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The Influence of eNaira on Digital Currency of Nigeria - THE NATION

NOVEMBER 26, 2021

Cryptocurrency has been established for ages but has become a ruling power in the last years. Bitcoin being the priority among others has been the most dominated one and the rest has been uplifted by the pandemic. Covid-19 pandemic kind of fuelled the cryptocurrency market all around the world.

More people are involved in this circle of market. The developed and the underdeveloped countries rely on the cryptocurrency market. With the global inflation, people had to opt for crypto especially when it comes to trading. Trading requires the safest platforms such as bitcoin code  that enable you to earn maximum amounts of profits and save you from other hassles.

However, many countries countered issues with this market. Being opposite to the fiat currency, bitcoin’s blockchain became a major way for the money launderers. This drawback of the decentralized system caused these countries to ban but such a hyped market is impossible to ban. That is why some countries developed some regulatory policies while others such as China and Nigeria created their digital currency.

What is eNaira?

eNaira, as the name, refers to a digital currency. This digital currency is the same as the fiat currency of Nigeria that is naira notes. eNaira has control of government and the person has to buy it from the general public through FI. These are then transferred to the customer’s e-wallets.

Influence of eNaira

Before the launch of the eNaira’ project, the government of Nigeria banned cryptocurrency. All the payments dealing with the cryptocurrency exchanges and the deals were refrained by the government.  As a result, the virtual currencies in Nigeria decelerated which made many crypto-based companies on the low edge.

parity with the country’s official currency.

Digital banking has been troublesome for many people because it included many intermediaries and so the process became tiring. Whereas, eNaira has a fast process. Firstly, because it will make people transact money without any intermediaries, similar to fiat currency. It will reduce the cost and the time. This will make the cross borders transactions to be much easier.

eNiara has given a feeling of satisfaction because earning eNaira is the same as fiat currency and depositing in your wallet accounts. You know that things will not get in the wrong direction because you have a higher authority that is the Nigerian government to be accountable for it.

eNaira and the Nigerian Economy

eNaira will have a great but positive impact on the Nigerian economy. Your country is like your home and promoting these projects will bring more opportunities in the future. This Nigerian currency has increased cross-border transactions resulting in higher benefits to the government. Moreover, the stable currency would increase the market cap because unlike bitcoin that is always fluctuating, eNiara is a safe option. Overall, people’s investments and getting profits would help in the stability of the government.

Final words

eNaira has been a good decision by the government. It has paved the way for people of all classes to get digital currencies. It has minimized fears that have been prevailing in them about digital currencies. People know that it is the same as the fiat naira and any problem would be taken into action by the government.

However, Nigeria has taken a good step towards prosperity but on the other hand, it has to improve the education levels. Awareness has to be made among people because lack of digital currencies education could collapse this project. The initiatives should be taken by the government so that more and more people could delve and earn!


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