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The e-Naira is Nigeria’s new digital currency supplied and regulated by the CBN as a legal tender. e-Naira is equivalent to the physical naira and will be held and accessed via an e-Naira wallet.

Benefits of e-Naira:

How to

Sign Up for e-Naira

as an Individual

How to

Sign Up for e-Naira

as a merchant

Frequently Asked Questions

E-Naira is a Central Bank Digital Currency (CBDC) issued by the Central Bank of Nigeria (CBN) as a legal tender. It is the digital form of the Naira and will be used just like cash.

The e-Naira wallet is a digital storage that holds the e-Naira. It is required to access, hold and use e-Naira.

No, it is not.

  • E-Naira is a legal tender backed by law, the full sovereignty of Nigeria, and issued by the Central Bank of Nigeria. Cryptocurrencies are private digital currencies, not backed by law, underlying assets or by the sovereignty of any nation. They are not legal tender currencies.
  • E-Naira is a unit of account, store of value and medium of exchange. Cryptocurrencies do not have all these qualities

e-Naira is the digital form of the cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.

For the typical online bank transaction, there are intermediaries whereas for e-Naira transactions, there are no intermediaries

The benefits of the eNaira are:

  • Fast, cheap, reliable and available payment channels.
  • Support digital economy.
  • Improved economic activities.
  • Simplified and easy cross border payments and trade.
  • Inclusion of excluded people in the financial system.
  • Improved effectiveness of monetary policies.
  • Ease in tax remittance and collection to support the Country’s growth.
  • Ease in targeted social interventions to support Nigerians.
  • In line with Section 2 of the CBN Act 2007, the CBN is the issuing authority of all forms of Naira.
  • The Central bank will also be responsible for determining the technical, regulatory and operational standards for e-Naira, to guide financial institutions.

No, it will circulate alongside cash. The e-Naira will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.

e-Naira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.

Yes. Similar to the privacy enjoyed by current online banking patrons, the e-Naira system has been designed to ensure data and user privacy. There are also operational policies and procedures in place to protect users’ identity and privacy.

Similar to cash, any person or business can have access to e-Naira as long as they have the requirements for onboarding.

The e-Naira will have the same value as the physical naira. As such, it will be exchanged one to one.

  • 99.9% service availability.
  • Low charges.
  • Nationwide acceptance.
  • No dispensing errors.
  • Advanced data privacy and security.
  • Instant settlement.
  • 99.9% service availability and reliability.
  • Low charges.
  • No dispensing errors.
  • No reconciliation issues.

Customers will be able to access e-Naira via the Speed wallet in app stores such as Google Play store and the Apple App store. 

There are several ways to do so.

  • Direct transfer from your bank account.
  • Transfer from another wallet either individual or merchant.
  • Cash payment through an agent or a bank.

The e-Naira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions.

These are different tiers of wallets and they include:




Daily Limit 

Cumulative Limit 


No Existing Bank Account 

NIN verified telephone number 




No Existing Bank Account 

NIN verified telephone number 




Has an Existing Account 

BVN + valid means of identification 




Has an Existing Account 

Tier 2 requirement + public utility receipt



To create an e-Naira wallet as a merchant/corporate, you will be required to follow the required steps:

  • Visit app stores such as Google Play Store or Apple Store to download the e-Naira wallet;
  • Register by providing your Taxpayer Identification Number (TIN) and identify a bank of your choice for validation;
  • Upon successful validation of a merchant’s details by a preferred bank, the merchant’s bank will create a wallet and advise the merchant.

As a merchant/corporate, you can open a merchant wallet with full KYC requirements for opening a merchant/ corporate account. The stipulated limits on the wallet are as follows:



Daily Transaction Limit (NGN) 

Daily Cumulative Balance (NGN) 

Account Holders 

BVN, TIN and Bank confirmation 

No Limit 

No Limit 

  • Reach out to the customer support of the bank you selected when registering for e-Naira through their available channels which includes: phone (0800myenaira), email, WhatsApp, etc. Disputes will be resolved as soon as possible.
  • If a customer’s complaints are not resolved within 48 hours, send an email to CBN’s e-Naira Customer Support via [email protected]


Yes. The e-Naira system uses a two-factor authentication system in addition to cryptographic encryption to ensure the safety of customers’ wallets and the e-Naira holding.

You can also rest your password within the App by navigating the settings menu.

For more information, please contact TrueServe on

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