Nigerians Aren't Turning to the eNaira Despite Crippling Cash Shortages, WHY?

[CryptopreneurBrainboss]

Nigeria is struggling with severe cash shortages, with riots erupting across the country just days before a presidential election – but people are still not turning to the national digital currency, the eNaira, which promised to improve retail payments.
The digital iteration of the naira, which was issued by the Central Bank of Nigeria in October 2021, hasn’t had the most impressive start and adoption has been slow. But even if people in Nigeria wanted to turn to the eNaira, transaction options with the central bank digital currency, or CBDC, are limited.
Read more: https://www.coindesk.com/policy/2023/02/24/why-nigerians-arent-turning-to-the-enaira-despite-crippling-cash-shortages/?outputType=amp

Just so una know, this wan no be another shortage of cash thread before una begin spam here. This thread came about as a result of why the Enaira aren't been used in the country even though the government been provide this solution wey before dem bring about the cashless policy matter. Why you think say this Enaira no dey get force for the country and it's already a failed project before e even stand. Wetin you think say the government fit do so their Enaira solution go help fit help us in this cashless economy as I believe if this Enaira been dey very active like people download and they use the wallet then we fit dey do transactions easily without even been worried about the banks and their problem or wetin una think?

[Charles-Tim]

CBN lacks the capability to make Nigerians to know about eNaira, or maybe they do not want to go for the effective way because they do not want to spend, CBN lacks the capability because if they want full eNaira adoption by Nigerians, they should have started a full-scale campaign and other means of awareness rather than the Kano-state-like new naira note swap or distribution or whatever they called it. I have only knew of campaigns in just major markets in Lagos. If the campaigns were beyond those markets in Lagos and also to other states in Nigeria, including FCT, more people would have been using eNaira speed wallet by now. The campaign should also include teaching people what eNaira and eNaira speed wallet is about.

Crypto users which have most likely chance to use it also prefer to stay away from CBN issues, or because exchanges and many other platforms are not yet supporting it. If it is supported by many crypto exchanges and platforms beyond exchanges, maybe that will also increase its adoption.

Enaira and naira are the same, some people have many banks, presently that people can have online ones like Kuda, Opay, Palmpay and commercial bank accounts app, distributing their money in case if one does not work, the other would work. They already see the banks as more convenient way of making naira transaction, just like an organization that has been existing before to continue to grow as long as they are satisfying customers needs but with just little lapses which the customers do not consider as big issue as they think other banks are like that.

Another are people that have the type of thinking that if they have eNaira wallet funded and they got issue with it and not able to spend (which I do not think is possible), that who are they going to complain to, that where are they going to complain. Some people may just prefer direct interaction with the bank.

People need awareness and education about eNaira which may be possible with just CBN starting a full-scale campaign and other means of awareness.

[Coyster]

Enaira no go fit solve this issue of cash shortage for Nigeria, the last time wey i check i no sure say CBN don mint pass 5 billion naira worth of Enaira, but that one no be the major issue, wetin they affect the Enaira use na adoption, many people no even know about am and they no they use am, thus if merchants and businesses never onboard themselves via the Enaira how people wan take use am right now wey cash they scarce.

Having said that, if CBN wan promote the Enaira, i feel say now na the best time, Nigerians they find cash like mad, so if CBN feel say them go fit mint sufficient Enaira to solve a little of the problem, then make them go on a thorough program to educate people about the Enaira, wetin people no understand, them no go fit use. I feel say another reason why people no they put eye for Enaira na because cryptocurrencies don already they very popular for Naija, thus people no wan use CBDC's at all because them no go fit make any ROI from am, and because e they centralized.

[Charles-Tim]

Enaira no go fit solve this issue of cash shortage for Nigeria, the last time wey i check i no sure say CBN don mint pass 5 billion naira worth of Enaira

Even eNaira is not cash, it is also digital just like naira online transfer. I have not used it for transaction before but I think that transaction may not fail just like while using online bank transfer, I may be wrong because they are not transparent about the blockchain that they used.

