requirement: Nill
Daily limit: N20,000
Cumulative limit: N120,000

  • No Existing Bank Account

Requirement: NIN Veried phone number
Daily limit: N50,000
Cumulative limit: N300,000

  • Has an Existing Account

Requirement: BVN + valid means of identification
Daily limit: N200,000
Cumulative limit: N500,000

  • Has an Existing Account

Requirement: Tier 2 requirement + public utility receipt
Daily limit: N500,000
Cumulative limit: N5,000,000

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Oyakhilome Ogbeta is a web developer and networking engineer. Oyakhilome has more than six years' experience in networking. Oyakhilome has a proven track record in networking/web applications deployment.

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