What is eNaira (Nigeria Digital Currency)? How to Create Account and Download Speed Wallet

The Central Bank of Nigeria recently launched its digital currency known as eNaira, the eNaira or e-Naira is another form of money that will serve as a form of legal tender, this can serve as a medium of exchange and a store of value just like our existing naira note but through the eNaira wallet. 


Unlike cryptocurrency which the CBN banned in February 2021, it was stated in a statement that cryptocurrencies are issued by unknown and unregulated entities, the eNaira however is claimed to be as stable as the real naira notes.

This article contains everything you should know about Nigeria’s Central Bank Digital Currency (CBDC), the eNaira. You can get links to download the eNaira Speed Wallet apps and eNaira Speed Merchant apps on Android and iOS, and how to create an eNaira account step-by-step.

What is eNaira?

eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.

eNaira Features

The eNaira digital currency can only be exchanged through wallets, these eWallets allow individuals and merchants to receive and make payments. Nigeria’s digital currency, eNaira has the same value and status as the existing naira note, i.e 1 eNaira = 1 Naira.

The CBN has made available wallets that can be used in managing your account, keeping track of balance, transferring, receiving and spending the eNaira. There are two wallet apps made available for Nigerians, these are apps are called eNaira Speed Wallet and eNaira Speed Merchant Wallet. To understand these mobile applications better, the first can be used by individuals who wish to own the eNaira, however, merchants with registered businesses should opt for the latter. Interested eNaira users are allowed to move money between their existing bank accounts and their eWallets and vice versa.

eNaira Benefits

  1. Diaspora Payments: eNaira makes diaspora payments cheap and safe to ensure you get more value for every Naira you earn.
  2. Government Aids: Financial Government Aids gets straight to you. eNaira knocks the middlemen out the way and you can claim funds directly.
  3. Fast Transactions: The faster, the better. eNaira makes it possible to send funds, save money, and save time while at it.
  4. Local Payments: Boycott the queues and pay taxes, and bills from the comfort of your home. It’s easier and it’s dependable
  5. Secure Banking: Worried about the safety and security of banking details? Rest assured; the transparency makes everything traceable.
  6. Financial Inclusion: Now there’s enough room for everyone to enjoy banking services. The process is easy and the process is simple.

What is an eNaira wallet?

The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger. The eNaira wallet is required to access, hold and use eNaira. To download the eNaira applications on Android (Google Play Store) and iOS (App Store), simply click any of the app buttons below.

How to Download eNaira Wallet Apps for Android and iOS

eNaira Speed Wallet

eNaira Speed Merchant Wallet

How to Create an eNaira Account

  1. Download the eNaira app using the links above, then click the sign-up button to register.
  2. Next, it will ask to select your bank of choice, search or scroll until you have found your bank then select it (if you don’t find your bank, it means your bank isn’t an eNaira partner).
  3. Enter other identification details (i.e., Name, Place and Date of Birth, Phone Number, Passport Photograph, Email and Password).
  4. Enter minimum identification details (i.e., NIN, BVN, or KYC/AML Information, depending on the customer tier you are).
  5. Minimum ID is validated (in my case, I used my BVN).
  6. You receive an email to activate your wallet.
  7. Log in to your account and start transacting.
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