Blockchain technology | Decentralized Finance (DeFi) | Digital currency

Information Technology Education

Image credit: infoguidenigeria.com

How to make money with Nigerian Central Bank Digital Currency (CBDC) e-Naira

Digital Currency E-Naira is a national legal tender and must be accepted as a form of payment

The Nigerian Central Bank Digital Currency (CBDC) codenamed e-naira comes on stream on October 1, 2021, and CBN has said that the national digital currency e-naira will be a legal tender for the entire country as a non-interest-bearing CBDC status issued by a sovereign authority and must be accepted as a form of payment by all merchants and business establishments as a form of payment in the country.

In the Decentralised Finance Framework, The apex bank has been conducting research on regard to digital currencies since 2017 to understand how the Hyperledger Fabric Blockchain technology is being used globally.

‘’Technology enables non-counterfeitable CBDC as a digital bearer instrument which meets the scale, interoperability, instant settlement and other operational and policy requirements for use as legal tender’’, CBN said.

While the CBN maintains that the value of e-naira will be pegged so as to remain the same, how would an ordinary Nigerian, a businessman, an entrepreneur or e-merchant, or any other user or subscriber make money with e-naira?

How to make money with eNaira

E-naira transactions will herald creating income passively or actively through:

1. Users or Merchant who have an eNaira wallet or account can collect charges or charge a fee to carry out digital transactions for customers and others similar to the way the Point of Sale (POS) business vendors operate. This will be an opportunity for those who are unemployed and want to create a business for themselves to make income.
2. Central Bank Digital Currency, Enaira, users, and merchants can make money from the commissions they get carrying out transactions and other authorized services as agents.
3. Another way users can make money with e-Naira will be to send money using Peer-to-Peer or Person-to-Person (P2P) transactions through their wallets to other wallet holders and charge a fee.

Other Eduonwheels’ Blockchain technology Digital Currency posts in Decentralised Finance that might interest you:

China says all cryptocurrency transactions are illegal

Has your cryptocurrency investment been tampered with in the latest hack?

7 Benefits of Planned Nigerian Central Bank Digital Currency

TikTok bans sponsored posts on cryptocurrencies

Bitcoin is key to the future of our services – Twitter

How to open ENaira Account (Wallet) – Speedwallet

The e-naira will be created independent of bank accounts; the wallet will be created by financial institutions that will create customer identification through an application product interface and the “Speed wallet” will not compete with existing bank customers’ wallet

4. Step on how to open e-Naira account (wallet) and use it to transact

Here are the steps users can follow to open an eNaira account (wallet) and use it to transact through the e-Naira app that would feature and reflect security-minded brand values centered on ease of use and efficiency.

1. Download the speed wallet (eNaira app) either through the Google Play Store (for Android users) or Apple App Store (for iPhone and iPad users) or onboard.
2. Validate their account on the wallet by using either their phone numbers, National Identity Number (NIN), or Bank Verification Number (BVN)
3. Fund their eNaira wallet, using their bank accounts or with cash at a registered agent.”
4. Use the e-wallet to send money using Peer-to-Peer (P2P) transactions through their accounts to other wallet holders, Person-to-Merchant/Business for payments

Watch a video on How to make money with eNaira

This blog content on Blockchain and Financial technology | Decentralized Finance (DeFi) | Digital Currency: ‘ How to make money with Nigerian Central Bank Digital Currency (CBDC) e-Naira’ is categorized under Information Technology Education.

Our Information Technology Education System is about creating and delivering impacting, and empowering problem-solving information, and enhancing effective communication skills to our amiable readers for better livelihood – Eduonwheels.