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E-Naira And Few Important Things To Note About It


What is E-Naira?

E-naira is a digital currency owned and used by Nigerians. This currency will do a great deal in online transactions an purchases. Secure financial transactions, disbursement of funds to citizens,  are few of the reasons for the existence e naira. The electronic currency was introduced by the Central Bank Of Nigeria, CBN to serve lots of purposes of which one is explained in-Toto here in this article.

Before proceeding to know how much Nigerians will appreciate the introduction and use  of it's digital currency, E-Naira, you might learn some things you might want to know about the Nigerian electronic currency. Moneyeducationgame

This digital currency will allow room for easy transactions on the internet.

The digital currency is in the likes of crypto currencies, e.g Bitcoin, but it's value sticks with that of the naira currency.

E Naira will allow room for a cashless lifestyle, People will be able to make purchases without carrying money or physical cash about. 

The e naira wallet will be available to anyone with appropriate identification information from financial institutions' databases, e.g Banks.

There will security checks and updates to keep the currency at it's best.

Now to the main event!

One of the important benefits Nigerians will appreciate about the electronic coin system is the assurance of funds getting directly to citizens without passing through third-parties that can't be trusted.

That alone wouldn't be okay for a development as e naira's. There are other important utilities concerning the Nigerian Electronic Coin, E-naira.


There are lots of instances that will make Nigerians appreciate this development by the Federal Government, but I'll only remind Nigerians of the one that touched the most.

There are times and instances the government do try to help the citizens with funds or useful resources for survival purposes, but the obstacle has always been "how it gets to the right persons, and without cheats".

In 2020 when Nigerians were in deep anguish as the COVID-19 effects was heavily felt, especially with the lockdown measures that was put in place to hold the spread of the deadly virus infections. The Federal  Government received supportive funds from various organizations around the world in order to support the citizens of the countries. The Government also, at a point began to share palliatives to it's citizens.

As a Nigerian, if you can remember, the palliative, after it was disbursed to the different States in the country, some State Governors decided not to share it up to the people who were in need of those food items that was meant to be shared.

You might want to blame those Governors, but no! They may have had doubts of how safe the items were for the consumption of the citizens. A proper measure should have been in place. It all seemed like an unexpected catch, and that may have been the only option.

I guess now you see why the E-naira could have been more than helpful. It could have been able to solve this particular misshapen that had occurred:

The palliatives that was shared in form of food items could have been taken to another level, and still with a safe play, since safety was really the crucial thing at the moment.

The food items would have been switched or converted to the currency, and may have been called palliative funds, or survival funds as was later introduced which citizens would have used to make purchases and delivery of food and other important items via online. That actually would have been the best option, because there wouldn't have been crowds making purchases in the market places though the government tried to place control measures.

Apart from getting the funds, did you consider the people who were really in need of it (the poor), the ones most vulnerable to infections and hunger? Did you think of how efficient and reliable the disbursed items and funds could have gotten to them, without people tempering with the disbursement accuracy? Moneyedugame

Well, e naira could have gotten everything to them accurately, and in  appropriate dimensions as could have been set.

Should Nigerians Trust The Coin And It's System?

E naira would be a smart means of which Nigerians could use in  achieving so much. Though there's always a small degree of doubt in things Nigerians produce, create, and manufacture, E naira promises to serve Nigerians as expected by the government. Nigerians may feel that the development wouldn't be a lasting one, or could fail when it's needed most.

Actually there are lots of things Nigerians have created and maintained appropriately with less or no disappointments. You might want to see this creation like some of such creations that has stayed and served well. An example is the money we use everyday for trade.

The same way we are still utilizing the currencies that was once introduced, e naira has also been introduced the same way and should stay like the already existing currencies like the #5, #10, #20, #50, #100, #200, #500, and the #1000.

The e naira coin and it's should also be functional like the system which keeps the other naira currency going, and circulating. There is hope for employment opportunities with the e naira introduction, and more.

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