7 Facts About e-Naira Digital Currency

The Central Bank of Nigeria (CBN) has announced that citizens would be able to utilise e-Naira online starting in October. Improved company model, convenience of financing, and simplified budgeting and taxation are just a few of the advantages of online finance. The announcement was revealed in a statement released this week, some months after the CBN banned cryptocurrency use owing to unhappiness with its system. This post reveals to you, 7 facts about e-naira digital currency.

The e-Naira is a digital currency that will allow people to conduct business online.

He also stated that he will collaborate with Bitt Inc., a technological business, in order to begin using the e-Naira internet currency.

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Bitt Inc., one of several large technology companies competing for a contract with the CBN to provide these monies in a secure and efficient manner, has been chosen by the CBN.

Some of the benefits of online finance, according to the CBN statement, include strengthening the company model, convenience of financing, and ease of budgeting and taxation.

7 facts about e-naira digital currency

Here are 7 facts to keep in mind with e-Naira online money:

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  1. Makes Trading Easier

The e-Naira currency will make trading easier, but it differs from other online currencies in that it is exclusively provided by the CBN. The Central Bank of Nigeria (CBN) stated that the e-Naira currency will make doing business easier and more inclusive, as well as enhance the business model without using cash.

  1. Similarly, the e-Naira system does not rely on cash.

  2. Similarly, unlike other online currencies such as Bitcoin, e-Naira does not fluctuate, but it will be utilised in the same way as Naira.

  3. Because the e-Naira system will be same to the Naira, its value will be identical to the Naira’s.

  4. The e-Naira system will be different from how bank accounts are opened in that it will construct a bag to hold each person’s money by providing him with unique numbers.

  5. It is a currency that everyone in Nigeria is free to use, and it will help you save money.

  6. To prevent contamination, it will also be furnished with particular security codes.

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Source: Nyscinfo

Updated: September 10, 2021 — 11:17 am

The Author

Stephen Adoga

Stephen Adoga is a trained journalist, researcher, creative writer, content creator, video editor and freelancer. He studied Mass Communication at the Lagos State Polytechnic, Ikorodu, where he acquired requisite training for the practice of journalism. He loves the media. His interest mostly lies in the print medium where his creative writing skill makes him a perfect fit.

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