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last updated by Tolu 2 months, 1 week ago
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  • #22426
    Aries
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    E-Naira: 5 Things You Need To Know About The E-Currency

    E-Naira

    The Central Bank of Nigeria recently announced the launching of E-naira (the E-currency) on October 1st to commemorate Nigeria’s Independence Day. Many Nigerians, however, believe that the digital currency, similar to bitcoin and others.

    Today, we’ll look at five things you should know about the E-naira before the launch time. As the CBN is about to launch the E-Naira, you need to understand how it differs from other digital coins.

    1.  It will be used on a local level.

    E-Naira is a government-issued electronic form of fiat money. They are used for non-contact transactions between parties, such as transferring money from one bank account to another. It is a digital wallet that can be used to make quick local payments for goods and services.

    When you withdraw money from an ATM, however, the digital currency is converted into physical cash.

    2. It is not encrypted in the same way that cryptocurrency is.

    Although E-Naira does not require encryption, users must protect their digital wallets (banking apps) with strong passwords to reduce the risk of theft or hacking. Passwords are also required to protect users’ debit/credit cards. They can exchange digital currency for cash from their bank accounts using any of these methods.

    3. Governing Bodies.

    E-currency is always backed by a centralized authority because it can be a digital representation of fiat money. The rupee is regulated by the Reserve Bank of India, and all digital currency transactions are scrutinized by authorities. The cryptocurrency operates on a decentralized system and is not governed by a centralized authority. All transactions, however, are recorded in a decentralized ledger that is accessible to all.

    4. Stability.

    E-Naira will be more stable and easier to manage as a result of its widespread acceptance in the global market. Cryptocurrency is a volatile asset that is only now gaining popularity. Only a few businesses have begun to accept cryptocurrency.

    5. Responsibility.

    The details of E-Naira transactions are only accessible to the sender, receiver, and banking authorities. All cryptocurrency transaction details are available to the public due to decentralization.

    Read Also: 5 Amazing Ways To Make Money Online With Your Smartphone

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    • #22447
      Bernard
      Participant

      wow, it sounds interesting enough…cant wait to start trading in those shah

      Share
    • #22450
      Chichi
      Participant

      which one be e-naira again… another method to take thief our money and track our lives abi…

      Share
    • #22475
      Seyibabs8
      Participant

      Wao! Love this. Thanks for this information

      Share
    • #22511
      Tolu
      Participant

      Thanks for this useful information

      Share
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