E-Naira and Klever a possibility

The possibility of impossibility is what has made Central Banking Digital Currencies (CBDC) useful on decentralized platforms.

Governments are more interested in the deployment of blockchain technologies in the affairs of governments and financial institutions, which has shifted the deployment of blockchain technology into a new direction.

Nigeria has, however, gone ahead with the development of a central bank digital currency (CBDC). As a result, Nigerians are now more hopeful about the government's intention of adopting digital currencies similar to El Salvador and Ukraine who are currently leading the way in the adoption of crypto currencies in the world. People can now participate confidently in the global economy through trade and investment.

What is the e-Naira?

The e-Naira will be an electronic version of the local fiat currency (Naira), equal in value and issued by the Central Bank of Nigeria. It is not intended to replace cash but will function as a safe and efficient alternative means of payment. It is assumed that the e-Naira  makes it feasible for the central bank to keep track of the exact location of every unit of the currency (assuming the more probable centralized, database form); tracking can be extended to cash by requiring that the banknote serial numbers used in each transaction be reported to the central bank.

The eNaira is aimed at boosting transparency by allowing the regulator to better monitor currency transactions and curb black market trading in the fiat notes. The new currency is built on blockchain’s open ledger technology, which reduces the risk of fraud by ensuring each eNaira note is unique and can’t be duplicated or counterfeited.

The digital currency is expected to be used by everyone: individuals, households, businesses, non-governmental organisations (NGOs), religious institutions, and governments at all levels, as it enables customers to move money from their bank account to their eNaira wallet with ease.

Some of the outlined benefits include diaspora payments, receiving financial support/intervention funds through the digital wallet; increasing customer base for financial institutions and businesses and also increasing the level of financial inclusion for the unbanked, especially those in the remote locations of the inner lands where banking services are limited.

However, the possibility of having the e-Naira integrated into the Klever wallet can bring about a massive fortune to the government and people of Nigeria. This would involve the synergy of the Klever development team and that of the Klever labs to deploy the e-Naira on the world’s best decentralized wallet where everyone can hold their centralized currency in a secured wallet system devoid of vulnerabilities that has been tested and trusted.  

With the use of the Klever wallet presently in over 150 countries globally, this can put the e-Naira in the hands of Nigerians in diaspora and enable them carryout remittances to their families and loved ones without having the financial burden of transaction cost for execution due to the Klever wallet’s borderless protocol. 

Obviously, the impossibility can instantly become possible, only by using the Klever wallet to transform the means of financial payment. This is made possible with our embedded features within the Klever wallet that can bring about more value to the economy of the people of Nigeria and any other nation that decides to go the way of central bank digital currency (CBDC).

It is indeed a Klever thing to do.

James Enajite
Klever Writer

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