I feel say another reason why people no they put eye for Enaira na because cryptocurrencies don already they very popular for Naija, thus people no wan use CBDC's at all because them no go fit make any ROI from am, and because e they centralized.

There would be no ROI as it is in the negative direction as naira depreciates, which means anyone that holds naira will lose in long term. Exactly what you meant too.

[Wiwo]

-Charles-Tim
-CryptopreneurBrainboss
-Coaster
Reading through the thread and the various comments from you guys, I have come to understand the fact that most of us still believe in the functionality of the current e-naira currency state of development, but recent development has pointed us in a different direction, far away from adoption from Nigerians into the functionality and addiqauncy of the e-naira to meet it designed purpose. and from sources around the CNB governor and the federal government have partnered with a new US-based tech company to work on developing and upgrading the E-naira which means that, the current e-naira.

-This shows that the current stage of the e-naira design is not fit enough to be adopted as a digital currency to compete with other digital payments, even though there is the unavailability of a wallet since not many Nigerians can access it, and now CBN coming out to announce their partnerships again shows how the level of unfinished work that needs to be done with the development of the e-naira, so at this stage, I believe that the best possible awareness the CBN can do is to make the e-naira wallet more accessible to Nigeria to try the functionality and capabilities of the wallet and also collect feedback from the wallet users.

-Note the news of the e-naira partnership is from unverified source but there is high possibility of the fact of the partnership considering, the state of the speed wallet which can't be install and operated by many Nigerians including myself.
https://www.bloomberg.com/news/articles/2023-02-21/nigeria-seeks-new-tech-partners-to-revamp-enaira-central-bank-digital-currency?leadSource=uverify%20wall

[CryptSafe]

Nigeria is struggling with severe cash shortages, with riots erupting across the country just days before a presidential election – but people are still not turning to the national digital currency, the eNaira, which promised to improve retail payments.
The digital iteration of the naira, which was issued by the Central Bank of Nigeria in October 2021, hasn’t had the most impressive start and adoption has been slow. But even if people in Nigeria wanted to turn to the eNaira, transaction options with the central bank digital currency, or CBDC, are limited.
Read more: https://www.coindesk.com/policy/2023/02/24/why-nigerians-arent-turning-to-the-enaira-despite-crippling-cash-shortages/?outputType=amp

Just so una know, this wan no be another shortage of cash thread before una begin spam here. This thread came about as a result of why the Enaira aren't been used in the country even though the government been provide this solution wey before dem bring about the cashless policy matter. Why you think say this Enaira no dey get force for the country and it's already a failed project before e even stand. Wetin you think say the government fit do so their Enaira solution go help fit help us in this cashless economy as I believe if this Enaira been dey very active like people download and they use the wallet then we fit dey do transactions easily without even been worried about the banks and their problem or wetin una think?

The glamour for the yet matured and unripe enaira could not stand as a result of many factors. This should have come in play now as the cashless policy is in full force but is the CBN and other agencies talking about it? I long was expecting them to say something in that direction to awaken the interest and thoughts of Nigerians towards that direction so as to make transaction very easy for the masses but they failed to bringing it to light as that would have been a possible solution to the cashless policy saga in the country even though the country is not yet ready but forcing herself to upgrade to that level.
Another thing I would say is that not all Nigerians are digitally inclined not to talk of operating android phone, some are far advanced in age that it would be very difficult for them to adapt to the innovation, most of the local traders prefer the cash at hand and to be frank with you uptill now, market women still take cash and they prefer that than all these talks of cashless transaction and enaira. I was discussing with a woman about the cashless policy but she was adamant about it saying she prefers her money cash and not used to bank app transfer and the others. So tell me how do you expect them to cope with the situation.
Come to talk of it, the enaira app is been taken down by Google as it was reported massively by Nigerians to be deleted as it is a scam and Google had no option than doing the needful.
What baffles me most is that the budget spent for that enaira project was very huge and at the entire end the project could not stand neither could it function for just a month.

