What is the main concept of the E-Naira? What does the Nigerian government plan to do with it? Is it a new crypto currency?
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What is the main concept of the E-Naira? What does the Nigerian government plan to do with it? Is it a new crypto currency?
It is a digital currency launched recently, while many may know really know why it was launched or the uses, I think the idea behind the Enaira is a great one. It is the biggest thing I can think of that would cut down on corruption and bribery. It’s very hard for money to go missing or have it extorted when it’s all digital and every piece of currency is accounted for.
The e-Naira is far cheaper than transfers between different banks and it’s supposed to be pretty much instantaneous. If you’ve ever had to wait for 30minutes for your bank transfer to go through, eNaira is going to be really attractive. In any case, they’re not forcing anyone to use it. It’s just another option that happens to cost far less than its rivals. I really hope it catches on especially among poor people that don’t have ATM cards.