Digital currency is a means of payment that exists in a purely electronic form. Digital currencies are sometimes digital representations of their physical counterparts. An example of such is the eNaira. As with all things, there are advantages and disadvantages. Some things though have more advantages than disadvantages. This article highlights 5 good benefits of the eNaira.
Originally, the Central Bank of Nigeria (CBN) wanted to launch the eNaira on the 1st of October 2021. Due to some reasons, however, it was postponed. The eNaira was finally launched on 25th October 2021 and it is now a legal tender. The eNaira, a Central Bank Digital Currency (CBDC), is a big step towards becoming a cashless society. Apart from being a digital representation of the Naira, it has the same value. As such, it can be used in lieu of the Naira.
Many Nigerians have received this news with mixed feelings. While some can’t comprehend the idea, others think: what makes it better than the conventional cash?
Below are 5 good benefits of eNaira
1. eNaira can prevent the use of counterfeit notes
One of the best benefits of eNaira is the prevention of fake cash. The eNaira is a digital currency built on a blockchain platform similar to those of cryptocurrencies. Therefore, each eNaira is unique and there can be no counterfeits. This eliminates the problem of checking if a Naira note is fake or not. Yeah, you don’t have to hold up that 1, 000 Naira note to the light to ascertain its quality. Now, how cool is that?
2. eNaira is universally accessible
This is another excellent feature of digital currency. It can be used anywhere. The usage of the eNaira isn’t limited by country borders. Be it in Australia, China, or America, the eNaira can be used there. Finally, a suitable means of exchange for cross-country trade!
3. eNaira is safer and secure
Most times, anything “electronic” has more security than its physical counterpart. The same goes for the eNaira. For starters, the eNaira will be offered via electronic means only. So, from the comfort of your home, you can get the eNaira. Also, you don’t have to worry about thieves. The security of the eNaira is quite a force to reckon with.
4. With eNaira, there’s no need for physical storage and manual accounting
Since the eNaira will exist in a purely digital form, physical storage and manual accounting can be done away with. What a relief! Not everyone likes to sit over account books making sure every figure tallies. But won’t my eNaira be accounted for? Of course but not just by you necessarily. Because, anything and everything involving the eNaira will be done electronically, every single eNaira will be accounted for automatically. There’ll be correct records and details enough to your heart’s content.
Moreover, statements like “keep the money in your purse, not your bag” can be deemed irrelevant. The eNaira is definitely the future.
5. eNaira transactions can be made easily, quickly and at a low cost
This is my best part: easy and quick transactions. Long queues in the bank are definitely out of the question! The icing on the cake? Low transaction costs! Much lower than your conventional GT Bank will charge.
Notwithstanding the above advantages, a little problem may come up once in a while. Remember, nothing’s exactly a hundred percent perfect. Again, at the very beginning, things might not always run smoothly. However, there’s a customer service team that’ll be there to listen to your complaints and take the necessary actions. I’m getting my eNaira as soon as it’s out. What about you?
How to get the eNaira App
The eNaira App is available on both Google Play Store and Apple App Store. To download the App, search for eNaira in your relevant Store, and the App link should show up. Alternatively, you can download vide the following links.