Brace up guy as the Central Bank of Nigeria (CBN) plans to launch a digital currency called the ‘e-Naira’ by October 2021.
- 1 E-Naira Meaning – What is E-naira?
- 2 About Bitts Inc
- 3 How and Where to download eNaira app?
- 4 How to Register for E-Naira wallet?
- 5 How to register for eNaira as a Merchant?
- 6 How to Get e-Naira?
- 7 E-Naira wallet Login
- 8 Benefits of E-Naira
- 9 E-naira Acceptability
- 10 How to Accept E-naira Payments
Naija News 247 recalls that, E-Naira is an electronic currency and you will require a wallet to operate it.
In this article, Naija News 247 will provide you with a step-by-step guide on how to register for E-Naira wallet. Here, you will alo find the guide on how to do E-Naira wallet Login with ease.
Digital currency is becoming a reality in Nigeria. After two years of contemplation, the CBN has finally announced its intention to achieve 80% financial inclusion by the end of 2021 with the launch of digital naira.
As we speak, the implementation of E–Naira is on track as everything is set for the launch date being 1st October 2021.
E-Naira Meaning – What is E-naira?
E-naira is an electronic form of Naira which is a legal tender equal to the value of the Naira. Unlike other Cryptocurrencies that does not have a central regulation, The e-Naira would be regulated by the Central Bank of Nigeria.
The e-Naira would be a Central Bank Digital Currency (CBDC) which means that while it is regulated by the CBN, it is a token that would only exist in digital and electronic form.
CBDC would be legal tender with one e-naira equivalent to one naira which shows fundamental differences between CBDC and cryptocurrencies.
The E-naira project is facilitated by the CBN in partnership with technical fintech partner, Bitts Inc. CBDC will provide a platform for the government to leverage blockchain technology to maintain a centralised and institutional role over the currency. e-naira
About Bitts Inc
Bitts Inc. has been a forerunner in the creation of payment systems that improve social inclusion, financial inclusion and overall sustainable economic growth; the excellence in their operation methods has earned them acknowledgment from the Bretton Woods Institutions – IMF/World Bank. This is one of the reasons the CBN enlisted them for this crucial exercise.
Also, the company was the first fintech to digitize a national currency on a blockchain by creating a synthetic CBDC with the support of the Governor, Central Bank of Barbados and the country’s Minister of Finance.
How and Where to download eNaira app?
Starting from 1st October 2021, you can download the official eNaira App from Google play store and Apple iOS store.
With the eNaira App, you will be able to access eNaira via the eNaira wallet. It’s from your eNaira wallet that you will hold your eNaira token, perform transactions and monitor your cash flow.
With the eNaira App, you can also dial a USSD short code and follow the required steps to perform transactions
Remember, this is a digital currency and not a physical coin or paper note. As a result of this, you will need a wallet to store the E-naira token. Just like the physical Naira, the CBN will design the e-Naira usage to still pass through regulated financial institutions, in the form of digital cash to individuals and businesses.
Therefore, the app will be provided by individual banks and other financial institutions. The E-naira app will be made available on Android Google Play Store and Apple iOS store.
How to Register for E-Naira wallet?
E-Naira registration will be free and will go live from the launch date. As I said earlier, financial institutions in Nigeria will still be relevant for the usage of E-Naira. Hence, you will have to visit your bank and ask the customer care officer to add the E-naira feature on your banking profile. You may be given a form to fill to get your E-naira account created and activated. dollar to naira
How to Register for eNaira wallet as individual
Follow the steps below to open eNaira account and register for eNaira wallet now.
Step 1: Download the eNaira app.
Step 2: Type in your invitation code received from your bank.
Step 3: Enter minimum identification details (i.e., NIN, BVN, or KYC/AML Information, depending on the customer tier you are).
Step 4: Enter other identification details (i.e., Name, Place and Date of Birth, Phone Number, Passport Photograph, Email and Password).
Step 5: Minimum ID is validated.
Step 6: receive a notification from your financial institution.
Step 7: login to your eNaira wallet.
How to register for eNaira as a Merchant?
- eNaira Wallet
Your eNaira wallet offers a great way of making purchases with retailers on-site, transferring or sending money while tracking rewards programs.
You can link the e-wallet to your bank account or pay as you go with a prepay option.
In addition, the embedded security token system makes your information unreadable to fraudsters because tokens are randomly generated every time you make a payment.
The eNaira is the Nigerian digital currency that is issued and regulated by the Central Bank of Nigeria. Its functionality delivers speedy, safe, and simple trading and transactional opportunities to customers and end-users:
- It is exchanged peer to peer.
