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eNaira: Reasons why you should use the digital currency

eNaira is posed to benefit the everyday Nigerians. See reasons why you should use the digital currency on Naijanews247

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Enaira: Reasons Why You Should Use The Digital Currency

The fourth industrial revolution has ushered in Africa’s first Central Bank Digital Currency (CBDC), the eNaira, set to be launched by Nigeria. The eNaira is posed to benefit the everyday Nigerians and the country at large.

eNaira - nigeria digital currency - Naijanews247

Hence, it would be prudent to understand why individuals should jump on the eNaira bandwagon.

Assuming there are no last-minute incidents, Nigerians would be able to download the eNaira wallet and use the digital currency for the first time today.

Backstory

Before we get too excited, we should remember that the CBN’s Director of Communication, Mr Osita Nwanisobi announced a postponement of the launch of Nigeria’s digital currency, the eNaira, previously scheduled to hold on October 1, 2021.

However, NaijaNews247 in an exclusive report, uncovered that the unanticipated surge in visits on the website of the Central Bank’s eNaira initiative led to the sudden postponement of the launch.

Also, while the eNaira was facing heated litigation over its trademark infringement on the name “eNiara,” a Federal High Court in Abuja gave the nod for the CBN to roll out the digital currency.

READ ALSO:  Zenith Bank eNaira Wallet: How to Download & Register

Despite the delay in the launch of the much-anticipated eNaira, it appears that banks have started to onboard the e-Naira feature on their applications, hence, individuals should be able to covert their Naira to eNaira with their bank application.

Why you should use the eNaira

The CBN stated earlier that the eNaira is meant to create a secure and cost-effective process for remittance inflow to the country, amongst other benefits.

When compared to FIAT, the eNaira has a lower cost. The account holder is not charged for daily transfers between accounts. The fact that traders will not be charged fees for withdrawals and deposits to and from their bank account is a huge incentive. Transaction fees are eliminated, lowering the cost of doing business while increasing security.

READ ALSO:  E-Naira: How To Register, E-Naira Wallet and Download

The apex bank also stated that eNaira’s usability would improve as Nigerians without internet-enabled phones would be able to transact without having to subscribe to data or having an internet-enabled phone.

The CBN has also stated that the eNaira can serve as a medium for the government to send direct payments to citizens eligible for specific welfare programs.

What you should know about the eNaira

  1. The eNaira shall be administered by the CBN through the Digital Currency Management System (DCMS) to mint and issue eNaira.
  2. Financial institutions shall maintain a treasury eNaira wallet for holding and managing eNaira on the DCMS.
  3. The Financial institutions (FI) Suite is the primary application used by the FIs to manage their digital currency holdings, requests, and redemption with the CBN.
  4. The eNaira stock wallet belongs solely to the CBN and it shall warehouse all minted eNaira.
  5. Two-factor authentication and other measures shall be adopted to ensure the security of the eNaira wallet.
  6. The charges for eNaira transactions shall be in line with the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.
  7. Financial Institutions are required to comply with the Money Laundering (Prohibition) Act 2011 (as amended), the Terrorism (Prevention) Act 2011 (as amended) and all subsisting anti-money laundering laws and regulations as may be issued by the CBN from time to time.
  8. The eNaira is equitant to the physical Naira, it is the official tender of Nigeria and is a liability of the CBN. The eNaira and Naira will always be exchanged 1:1, meaning it would only appreciate when the Naira is stronger.
  9. Consumer Complaints concerning the usage of the eNaira shall be referred to the Helpdesk of users’ preferred FI Helpdesk. If unresolved by the FI Helpdesk, it shall be escalated to the eNaira Helpdesk via 0800myeNaira (0800 6936 2472).
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Blackberry Phones: Operating System stops working from January 4

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Blackberry Phones: Operating System stops working from January 4 - Naija News 247

Starting from today, Tuesday, 4th of January 2022, BlackBerry phones will stop functioning as the Canadian firm; now a specialist in cyber-security software, turns off its BlackBerry OS support.

Blackberry Phones
Blackberry Phones: Operating System stops working from January 4

According to the company, the devices will henceforth lack the ability to receive over the air provisioning updates as the functionality will no longer be expected to reliably function, including for data, phone calls, SMS and 9-1-1 functionality. It added that applications will also have limited functionality.

With heavy competition from the likes of Apple Inc.’s iPhone and Android handsets that are constantly innovating around larger displays, better graphics and wider app offerings to meet market demand during the past decade, the company’s appeal had begun to wane slowly.

READ ALSO:  Zenith Bank eNaira Wallet: How to Download & Register

What does this mean?

With the development, owners of Blackberry devices won’t be able to make or receive calls, send texts and use wi-fi or access mobile data. This also affects smartphones running on BlackBerry 7.1 OS and earlier, the BlackBerry 10 operating system and the tablet-based BlackBerry PlayBook OS.

READ ALSO:  E-Naira: How To Register, E-Naira Wallet and Download

While blackberry products such as antique Q10 may just serve as a backup for contact number as it ceases to function, only the 2016 Blackberry-branded phones, which were made under licence by Chinese firm TCL, will still work as they use the Android operating system.

