ELI5: Explain Like I'm 5

ENaira

Enaira is the name of a new currency that is being introduced in Nigeria. It is like money that people will use to buy things, just like the coins and bills that you might see in your piggy bank.

Right now, in Nigeria, they use a currency called the Naira. But the government is going to change some things about the Naira and make a new currency called the Enaira. This is because the government wants to make things easier and safer for people when they want to buy things.

The Enaira will be a digital currency, which means that you won't be able to see it or touch it like normal coins and bills. Instead, you will use a special app on your phone or computer to have the Enaira. The app is like a special wallet where you keep your Enaira.

Having a digital currency like the Enaira can be helpful because you can use it to buy things online without needing to use a credit card. It also makes it safer because you don't need to carry around a lot of cash that can get lost or stolen.

When you want to get some Enaira, you can either buy it or earn it. Just like when you exchange your allowance for coins and bills, you can exchange your regular money for Enaira at a special place called an exchange center. You can also earn Enaira by working or doing things for other people.

Once you have Enaira in your digital wallet, you can use it to buy things from stores or even from your friends. You just need to open the app on your phone, select the things you want to buy, and then send the right amount of Enaira to the person you are buying from.

The government is hoping that the Enaira will make it easier for people in Nigeria to do business and buy things safely. It might take some time for everyone to get used to this new currency, but it could also make things better and more efficient in the long run.