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How to buy and where to buy eNaira, the CBN stablecoin
The Central Bank of Nigeria has officially launched eNaira. You can now create and fund your eNaira wallet in 5 easy steps. Here’s how and where to buy the eNaira.
Following the announcement and expectation of the changes the eNaira will bring, a large number of people are keen to purchase the new digital currency. We would be showing you how you can buy the eNaira shortly.
The Central Bank of Nigeria (CBN) insisted that eNaira is safer than Bitcoin and other popular cryptos, saying it will bring stability to the banking system as an advantage of adopting its soon to be launched digital currency. Here are 5 things you should know about CBN eNaira.
How to Buy the eNaira
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 is to assure all retailers of the safety and utility of the eNaira.
Where to Buy Nigeria Digital eNaira
It’s almost impossible for non-Nigeria residents to get digital eNaira at the moment. Only when (or if) Nigeria decides to ramp up its digital eNaira output in a full-scale launch will regular crypto investors be able to buy the state-sanctioned crypto.
Unfortunately, a lot of scams have popped up claiming that you get buy digital eNaira using an app or website. If you see any advertisements or companies claiming to let you trade digital eNaira, be careful.
As of now, 2021, most of these companies aren’t legitimate.
There’s also not that much difference between holding digital eNaira and the currency itself, like a forex trader. However, since the digital eNaira is essentially a stablecoin, its price isn’t going to fluctuate.
It’s similar to other stablecoins, such as Tether, which is pegged to the U.S. dollar and doesn’t move at all. Unless you think the eNaira itself is going to skyrocket soon, holding its digital version isn’t going to make you rich.
How to Create Digital eNaira Wallet
Digital eNaira Wallet is a financial account that allows users to store eNaira, make transactions, and track payment histories using their computer or smartphone.
Popular examples of digital wallets include Coinbase Wallet, Google Pay, PayPal App, Skrill App, etc.
Follow these simple steps to create and Fund eNaira Wallet:
- Download the eNaira App from Google Play Store or Apple App Store
- Setup payment account with your phone number or email
- Add a payment method (Debit/credit card, etc)
- Add any other additional information
- Fund your wallet