List of all services available to individual consumers on the eNaira platform -GCFRNG

List of all services available to individual consumers on the eNaira platform -GCFRNG

Following the launch of the Central Bank of Nigeria (CBDC) digital currency, known as eNaira, by President Muhammadu Buhari, on Monday October 25, the Central Bank of Nigeria (CBN) has published the list of services available to individual consumers. in eNaira. platform.

The eNaira is the digital form of the Fiat (Naira) currency, issued by the CBN in accordance with Section 19 of the CBN Law.

It is the direct responsibility of the CBN, legal tender and will form part of the currency in circulation. ENaira will complement cash as a less expensive, more efficient, generally acceptable, safe and reliable means of payment and store of value. In addition, it will improve the effectiveness of monetary policy, improve the government’s ability to implement targeted social interventions, provide a less expensive alternative channel for government revenue collection, and increase remittances through formal channels

According to the apex bank, the following services shall be available to individual consumers on the eNaira platform:

A) Person to Person (P2P);

b) Person to Business (P2B) / Business to Person (B2P);

c) Person to Government (P2G) / Government to Person (G2P);

d) Cash or Bank account to eNaira speed wallet;

e) eNaira speed wallet to cash or bank account;

f) Any other services as may be approved by the CBN from time to time.

Going further, the CBN also listed services that shall be available to merchants on the eNaira platform:

The services are:

A) Merchant/Business to bank account;

b) Merchant/Business to Person (M/B2P);

c) Cash or bank account to eNaira speed wallet

The eNaira will be an interest-free currency and will not serve as a hedge to escape the inflation that many have used Bitcoin and Ethereum.

The Central Bank of Nigeria also noted that the financial institution will not charge Nigerians for using eNaira through POS or banks.

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List of all services available to individual consumers on the eNaira platform -GCFRNG

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