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e-Naira: All You Need to Know About Nigeria’s Digital Currency

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What is the e-Naira?

The e-Naira is simply Nigeria’s digital currency. The e-Naira is also called a CBDC, which means Central Bank Digital Currency. It’s the Naira but digital. The e-Naira is not a crypto-currency, but it uses technology for digital currencies.

Why the e-Naira?

The eNaira will enable direct remittance payments between Nigerians within and outside of the country. The launch of the e-Naira also means Nigeria would be the first African nation to publicly issues its own CBDC.

The Introduction of the e-Naira means payments would be faster, another big deal is the fact that the e-Naira is going to be cheaper for the CBN and the users, for the CBN – They don’t have to deal with the logistics of printing and moving Naira notes, for the users it means no transaction fees between wallets unlike when bank account holders try to send money from one bank to another and are charged a fee for the transaction

When would the e-Naira launch?

The e-Naira is set to launch on the 1st of October, Nigeria’s independence day.

Who is making the e-Naira?

Global fintech company, Bitt, is partnering with the Central Bank of Nigeria (CBN) to roll out the e-Naira.

In his official statement, Chief Executive Officer of Bitt, Brian Popelka, said “Bitt is proud to partner with the Central Bank of Nigeria to launch the first live retail CBDC in the largest economy in Africa. We’re especially proud to do so in a country that’s well known for its fintech leadership.

Digitizing the Naira will benefit the entire Nigerian financial ecosystem. The financial and humanitarian benefits that our technology offers will be transformative, especially in the lives of those 50 million unbanked Nigerians.”

In choosing Bitt Inc, the CBN will rely on the company’s tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean Countries. Bitt Inc. was key to the development and successful launch of the central bank digital currency (CBDC) pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.

Who is Bitt.inc?

Bitt is a Financial Technology company that utilizes blockchain and distributed ledger technology to facilitate secure peer-to-peer transactions with seamless mobile money across a suite of Bitt’s Software and Mobile Applications.

Why did CBN select Bitt Inc?

“The CBN’s selection of Bitt Inc, from among highly competitive bidders, was hinged on the company’s technological competence, efficiency, platform security, interoperability, and implementation experience.

“In choosing Bitt Inc, the CBN will rely on the company’s tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean Countries. Bitt Inc. was key to the development and successful launch of the central bank digital currency (CBDC) pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021,” the CBN said.

Where do you save your e-Naira?

The e-Naira would be housed in what the CBN calls a “Speed wallet.”

Anyone who does not have a bank account can use the “Speed Wallet.” Users must, however, provide a passport photo, their name, birth date and place, a phone number, and their address.

According to the CBN, the Speed wallet isn’t in competition with existing banks but another means of transaction until a time where other banks can plug into the digital wallet with their own infrastructure or technology. The Speed wallet has 3-Tiers.

Tier 1 of Speed wallet (Basic)

Sending & Receiving e-Naira has a fifty-thousand Naira limit, with the minimum requirement to using a Tier 1 wallet being a phone number that will be validated as the individual’s National Identity Number (NIN). A cumulative balance of three hundred thousand Naira is fixed each day.


Tier 2 of Speed wallet.

Users of Tier Two wallets must have an existing Nigerian bank account. The user is limited to sending and receiving 200,000 Naira per day, with a daily Cumulative Balance of 500,000 Naira. The minimum requirement for this level is a Bank Verification Number (BVN).


Tier 3 of Speed wallet.

Tier three allows for a million Naira in daily transactions and a daily cumulative balance of five million Naira. To be eligible, you must have at least a BVN. Those with this merchant level can send and receive a million Naira per day. A merchant, on the other hand, can deposit as much money as they want into their bank accounts.
In context, the Central Bank also stated that neither Merchants nor Customers who use the wallet will be charged a fee.

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Analysis

Pandora Papers Nigeria: Everything You Should Know (Explainer)

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Pandora Papers Nigeria: Everything You Should Know (Explainer)
  • Pandora Papers were published to expose the depth of corruption among political elites and economic giants around the world.

Two days ago, quite a number of the world’s powerful people were indicted in an investigative document published by mainstream media organisations like BBC, and Premium Times.

Amongst the powerful people was Nigerian politician Peter Obi, who committed tax fraud in the name of his daughter.

As one may know already, Obi was not only the one indicted in the document from Nigeria, there were others on the list, whom you would later realise in this article.

But first, what is Pandora Papers

Based on a leak of tax haven files in history, the controversial Pandora Papers revealed the entanglement of political power and secretive offshore finance.

In the investigative efforts, the secret deals and hidden assets of over 350 politicians and high-level public officers in more than 90 countries and territories were uncovered.

Who are those indicted in the controversial Pandora Papers

No less than 35 country leaders (ambassadors, mayors and ministers, presidential aides, military generals, and a central bank governor, were indicted in the files.

The files revealed secret offshore holdings of more than 130 billionaires from 45 countries including 46 Russian oligarchs.

Who leaked Pandora Papers?

A non-profit newsroom and network of journalists in Washington D.C in the United States, the International Consortium of Investigative Journalists (ICIJ) partnered with 600 journalists in 150 media organisations in 117 countries and territories, for its largest-ever investigation on the offshore world.

