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eNaira is a Central Bank Digital Currency (CBDC) issued by the Central Bank of Nigeria as a legal tender.

Zenith Bank What is eNaira?

What is eNaira?

The eNaira is the Nigerian digital currency that is issued and regulated by the Central Bank of Nigeria. It serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.


  1. Unified Payment System: Customers can now move money from their bank account to their eNaira wallet with ease.

  2. Contactless Payment: Customers can make in-store payment using their eNaira wallet by scanning QR codes.

  3. Bank Account Management: Customers can monitor their eNaira wallet, check balances and view transaction history.

  4. Peer-to-Peer Payment: Allows users to send money to one another through a linked bank account.

  5. Sending/Receiving Money: Customers can now send and receive money faster, easily and at very minimal costs.

  6. Verifying Payments: Customers can verify their payments and look up their transaction history anytime, anywhere.

  7. Financial Institutions Transactions: Intra/inter financial institutions transactions are not only possible, they are faster and cheaper.


The benefits of the eNaira are:

  • Fast, cheap, reliable and available payment channel.
  • Support digital economy.
  • Improved economic activities.
  • 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.

Benefits to Individual

The benefits of eNaira wallet to an Individual are:

  • 99.9% service availability.
  • Low charges.
  • Nationwide acceptance.
  • No dispensing errors.
  • Advanced data privacy and security.

Benefits to Business/Corporate

The benefits of eNaira wallet to a Business/Corporate are:

  • Instant settlement.
  • 99.9% service availability and reliability.
  • Low charges.
  • No dispensing errors.
  • No reconciliation issues.


  • Download eNaira App from your app store.
  • Select Zenith Bank from the list of banks displayed.
  • Authenticate your registration using your BVN, Date of Birth, Email as it appears in your bank details.

Frequently Asked Questions

What is eNaira?
eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.

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.

Is eNaira a cryptocurrency?
No, it is not.
• eNaira 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.
• eNaira is a unit of account, store of value and medium of exchange.
• Cryptocurrencies do not have all these qualities

What makes eNaira different from the money in my bank account?
• eNaira 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.

In a typical transaction, what is the difference between an online bank transaction and eNaira wallet?
There are intermediaries for the typical online bank transactions, whereas for eNaira transactions, there are no intermediaries.

What is the primary role of the CBN with respect to eNaira?
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 eNaira to guide financial institutions.

Will eNaira replace cash?
No, it will circulate alongside cash. The eNaira will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.

Is eNaira safe?
eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.

As an eNaira holder, am I assured of data privacy?
Yes. Similar to the privacy enjoyed by current online banking patrons, the eNaira 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.

Who can access eNaira?
Similar to cash, any person or business can have access to eNaira as long as they have the requirements for onboarding.

What is the exchange rate between eNaira and physical naira?
The eNaira will have the same value as the physical naira. As such, it will be exchanged one to one.

How do I access eNaira?
Customers will be able to access eNaira via the eNaira wallet in app stores such as Google Play store and the Apple App store.

How are eNaira wallets created?
• For smart phone users, download the eNaira app (termed “Speed”) from either the Google Play Store or Apple Store and complete the registration process.
• Feature phone users, will utilize USSD codes and follow the registration prompts

How do I get eNaira into my eNaira wallet?
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

How do I connect my eNaira wallet to my bank account?
The eNaira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions.

How do I create a merchant eNaira wallet for my business?
To create an eNaira 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 eNaira 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

What are the different tiers of eNaira wallets that I can open as a 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:
Category: Account Holders
Requirement: BVN, TIN and Bank confirmation 
Daily Transaction Limit (NGN): No Limit
Daily Cumulative Balance (NGN): No Limit

How do I resolve failed transactions or raise enquiries on eNaira?
• Reach out to the customer support of the bank you selected when registering for eNaira 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 eNaira Customer Support via

Is eNaira wallet safe?
• Yes. The eNaira system uses a two-factor authentication system in addition to cryptographic encryption to ensure the safety of customers’ wallets and the eNaira holding.

How do I reset my password?
You can also rest your password within the App by navigating the settings menu.

How to I escalate eNaira inquires and issues from banks (FIs) to the CBN
• 0800myeNaira

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