- It is universal – anybody can hold it.
- It does not yield any interest.
How to get started
- For Individuals
- For Businesses
- For Government MDAs
Account Opening Steps
- Merchant downloads eNaira Mobile App.
- Enters invitation code from bank and validates it.
- Enters minimum identification details (i.e., Full KYC as stipulated in the CBN’s AML/CFT Regulations).
- Enter your TIN (Tax Identification Number).
- TIN is verified, entes other identification details (i.e., email, password, Business Category, Legal Business Name).
- Financial Institutions verifies application.
eNaira wallet created and activated.
- Merchant and Financial institution receives notification.
How to Get e-Naira?
The CBN has planned a rollout in a tiered manner; first, it will issue the e-Naira, to financial institutions like banks. Your bank will then retail the e-Naira to you.
If your transaction value is less than N50,000 a day, you don’t need a bank account to get the eNaira; you can use a NIN verified phone number to buy eNaira.
If you want to withdraw more than N50,000 but up to the daily limit of N1 million, then you will need a BVN in addition to a NIN verified phone number. The CBN has very strict ‘Know Your Customers” protocols for this process, the aim being to assure all retailers of the safety and utility of the eNaira.
E-Naira wallet Login
Once you have your E-naira account, you can access your e-Naira wallet by logging in with your credentials to perform transactions electronically
Benefits of E-Naira
With the e-Naira, Nigerians can engage in easier cross-border trade, as well as enjoy a cheaper and faster inflow of remittances. Also, a digital currency would provide more financial opportunities for Nigerians as they would be able to create new business opportunities and financial products and services.
According to the CBN, another perk of the e-Naira is a reduction in the cost of operations and cash management. It would also leave a clearer footprint of digital transactions, making it easier for financial institutions to track transactions.
The eNaira has a low-cost advantage when compared to FIAT. The daily transfers between accounts are at no cost to the holder of the account. Lower transaction cost is a massive incentive as traders will pay no fees for withdrawals and deposits to and from their bank account. No transaction fees reduce the cost of commerce while improving safety.
It’s expected that all businesses and merchants in Nigeria should accept E-naira as a legal tender.
The Central Bank of Nigeria says the e-naira which is set to be launched on October 1, 2021, is a legal tender equal to the value of the naira and thus must be accepted as a form of payment by all merchants and business outlets. jamb result
The CBN Director, Payment System Management, Mr. Musa Jimoh, said this during an interview on the ‘Business Morning’ programme on Channels Television on Monday.
Jimoh said, “Today, anywhere you present naira to pay, compulsorily it must be accepted because that is our fiat currency. So, the same way naira is accepted that you can’t reject it, is the same way e-naira must be accepted. Anywhere in this country where e-naira is presented, it must be accepted. So, merchants must accept e-naira as a means of payment.”
He advised Nigerians to open e-naira wallets which could be downloaded on their phones from October 1, adding that CBN bears all liabilities.
“The liability of the e-naira money is directly on CBN which is similar to the cash you hold. The liability of the cash you hold today rests with the CBN. So, it gives Nigerians the opportunity to bank with CBN,” Jimoh said.
On whether Nigeria was ripe for the e-naira due to the technological challenges in the country, Jimoh said he didn’t expect it to be a major problem.
He added, “E-naira is a journey. We don’t expect that on October 1, all business merchants in Nigeria will accept it. We don’t even expect that come October 1, all Nigerians will have e-naira. It is a journey. It will continue to grow.
How to Accept E-naira Payments
This will be simple. Just like you usually receive electronic money transfers, you will be able to accept payments into your E-Naira wallet from another E-naira wallet seamlessly. We will provide details on this when the electronic currency is fully launched.
We advise you to bookmark this page, visit it regularly for updates and subscribe to get up to date information on eNaira. If you have any questions, kindly share them with us in the comments below.
Elon Musk Terminates $44bn Deal To Buy Twitter
The world the richest man and the Chief Executive Officer (CEO) of Tesla Inc, Elon Musk has terminated his $44 billion Twitter deal.
This was confirmed by Reuters on Friday, quoting the elite as saying that the social media company had failed to provide information about fake accounts on the platform.
In a filing, Musk’s lawyers said Twitter had refused to respond positively to a series of requests for information on fake or spam accounts on the microblogging platform, which is fundamental to the company’s business performance.
Twitter in April 2022 confirmed it had accepted the $44 billion bid by the billionaire entrepreneur.
Shares of Twitter were down 7% in extended trading. Musk was said to have earlier offered $54.20 per share in April.
On the micro-blogging platform, Twitter’s chairman, Bret Taylor, said that the board planned to pursue legal action to enforce the merger agreement.