[Rruchi man]

This thread came about as a result of why the Enaira aren't been used in the country even though the government been provide this solution wey before dem bring about the cashless policy matter. Why you think say this Enaira no dey get force for the country and it's already a failed project before e even stand.

I think the major challenge na say the banking network is still not as reliable as it should be. Before people can consider using the E-naira and sticking to it when regular bank transfers become hitch free.  As the matter be sef now, some people nor dey like collect transfer because alert fit waste time and the money fit hang, so dem go ask for cash or the one wey dun get small POS machine go ask for card.

Also you go also notice say e dey hard to see vendor wey tell you say dem dey accept E-naira, if to say vendors dey advertise am, many people for dun dey use am.

Wetin you think say the government fit do so their Enaira solution go help fit help us in this cashless economy...

Improve the banking network and encourage more businesses via the banks to adopt and consider adding E-Naira option to their business.

[Charles-Tim]

Improve the banking network and encourage more businesses via the banks to adopt and consider adding E-Naira option to their business.

If eNaira truly makes use of blockchain technology, there would be no failed transaction and the transaction is fast. If Nigerians are taught what eNaira is and about the wallet, the adoption will increase significantly. Education and awareness matters.

I just do not know how transaction work on the wallet, but if not failing, it will encourage many people to use eNaira.

[Obari]

Nigeria is struggling with severe cash shortages, with riots erupting across the country just days before a presidential election – but people are still not turning to the national digital currency, the eNaira, which promised to improve retail payments.
The digital iteration of the naira, which was issued by the Central Bank of Nigeria in October 2021, hasn’t had the most impressive start and adoption has been slow. But even if people in Nigeria wanted to turn to the eNaira, transaction options with the central bank digital currency, or CBDC, are limited.
Read more: https://www.coindesk.com/policy/2023/02/24/why-nigerians-arent-turning-to-the-enaira-despite-crippling-cash-shortages/?outputType=amp

Just so una know, this wan no be another shortage of cash thread before una begin spam here. This thread came about as a result of why the Enaira aren't been used in the country even though the government been provide this solution wey before dem bring about the cashless policy matter. Why you think say this Enaira no dey get force for the country and it's already a failed project before e even stand. Wetin you think say the government fit do so their Enaira solution go help fit help us in this cashless economy as I believe if this Enaira been dey very active like people download and they use the wallet then we fit dey do transactions easily without even been worried about the banks and their problem or wetin una think?

Just as you talk and I agree with you say the enaira don already die even before  e stand and I just dey feel like say government dey impose most of this things on us and e no sharp at all.
On the other hand I believe say if enough awareness dey created, I believe say people go adopt this enaira soon for instance if them dey make the agents dey easily accessible for every environment or neighborhood, and charge the regular fee for monetary transactions, I believe say that one go take us a very long way to achieving the goal of the cashless policy.

[Wiwo]

Improve the banking network and encourage more businesses via the banks to adopt and consider adding E-Naira option to their business.

If eNaira truly makes use of blockchain technology, there would be no failed transactions and the transaction is fast. If Nigerians are taught what eNaira is and about the wallet, the adoption will increase significantly. Education and awareness matter.

I just do not know how transaction work on the wallet, but if not failing, it will encourage many people to use eNaira.

Let us not forget that if the CBN want to adopt blockchain technology for the running of its e-naira wallet and transaction it will be a full-blown CBDC which will mandate the cbn to build them on the blockchain which will give them the right to Implement any restriction and operation manner with fees and even taxation in the wallet.

-At first, when the idea of the e-naira was first introduced I was anxious to read where the technical team will work with other blockchain developers to come up with a workable centralized wallet for the E-Naira, but I was disappointed when I read from the CBN of the none usage of blockchain for the e-naira. On the issues of failed transactions, I think that can also be experienced on the blockchain as we have to raise cases of unconfirmed transactions on the blockchain which can result from network congestion and usage of low fees by senders., there can be the possibility of transaction failure if the network poorly designs or run.