How did ICIJ investigate the leaks?

The NGO obtained over11.9 million financial records, containing 2.94 terabytes of confidential information from 14 offshore service providers, enterprises that set up and manage shell companies and trusts in tax havens around the globe.

Meanwhile, no less than 10 Nigerian political elites were mentioned in the leaks.

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Analysis

Liverpool Vs Manchester City: Match Analysis, Possible Line-Up, Prediction

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Liverpool Vs Manchester City: Match Analysis, Possible Line-Up, Prediction

Liverpool Vs Manchester City concludes Sunday’s English Premier League game week 7 at Anfield Stadium by 16:30 Central African Time.

The two clubs are top rivals at present as they are arguably the best teams in England.

Jurgen Klopp’s team has not lost a game in the Premier League this season but that record is sure to be tested by a side who has caused them problems in recent years.

READ ALSO: English Premier League: Matchday 6 Results, Table, Top Scorers

The Reds will be hosting the Champions of England at their prestigious ground on which they lost 4 -1 to City the last time the teams met at Anfield.

Man City has had more victories than Liverpool at Anfield, with a record of 31 wins, 23 draws, and 29 losses.

Guardiola’s side has the upper hand in recent games, as Liverpool has picked up just 1 win in 7 games across all competitions.

Liverpool Vs Manchester Possible Line-Up;

Klopp’s side is faced with a couple of injuries, Trent Alexander-Arnold and Thiago Alcantara will be absent at today’s game. Youngster Harvey Elliott will be sidelined also as he is still unfit.

Ilkay Gundogan and Oleksandr Zinchenko have not made full recovery and will sit out the game at Anfield.

Liverpool;

  • Alisson Becker (GK)
  • James Milner (DF)
  • Joel Matip (DF)
  • Virgil van Dijk (DF)
  • Andrew Robertson (DF)
  • Jordan Henderson (MF)
  • Fabinho (MF)
  • Curtis Jones (MF)
  • Mohamed Salah (FW)
  • Roberto Firmino (FW)
  • Sadio Mane (FW)

Manchester City;

  • Ederson Moraes (GK)
  • Kyle Walker (DF)
  • Ruben Dias (DF)
  • Aymeric Laporte (DF)
  • Joao Cancelo (DF)
  • Rodri (MF)
  • Bernardo Silva (MF)
  • Kevin De Bruyne (MF)
  • Phil Foden (FW)
  • Jack Grealish (FW)
  • Gabriel Jesus (FW)

Players To Watch Out For;

Mohamed Salah: The two-times EPL Golden Boot winner is one of the top strikers in England. He is quick with the ball, with shoot accuracy and power.

Kevin De Bruyne: A master class midfielder, his passes a compared to none in the premier league. Can provide setpieces that can lead to goals, and he is also brilliant at long-range shots.

Liverpool Vs Manchester City Where To Watch;

Stream Live on fuboTV

Prediction;

The two teams have a lot of attacking options, as well as a good defensive side, A draw will be a likely outcome.

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Analysis

Manchester United Vs Everton: Match Analysis, Possible Line-Up, Prediction

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Manchester United Vs Everton: Match Analysis, Possible Line-Up, Prediction

Manchester United Vs Everton kicks off the English Premier League game week 7 by 12:30 Pm Central African Time, at Old Trafford.

A win from either of the clubs will take them to the top of the EPL table, as both teams a just a point behind log leaders ‘Liverpool’.

The last time the Toffees travelled to Old Trafford, the game produced a 6-goals thriller with both teams settling with a point.

READ ALSO: UCL 2021/22: Champions League Match Results, Group Standing & Top Scorers After Matchday 2

The Red Devil last lost to Everton at home in the Premier League in December of the 2013/14 season.

In the Last 5 meetings, Everton has failed to secure a win against United, picking up just 3 points from a possible 15.

Ole’s side will try to overcome their last week terrible fate, as they lost to Aston Villa at home, with a die minute lost penalty.

Manchester United Vs Everton Possible Line-Up;

Shaw still remains doubtful for united, as Rasford still remains sidelined by injury.

Rafa Benitez, while speaking at his pre-match press conference, confirmed that Dominic Calvert-Lewin and Seamus Coleman will not be available for the match at Old Trafford.

Manchester United;

  • David De Gea (GK)
  • Aaron Wan-Bissaka (DF)
  • Raphael Varane (DF)
  • Victor Nilsson Lindeloef (DF)
  • Alex Telles (DF)
  • Scott McTominay (MF)
  • Fred (MF)
  • Bruno Fernandes (MF)
  • Paul Pogba (MF)
  • Mason Greenwood (FW)
  • Cristiano Ronaldo (FW)

Everton;

  • Asmir Begovic (GK)
  • Lucas Digne (DF)
  • Michael Keane (DF)
  • Yerry Mina (DF)
  • Ben Godfrey (DF)
  • Allan (MF)
  • Abdoulaye Doucoure (MF)
  • Alex Iwobi (MF)
  • Demarai Gray (MF)
  • Andros Townsend (MF)
  • Jose Salomon Rondon (FW)

Manchester United Vs Everton Where To Watch;

Stream online Via fuboTV, slingAT&T TVHulu + Live TV

Prediction;

A win for the Home team

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