Home News About Enaira All You Need To Know – New Nigerian Naira

About Enaira All You Need To Know – New Nigerian Naira

About Enaira All You Need To Know

The Naira sign –  code – NGN is the currency of Nigeria. One naira is divided into 100 kobo.

About Enaira

The Central Bank of Nigeria CBN is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume of money supplied in the economy in order to ensure monetary and price stability.

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The Currency Operations Department of the CBN is in charge of currency management, through the designs, procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins.

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E Naira All You Need To Know About

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 the Naira and will be used just like cash. The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger

Benefits of eNaira

ENaira is real money that you can earn and keep in an e-wallet. As a result, you will be able to transact with it in the same way that you would with naira notes, without the need for intermediaries. This is in contrast to digital banking, which involves customers conducting transactions with money held in a bank.

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The introduction of eNaira and the removal of intermediaries is expected to:

  • Reduce transaction costs and times.
  • Make cross-border transactions easier
  • Allow unbanked Nigerians to deal in eNaira without the use of a private bank account.
  • Financial Inclusion is Promoted by the eNaira
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Banknotes were to be printed in denominations of:

  • 50 kobo (₦0.50)
  • 1 naira (₦1)
  • 5 naira (₦5):
  • 10 naira (₦10)
  • 20 naira (₦20)
  • 50 naira (₦50)
  • 100 naira (₦100)
  • 200 naira (₦200)
  • 500 naira (₦500)
  • 1000 naira (₦1000)
    • 50 kobo & 1 naira — no longer in use
    • 5 naira – had lesser value in 2018

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