[Agbe]

Just so una know, this wan no be another shortage of cash thread before una begin spam here. This thread came about as a result of why the Enaira aren't been used in the country even though the government been provide this solution wey before dem bring about the cashless policy matter. Why you think say this Enaira no dey get force for the country and it's already a failed project before e even stand. Wetin you think say the government fit do so their Enaira solution go help fit help us in this cashless economy as I believe if this Enaira been dey very active like people download and they use the wallet then we fit dey do transactions easily without even been worried about the banks and their problem or wetin una think?

Thank u 4 di warning. I am still waiting 4 u 2 allow me deal with shit poster in di board. Dis is a good thread 2 discuss. Di E-naira  is failed project dat cause by lack of good economic management experts. And there is no remedy as for now. I am not an economic expert but I can give two ways which the E-naira can use effectively in the country. The first thing for di governments to do is the internet. Let the internet should be very strong and also the banking software programmers should be very good by not allowing the sites or apps or USSD code not to break down. Then the second one is the attractive part. The Government should make a policy that anyone who download the E-naira app will be given #30,000 but before you can use it you have to deposit a specific amount of money. And also in addition, the app should be link to the blockchain for proper uninterrupted transaction.
These are some of the things I know that can be done to make the E-naira app work well. Nigerian Government always fall because they are not working with the youth. The youth have good ideas that can make the country economy move very well. And the youth that is with government is only for their stomach not to give good advice, if I wished we have government representative I'm this forum for them to learn things.

Even the people who advised the government to create the E-naira also abandoned the project, and when they thought this recent economics policy would work for the E-naira policy, they started closing banks and yet the E-naira was abandoned for Opay, Palmpay and other E-banking apps. Nigeria government know what they are doing. Instead of spending for public, they prefer holdling the funds.

[Fivestar4everMVP]

One thing I can tell us all be say, to dey see money for eye don Master many Nigerians, that is, anything wey you dey do, you won dey see your money with your eyes, you won dey touch am, dey feel am with your hand, this na one of the reasons why e-naira is a failed project even before it was lunched.

Another thing be say, many people no even know wetin be e-naira, CBN wey bring this one no promote am well, go out there, ask people, majority of them go tell you say, they no know wetin e-naira be, so the initiative lack proper promotion, and the people of nigeria lack good sensitization about it.

And for me personally, I no think say anything go ever make me use e-naira, money wey me go keep for e-naira, I go put that money for crypto instead, e-naira na one kind highly centralized currency, where by CBN fit block any body e-naira account from their office unto one thing one thing, person go begin run up and down, me no go ever use e-naira, not even now wey thiefnubu don become acting and potential president of nigeria.

[CryptoHeadlineNews]

.
Wetin you think say the government fit do so their Enaira solution go help fit help us in this cashless economy as I believe if this Enaira been dey very active like people download and they use the wallet then we fit dey do transactions easily without even been worried about the banks and their problem or wetin una think?

Apc government is already a failed government and same as their eNaira and cashless policy that has crippled the country and put many lives at stake today, so for me, in as much as we get plenty old women in our villages and in the Northern parts of Nigeria wey dey no get phones nor even know how the eNaira app looks like, it will be best these set of Nigeria cartels just forget about this their eNaira of a thing, whereby till this day we still have very poor banking networks across the entire states. Because till this day, Bitcoin remains my number one goal and means of storing my funds, which I prefer more to our eNaira.

I have totally lost faith in APC government and whatever thing they seems to have represents, for simply rigging my vote.

[CryptopreneurBrainboss]

Improve the banking network and encourage more businesses via the banks to adopt and consider adding E-Naira option to their business.

If eNaira truly makes use of blockchain technology, there would be no failed transaction and the transaction is fast. If Nigerians are taught what eNaira is and about the wallet, the adoption will increase significantly. Education and awareness matters.