“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr Musk,” Taylor wrote.
However, Musk’s lawyers mentioned in a filing that “Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr Musk relied when entering into the Merger Agreement.”
Due to the emerging development on Friday, Musk would be required to pay a $1 billion breakup fee if he does not complete the transaction.
Naija News 247 understands that Musk’s latest decision will likely result in a long protracted legal tussle with the 16-year-old San Francisco-based company.
Forex trading sessions in Nigeria time explained
Forex trading sessions in Nigeria time
For five days a week, the currency market is open 24 hours a day. This indicates that every currency pair can be traded throughout the weekdays, except on weekends, unless otherwise specified.
However, certain hours of the day may be better for traders than others.
When forex trading, there is always a market, however, there are periods when the market is choppy and others when it’s calm.
In addition, different currency pairs show varied levels of activity at different times of the day because of the overall demography of the market players who are online at the time.
The forex market experiences varied levels of volatility at different times of the day for different currency pairs. This is also true for trading times in Nigeria, and in this article we consider the best Forex trading sessions in Nigeria time.
Understanding Forex trading sessions
Many institutional and individual forex traders benefit from a 24-hour forex market since it provides liquidity and the ability to trade at any time. When it comes to currency trading, each individual trader has a limited amount of time to check their positions.
The Asian, European, and North American sessions, which are also known as the Tokyo, London, and New York sessions, are traditionally divided into three peak activity periods.
These three cities’ names are sometimes used interchangeably since they symbolize the most important financial hubs in each of their respective areas.
Most banks and corporations in the respective regions do their day-to-day transactions during this time, and there is also a higher concentration of online speculators.
The Asia session
The Asian markets are the first to react when liquidity returns to the forex (or FX) market at the beginning of the week. The Tokyo capital markets, which are unofficially representative of activity in this region, are open from midnight to 6 a.m. every day GMT.
The European session
At this point, Asian trading hours come to an end and the European session takes over. This FX time zone has a lot of big financial markets in it, making it quite busy. The European session’s parameters have been set in London until now.
The North American session
By the time the North American session begins, the Asian markets will have been closed for several hours, but for European traders, the day is only halfway through. There is a lot of action in the United States, as well as Canada, Mexico, and South America, during this session.
The best time to trade in Nigeria
For Nigerian traders, the best time to trade most currency pairs in summers is from 13:00 to 17:00 WAT, while in winters it is considered to be from 14:00 to 18:00 WAT.
During this time, most African countries, including Nigeria, are open for business. The London and New York trade sessions are both active at this moment. For all currency pairs including European, American, and African currencies, spreads are at their lowest at these times.
Bread producers threaten strike over hike in production cost
The producers of bread claimed that the rise in the cost of bakery supplies had made their operation unprofitable.
Bread producers and caterers have threatened to embark on a nationwide strike over the unprecedented increase in prices of bakery materials.
They also accused the Federal Government of turning a blind eye to the development.
This was contained in a communiqué issued by the Association of Master Bakers and Caterers of Nigeria on Friday, June 24, 2022.
The body noted that the high cost of flour, sugar and other materials used in the bakery business has pushed many bakers to the brink.
The communiqué, which was issued after the National Executive Council meeting of the association in Abuja, stated that the bakers would withdraw services from July 13, 2022.
The bakers also revealed that attempts to get the government’s intervention in the matter had proven abortive, as there had been no favourable response from the concerned ministries, departments and agencies of government.
The communiqué, signed by the association’s executives, and led by its National President, Mansur Umar, stated that the council reviewed the “neglect of the Federal Government in addressing the challenges facing our sector as captured in our letters acknowledged by the Federal Ministry of Industry, Trade and Investment, Federal Ministry of Finance, Central Bank of Nigeria and unproductive intervention of the Secretary to the Government of the Federation.
“Increase in prices of bakery materials especially flour and sugar having reached unprecedented levels, for example, flour is now between N25,000 and N27,500, so also other ingredients.
“The National Wheat Cultivation Committee already constituted is yet to be inaugurated after over one year. NAFDAC, SON, and NESREA have turned the bakers into money-making machines by charging our members’ outrageous levies even at this very challenging moment.
“Consequently, the NEC in session resolved that all zones, state, Local Governments and units of our association should commence full mobilisation of our members nationwide to embark on withdrawal of services starting from Wednesday, July 13, 2022, for an initial period of two weeks.”
They, however, informed their members to wait for further directives on the matter.
The, however, noted that its “members should await further directives.”
The hike in bakery materials had led to the recent increase in the cost of bread and other items derived from flour.
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