eNaira facts for kids

The eNaira is a special type of digital money created and managed by the Central Bank of Nigeria. It was the first digital currency of its kind in Africa! The eNaira is just like the regular Nigerian naira, but it only exists on computers and phones. You can use it to buy things, just like cash, and it also holds its value over time.

What is eNaira?

The eNaira is a Central bank digital currency. This means it's a digital form of a country's money that is issued and controlled by its central bank. Think of it like a digital version of the paper money and coins you use every day.

How Does eNaira Work?

The eNaira works as a way to pay for things, which is called a medium of exchange. You can use it to buy groceries, pay for services, or send money to friends and family. It also acts as a store of value, meaning you can keep it and it will still be worth the same amount later, just like saving money in a bank account. The idea is to make paying for things easier and faster, especially for everyday shopping.

When Did eNaira Start?

The eNaira was officially launched on October 25, 2021. The President of Nigeria, Muhammad Buhari, started it with the slogan: "Same Naira, More Possibilities". This slogan meant that even though it was a new digital form, it was still the same trusted Nigerian money, but with more ways to use it.

Why Isn't Everyone Using eNaira?

Even though the eNaira was launched a few years ago, not many people in Nigeria are using it yet. Less than 0.5% of Nigerians were using it within its first year. Many of the digital wallets created for eNaira are not active.

There are a few reasons why more people haven't started using it:

• Technology challenges: Sometimes the internet or phone networks aren't strong enough.
• Power problems: Electricity can be unreliable, making it hard to charge phones or use digital services.
• Lack of training: Some bank employees might not know enough about eNaira to help customers.
• Privacy worries: People are concerned about their personal information being safe online.
• Trust issues: Some people don't fully trust new government projects.
• No bank accounts: Not everyone has a bank account, which is often needed to use eNaira.