What you should know

In addition to the dip in the number of blackberry users over time, the support and function have also sunk. While support for many apps like the BBC iPlayer and WhatsApp was withdrawn from BlackBerry OS devices, YouTube stopped working too on Blackberry not long ago as some apps have also become non-existent for users of the device.

READ ALSO:  Whatsapp Will Stop Working On These Phones From November 2021 (Full List)

In 2016, the Canadian company stopped making its own smartphones as it shifted focus to a software-only business thus, licensing its brand and services to TCL Communication Technology Holdings Ltd., which had continued to release devices until its deal ran out in 2020. The TCL devices were powered by Alphabet Inc.’s Android OS and will be supported until August.

Naija News 247

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Mufasa Inu Token: Price, Contract Address

Mufasa Inu: what is Mufasa Inu? Mufasa inu contract address? And other related questions will be light to by Naija News 247 in this article.

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Mufasa Inu Token: Price, Contract Address - Naija News 247

Mufasa Inu: what is Mufasa Inu? Mufasa inu contract address? And other related questions will be light to by Naija News 247 in this article.

Mufasa Inu Token: Price, Contract Address - Naija News 247
Mufasa Inu Token: Price, Contract Address

What is Mufasa Inu?

Mufasa INU is a DEFI Deflationary BSC Token Protocol aimed at empowering the world.

MFSAInu has the majority of its tokens locked and an allocated portion of supply burnt every month.

READ ALSO:  Zenith Bank eNaira Wallet: How to Download & Register

MFSAInu provides intrinsic value, high worth and a robust ecosystem. The King of the INUs is here to retake the throne!

The MUFASA INU token is built to function on the Binance Smart Chain Blockchain, known for its speed, low transaction fees and several benefits. It is the best choice for the deployment of the $MFSA Token.

READ ALSO:  E-Naira: How To Register, E-Naira Wallet and Download

The total marketcap of the $MFSA Token is 1 Billion. With over 20% allocated for burn.

Mufasa inu token contract address

Below is the correct and verified Mufasa inu token contract address

$MFSA Contract Address is 0x1d61d2616464F9A227D05ddED4f586697fe6FE77

Mufasa Inu Price

Mufasa inu current price $0.006896 per token.

1 Mufasa Inu ($MFSA Token) = $0.006896

READ ALSO:  Whatsapp Will Stop Working On These Phones From November 2021 (Full List)

You can follow current price on Coincapmarket

What is the total supply of $MFSA Token?

The total marketcap of the $MFSA Token is 1 Billion. With over 20% allocated for burn

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eNaira: Nigeria Digital Currency Guidelines Released By CBN

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Enaira: Reasons Why You Should Use The Digital Currency

Following the launch of the eNaira by President Muhammadu Buhari, the application for the digital currency introduced by the CBN is available for download.

Enaira: Reasons Why You Should Use The Digital Currency

CBN said the applications has received more than 5,000 downloads within hours of the launch.

This is as the apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the eNaira platform will be free in the first 90 days commencing from Oct. 25.

After this period, applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions will become effective.

The eNaira speedwallet app meant for individuals had, as at 4.pm, seen more than 5000 downloads while the eNaira speed merchant wallet had seen close to 1,000 downloads.

READ ALSO:  Zenith Bank eNaira Wallet: How to Download & Register

According to the regulatory and issuance guidelines, banks will automatically be onboarded by the CBN while merchants will be onboarded once they download the app and individuals will have to onboard by themselves.

The guideline revealed that there would be different wallets for different stakeholders.

“The eNaira stock wallet belongs solely to the CBN and it shall warehouse all minted eNaira” the guideline stated.

It said that financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.

“Financial Institutions (FI) may create eNaira sub-treasury wallets for branches tied to it and fund them from its single eNaira treasury wallet with the CBN and FI may create eNaira branch sub-wallets for its branches.

“The eNaira branch subwallet shall be funded from the treasury eNaira wallet.

“eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services. eNaira speed wallets shall be available for end users to transact on the eNaira platform.”

To ensure security of funds, the enaira is expected to have two-factor authentication and other measures.

READ ALSO:  E-Naira: How To Register, E-Naira Wallet and Download

Meanwhile, daily transaction limits for Tier 0, which is just phone number without verified National Identity Number, was set at N20,00 with a balance limit of N120,000.

Tier1 category, which has a verified number has a N50,000 transaction limit and N300,000 balance limit.

Tier2 and Tier3 categories have daily transaction limits of N200,000 and N1 million as well as a N500,000 and N5 million balance limits while merchants have no limit.

READ ALSO:  Whatsapp Will Stop Working On These Phones From November 2021 (Full List)

According to a circular signed by Mr Chibuzo Efobi, the CBN director Financial Policy and Regulation Department, the eNaira will compliment cash as a less costly, more efficient, generally acceptable safe and trusted means of payment and store of value.

“Additionally, it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions, provide alternative less costly channel for collection of government revenue and boost remittances through formal channels.

“The guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,” the statement reads in part.

NAIJANEWS247.COM

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