STM Article Repository

eNaira is the Nigerian digitized physical Naira presently utilized and circulated by the Central Bank of Nigeria (CBN) in conformity with the CBN Act, Segment 19. The eNaira is designed with a strong security architecture that makes it difficult for anyone to duplicate or create fake units. No eNaira unit is the same with the other. This research seeks to provide all actors within the payment system with a deep understanding of the eNaira payment system. The outstanding features of eNaira were discussed which include eNaira design principles and architecture, wallet tiers of eNaira and transaction limit, and the security architecture of eNaira. With these fundamental details revealed, it is expected that Nigerians should believe that the eNaira will boost the digital economy by enabling a low-cost and highly efficient payment system.