Reasons why we still no dey use E-naira after 2yrs of introduction

[KupaCrypto]

E don tey wey dem introduce enaira for Nigeria, but as we dey look am now, why enaira no dey work?
Why Nigerians No Dey Use eNaira?
No misunderstand, Nigerians  Na crypto enthusiasts meaning say them like crypto well well.
Even though Central Bank of Nigeria bin ban crypto activities for banking sector some time ago, but dem don lift the ban. One crypto platform talk say over 33.4 million Nigerians dey trade or hold crypto assets. The question be say
Why country wey dey love crypto well well just decide to abandon their own digital currency?
According to research I make the following factors follow make E-naira for Nigeria unsuccessfull

1. When CBN ban Crypto
Wen Central Bank of Nigeria (CBN) stop banks from dey allow payments wey get to do with crypto for February 2021, Nigerian crypto users see am as attack against dem.
Later wey dem bring eNaira, e be like say dem dey compete with crypto, so e make crypto lovers feel say dem no suppose dey use am; E be like say na psychology matter for my mind.
If CBN bin involve these crypto people for the eNaira plan, e for fit make crypto popular pass and plenty Nigerians for don dey use am.

2. CBN no want Partnership
For dem to do eNaira on their own dey bad idea because CBN na regulator, e no be institution wey dey face consumers.

3. Internet Access
The requirement for wallet to use smartphone and internet dey hard, but think about the people wey you dey try send money to; dem fit dey very poor,  without a good smart phone or even some villages wey network no dey reach

4. We no trust government again
Since then get the mind bind crypto and related activities investors wey supposed invest for the E-naira no come trust the credibility of this government as some see am say the politicians no want make young people get money pass them through crypto. Because even that time Davido been announce say em go buy Bitcoin.

My people for this matter abeg make we add our opinions.

[Marvelockg]

The Nigerian eNaira is central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and is supposed to be used just like cash only that it's supposed to have a an eNaira wallet which is a digital storage that holds the eNaira. From this, it's almost clear that mobile banking firms like Opay, palmpay and other micro finance banks have solved the majority of the problem eNaira was designed to solve and it was almost like a failed project before it inception.

As long as the CBDC is going to be regulated by the government in some way, thier isn't any big difference between the e naira and banking apps.  It's even going to make things complex becaue  since the eNaira has the same value as the normal physical naira, its going to be that you have to in most cases send money to your ewallet from your banks before transacting with it and although theoretically it's supposed to work on a public block chain network allowing a p2p transaction without any intimidiary, the eNaira operate on a private blockchain that's strictly under the CBN control and watch.

[Charles-Tim]

Go to supermarket or shopping mall and ask if you can pay with eNaira. In my town, I have not seen one of them accept eNaira. If the government failed to let business support it, that was the start of the failure.

Is eNaira wallet better than Moniepoint, Opay, Kuda, Palmpay which are payment system for naira? No. Why should you use eNaira wallet and not use those apps for payment? No reasons. So where will the adoption come from?

[sokani]

Nice topic op and I like your thoughts but I don't think any of the reasons you gave is why Nigerians have not welcomed the eNaira with open arms.

CBDC is seen as the future of money but it is still at the experimental stage. Countries around the world are exploring, testing and experimenting it and the more it's been developed, the more it's widespread adoption and usage. That could explain why the eNaira has not gained much popularity in Nigeria.

[Mate2237]

If government want to use this eNaira they can do it . And all what they can do is to make things simple but the registration process and I. The transaction process. And attached it with cryptocurrency and one can buy and sell with just like any other exchanges. If Opay and  Palmpay and other online Banks apps are doing well the eNaira can also do well but it lack good policy to execute the project. And if the project is redundant like this it will become a fail project in the country.

[Gozie51]

Me go simply say the reason no relate to only Nigerian economy or government abi even the people of naija. The adoption for CBDC still dey at the low rate, how many countries dey even use am like that? The digital version of Yuan self no dey popular like their paper money despite the challenges of bitcoin adoption for there. US self never really look into am, so I think say basically na the issue of adoption. Nigerian government try rush the thing put for people neck onto say dem too stop people from linking and trading btc through banks, so dem want make enaira cover up the digital space but e no work.

[Barikui1]

E don tey wey dem introduce enaira for Nigeria, but as we dey look am now, why enaira no dey work?
Why Nigerians No Dey Use eNaira?
No misunderstand, Nigerians  Na crypto enthusiasts meaning say them like crypto well well.
Even though Central Bank of Nigeria bin ban crypto activities for banking sector some time ago, but dem don lift the ban. One crypto platform talk say over 33.4 million Nigerians dey trade or hold crypto assets. The question be say
Why country wey dey love crypto well well just decide to abandon their own digital currency?
According to research I make the following factors follow make E-naira for Nigeria unsuccessfull

1. When CBN ban Crypto
Wen Central Bank of Nigeria (CBN) stop banks from dey allow payments wey get to do with crypto for February 2021, Nigerian crypto users see am as attack against dem.
Later wey dem bring eNaira, e be like say dem dey compete with crypto, so e make crypto lovers feel say dem no suppose dey use am; E be like say na psychology matter for my mind.
If CBN bin involve these crypto people for the eNaira plan, e for fit make crypto popular pass and plenty Nigerians for don dey use am.

