eNaira: What Millennials Need to Know About the Digital Currency
The eNaira is a digital version of the fiat currency issued by the Central Bank of Nigeria. Playing a complementary role to the Naira, the digital currency will have equal value as physical cash that Nigerians use daily.
It is built on a blockchain open ledger technology; this is to ensure that a holder of the CBDC cannot have a duplicate or fake eNaira because each note will be unique. Contrary to what many think, the eNaira is not a cryptocurrency like Bitcoin, Ethereum, Dogecoin or any other kind of crypto. The eNaira is designed for all whether you are an individual, consumer, merchants, government ministry, departments and agency, licensed financial institutions, and even the Central Bank.
Cryptocurrencies, on the other hand, are encrypted, decentralised, and privately controlled. They are often referred to as digital coins. There are several digital coins such as Bitcoin, Ether and Dogecoin. At the recently concluded 2021 Nigerian Fintech Week event by Fintech Nigeria, the issues around CBDCs were discussed by panelists who are consultants and stakeholders in the Nigerian Fintech sector.
Join Bukunmi Adejobi and Josephine Eriyo as they discuss the views of millennials on eNaira with clarifications on the Central Bank Digital Currencies.