The scarcity of Naira, Nigeria’s local currency, has been a significant challenge for Nigerians of recent, however, the introduction of eNaira, USSD codes, and digital payment platforms has made transactions more accessible and convenient, especially during this period of Naira scarcity.
The Central Bank of Nigeria (CBN) recently introduced eNaira, a digital currency that aims to provide a safe, secure and fast means of payment. The eNaira is expected to complement the physical Naira and help reduce the scarcity of the local currency.
The eNaira will be accessible through mobile wallets, bank accounts, and other payment platforms. It will allow Nigerians to send and receive payments easily and securely, even when there is a shortage of physical Naira.
USSD codes have become increasingly popular in Nigeria as an alternative payment channel during the Naira scarcity. USSD (Unstructured Supplementary Service Data) is a communication technology that allows mobile phone users to access various services, including banking services.
Several Nigerian banks have adopted USSD codes as a means of accessing their banking services, including making transfers, checking account balances, and paying bills. USSD codes have made banking transactions more accessible and convenient, especially for people who do not have access to a traditional bank account.
Digital Payment Platforms
Digital payment platforms have become increasingly popular in Nigeria, providing an easy and convenient means of payment during the Naira scarcity. Platforms like PayPal, Stripe, and Payoneer allow Nigerians to make transactions online, even when there is a shortage of Naira.
In addition to these global platforms, several Nigerian digital payment platforms have also emerged, including Flutterwave, Interswitch, and Paystack. These platforms allow businesses and individuals to make and receive payments quickly and securely, reducing the reliance on physical Naira.
The introduction of eNaira, USSD codes, and digital payment platforms has made transactions more accessible and convenient for Nigerians during the Naira scarcity. These payment channels offer a safe, secure, and fast means of payment, reducing the need for physical Naira. As Nigerians continue to adapt to the challenges posed by the scarcity of Naira, it is essential to embrace these payment channels and take measures to protect oneself from fraud and scams.