The E-Naira stands for Electronic Naira, it is a new initiative introduced by the central bank of Nigeria in order to bridge some limitations of the conventional naira system.
It was meant to be launched in first October but was later postponed because of Nigeria’s 61st independence day.
What You Should Know:
– When the E-Naira launches, Nigerians will be able to down and access the app on their IOS and Android phones.
– A USSD code will be made available for those not using smart phones.
Effects On Nigerian Economy:
– The launch of the e-naira will facilitate unified payment in the economic sector, that is to say: money can be moved from local banks to the e-naira wallet at will.
– The e-naira will allow contactless payments.
– Better managements of accounts by individuals at will.
Advantages:
– payment system efficiency
– better tax collection
– increase cross border trades
– better financial inclusion in international trades. Etc.
This is surely a welcome development, Nigerians should look forward to it’s launch as it is about to launch our economy into a new dispensation.
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