2. CBN no want Partnership
For dem to do eNaira on their own dey bad idea because CBN na regulator, e no be institution wey dey face consumers.

3. Internet Access
The requirement for wallet to use smartphone and internet dey hard, but think about the people wey you dey try send money to; dem fit dey very poor,  without a good smart phone or even some villages wey network no dey reach

4. We no trust government again
Since then get the mind bind crypto and related activities investors wey supposed invest for the E-naira no come trust the credibility of this government as some see am say the politicians no want make young people get money pass them through crypto. Because even that time Davido been announce say em go buy Bitcoin.

My people for this matter abeg make we add our opinions.

My brother nothing come out for our E- naira,  just imagine government wey dy instigate us to use the E naira, nai dy fight crypto and binance wey make them later leave the Nigerian market, because to me, that e naira of a thing, na just means wey Dem wan use chop money, so once them achieve their goal, nothing concern them again.

Lastly, na only people wey no get sense go put their hard earned money for E naira because government fit just wake up one morning come create a policy toward that e naira wey for you to get ur money back, e go become serious war, so my brother, na only person wey no wise naira go see e naira as something.

[Spaceman1000$]

E don tey wey dem introduce enaira for Nigeria, but as we dey look am now, why enaira no dey work?
Why Nigerians No Dey Use eNaira?
No misunderstand, Nigerians  Na crypto enthusiasts meaning say them like crypto well well.
Even though Central Bank of Nigeria bin ban crypto activities for banking sector some time ago, but dem don lift the ban. One crypto platform talk say over 33.4 million Nigerians dey trade or hold crypto assets. The question be say
Why country wey dey love crypto well well just decide to abandon their own digital currency?
According to research I make the following factors follow make E-naira for Nigeria unsuccessfull

1. When CBN ban Crypto
Wen Central Bank of Nigeria (CBN) stop banks from dey allow payments wey get to do with crypto for February 2021, Nigerian crypto users see am as attack against dem.
Later wey dem bring eNaira, e be like say dem dey compete with crypto, so e make crypto lovers feel say dem no suppose dey use am; E be like say na psychology matter for my mind.
If CBN bin involve these crypto people for the eNaira plan, e for fit make crypto popular pass and plenty Nigerians for don dey use am.

2. CBN no want Partnership
For dem to do eNaira on their own dey bad idea because CBN na regulator, e no be institution wey dey face consumers.

3. Internet Access
The requirement for wallet to use smartphone and internet dey hard, but think about the people wey you dey try send money to; dem fit dey very poor,  without a good smart phone or even some villages wey network no dey reach

4. We no trust government again
Since then get the mind bind crypto and related activities investors wey supposed invest for the E-naira no come trust the credibility of this government as some see am say the politicians no want make young people get money pass them through crypto. Because even that time Davido been announce say em go buy Bitcoin.

My people for this matter abeg make we add our opinions.

The truth be say enaira na CBDC and na government controlled currency, so that partnership wey u dey find between Bitcoin enthusiast with CBN no go fit get head, no forget say Bitcoin dey decentralized, which means no government dey control am. However I understand the point way u dey try make, like make e be say enaira get headway so it's circulation will be imminently rampant within Nigerian users, however watin really spoil that project initiated by CBN na the crypto ban way Buhari government been put for ground, forgetting that na Young Nigerians go actually help them push the enaira agenda, and cryptocurrency ban affected the young Nigerians more.

[Cryptomultiplier]

Go to supermarket or shopping mall and ask if you can pay with eNaira. In my town, I have not seen one of them accept eNaira. If the government failed to let business support it, that was the start of the failure.

Is eNaira wallet better than Moniepoint, Opay, Kuda, Palmpay which are payment system for naira? No. Why should you use eNaira wallet and not use those apps for payment? No reasons. So where will the adoption come from?

There's actually no reason necessary to even use the enaira for me as an individual. It is still connected to same banks, just as the way Opay, Palmpay, moniepoint and the host of other online banking platforms can.
These online apps so mentioned even perform better in network conditions that may be unfavorable and without a main office building or branches around the country.

I think the enaira initiative was just to discourage many citizens from partaking in cryptocurrency investments following the saga of the then MMM which was a Ponzi scheme and the FTX crash and other painful news that embattled the adoption and acceptance of cryptocurrencies mostly Bitcoin.

[DaNNy001]

To say the truth, I be don actually forget say e even get something wey dem dey call enaira because when you talk about shit project the enaira is a typical example of one. Since dem introduce this enaira to the general public na only for AIT I don watch when one of these commercial banks dey try implement and advertise on the importance of the Enaira, aside from that I have not seen anyone even using the enaira at all besides watin person one use am when other electronic means of naira transaction is working exceedingly well and have also gained the heart of many Nigerians.