Commercial Banks Begin e-Naira Sensitization Ahead Of Its Launch

The e-Naira was supposed to have launched on Friday to commemorate Nigeria’s 61st independence anniversary but the proposed launch was postponed for quite a number of reasons. According to Osita Nwanisobi; the Director of Corporate Communications of the Central Bank, the launch of the e-Naira was delayed due to other significant activities that have been lined up to commemorate the 61st Independence Anniversary.

Ahead of its imminent launch which is reportedly slated for Monday, the 4th of October, 2021, commercial banks have begun to sensitize their customers about the e-Naira. Customers across different Nigerian banks have received email notifications on the e-Naira and how they can be a part of it.

A mail sent by one of the numerous Nigerian commercial banks with the subject ‘e-Naira is launching soon’ reads “The Central Bank of Nigeria will launch the e-Naira soon. While waiting, here are a few things you need to know:

What is the e-Naira?

  • The e-Naira will be a digital representation of the paper Naira currency issued by the Central Bank of Nigeria.
  • The e-Naira will be a ‘complementary’ legal tender in Nigeria, having the same exchange value as the Naira, and maintain a ‘parity of value’ with the Naira.
  • The e-Naira will not earn any interest to holders.
  • The e-Naira is built on a blockchain open ledger technology.
  • Creating the e-Naira on the blockchain means you cannot have a duplicate or fake e-Naira.
  • Each e-Naira note will be unique”.

The e-Naira will be accessed using the central bank-backed e-Naira wallet, as well as wallets issued by commercial banks and other licensed financial institutions. It is most likely that commercial banks and other licensed financial institutions will integrate their e-Naira wallet with their already existing banking platforms such as mobile apps and web banking.

Other Nigerian banks have also started sending emails and messages aimed at sensitizing, as well as encouraging their customers to use the e-Naira when it launches. The e-Naira website is already live and Nigerians can visit it to read about the e-Naira as well as download the e-Naira wallet ahead of its launch.

You can read about the e-Naira and what to expect here while we await a new dispensation.

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