- ADVERTISEMENT -

Nigeria e-Naira Cryptocurrency – Things You Need To Know

- ADVERTISEMENT -

Nigeria e-Naira Coin is the latest cryptocurrency announced by the Nigerian government. Many people are still confused about what this is all about, judging from the way the Nigerian government has handled anything crypto-related. If you can recall, earlier this year, the federal government ask commercial banks to stop dealing with cryptocurrency. While this is still in place, the Nigerian federal government, through the CBN, has announced a new cryptocurrency called e-Naira. For now, this is everything we know about the e-Naira coin.

  1. The new e-Naira coin will be designed, regulated, and issued by CBN.
  2. The Central Bank Digital Currency (CBDC) will be officially launched on October 1.
  3. The e-Naira currency will be available for bank account holders and non-account holders.
  4. The CBN will launch its wallet for its digital currency before October 1.
  5. The new wallet will be called Speed Wallet, and it will have three tiers. The tier 1 wallet is for everybody without a bank account. It will have a transfer limit of about ₦50,000 with an accumulative balance of ₦300,000 daily.
  6. The minimum requirement to open the tier one account is a National Identity card (NIN).
  7. The tier 2 wallet is for bank account holders that have linked their bank verification number (BVN). However, users will be only allowed to send a maximum amount of ₦200,000 daily and have a balance of ₦500,000.
  8. The tier 3 holders can transfer as higher as up to ₦1,000,000 daily with a cumulative balance of ₦5,000,000. The minimum requirement is BVN.
  9. The transaction limits on the merchant level are set at ₦1,000,000 daily, and users can have as many as possible. There is no limit on this.
  10. Lastly, the new digital currency does not charge a fee for user-to-merchant transactions and P2P wallet transactions.
MUST READ ⇒  The 10 Best Cryptocurrency Apps for iOS in [year]
E Naira Coin
E Naira Coin

How to Get e-Naira

The e-Naira currency will soon be launched, but before then, we can’t help but wait for further directives from CBN. Getting the e-Naira will not be tricky since it’s coming from the federal government. Unlike other cryptocurrencies that you will have to look for buyers or sellers before buying one, you will only need your wallet to purchase the e-Naira once it’s available.

Buying of e-Naira can easily be done using your credit card. Yes, it’s not illegal, and you can do that with your account. You can also use P2P to purchase the e-Naira. For now, there’s nothing much we can say here. However, we will surely update this post with further directions on how to get the e-Naira.

- ADVERTISEMENT -

e-Naira App and Contract Address

The e-Naira app will be called Speed Wallet. Yes, that is the wallet you will use to keep your e-Naira coin. For now, the app is still under development, so you can’t get it on Google Play Store or Apple store. Just exercise little patience and wait till October 1. The contract address will be made available when the app is official.

There are still some questions that many people would like to know such as the e-Naira price. That is the price of the e-Naira to the Naira value. Well, we don’t know about this, for now, just bookmark this page because there will be more updates to this.