I believe e go be blockchain, it's not a matter of decentralized blockchain like Bitcoin but it could be centralized like XRP or maybe just a system in which there's no need for network failure like banks because you the send the money form the same app to another app e dey like Binance to Binance app withdrawal wey no need blockchain confirmation. The koko be say the banks are the people making this careless policy (with their network issue) to be very stressful. Atleast if their network been dey very reliable people no for dey doubt transfer as I realized say na wetin they make many people never dey accept transfer.

I still dey battle double debited transfer wey happen when I go small vacation for lagos up til now and even though my bank dun confirm say the both transaction go after like 3weeks after I complain, now the vendor dey doubt am and I no blame am because time to go banks self no dey due to the crowd and online customer care they take forever to respond. With the Enaira all this would had been eliminated and the flow of transaction for they go well.

I have totally lost faith in APC government and whatever thing they seems to have represents, for simply rigging my vote.

Well I try make we commot politics for the matter and focus on what's been discussed but don't be hopeful on Nigeria. Rigging has been part of our election process from day one and people like Obasanjo that claims to be the savior today started it so it isn't going away anytime soon. All three candidate had their voted rigged in their region but that's a debate for another day.

[Dr.Bitcoin_Strange]

CBN lacks the capability to make Nigerians to know about eNaira,

Do CBN officials even care? or should I say they take orders from the presidential table and possibly have not gotten the orders to fully extinguish the eNaira so that it becomes more known, accessible, and utilized by citizens? The idea of this eNaira really looked good when I first heard about it, and I just believed it was going to be a solution because some big shops and businesses will gladly adopt it and even have back codes in their offices that can be easily scanned to make payments, but all high hopes are lost. My assumption is just that the CBN and Nigerian government don't just like to create anything that citizens can at least derive 100% satisfaction from. I sent money recently to a friend in Nigeria, and believe me, it took almost four days for the person to get an SMS notification that he received the money. He said that due to the crowd in the bank, he couldn't go and get an account receipt.

[CryptopreneurBrainboss]

but recent development has pointed us in a different direction, far away from adoption from Nigerians into the functionality and addiqauncy of the e-naira to meet it designed purpose. and from sources around the CNB governor and the federal government have partnered with a new US-based tech company to work on developing and upgrading the E-naira which means that, the current e-naira.

Now my question go be say, why dem launch an unfinished products if them still need all this partnership to make the thing work. The government no dey see all our young tech companies to partner with na American own so dem fit dey push dem dollars to embezzle money through that process instead of investing in the young teach sector of the nation. No be our boys dey develop Paystack come sell am for over $200 to foreign investors? If them use people like this work the Enaira, e go dey very user friendly and them go finish work but no we wan oyinbo to touch am since we believe them pass our own.

Enaira no go fit solve this issue of cash shortage for Nigeria, the last time wey i check i no sure say CBN don mint pass 5 billion naira worth of Enaira, but that one no be the major issue, wetin they affect the Enaira use na adoption, many people no even know about am and they no they use am, thus if merchants and businesses never onboard themselves via the Enaira how people wan take use am right now wey cash they scarce.

.

After the ruling yesterday by the supreme court, na now I understand everything wey dey happen. Even the government been know say the cashless policy no go last so them no wan waste money promote the Enaira app to encourage its usages. Dem just launch am then keep quiet thinking the app go sell himself. Them think say na TikTok app wey people go rush go download forgetting that anything that has to do with finance needs advertisment so people can see the benefits of the app and download.

[sokani]

In my own opinion I think CBN has failed to put in place the necessary measures for the eNaira to be accepted as a digital currency. The public enlightenment has been poor and this could be attributed to not wanting to spend money to promote it but they might still have another chance to get it right this time with the naira redesign. The scarcity of the naira notes have made businesses to be opting for different means of payment aside the traditional fiat and bank transfer, so it's another golden opportunity for eNaira to flourish if CBN can go back to the drawing board and correct their mistakes.

[Wiwo]

Now my question go be say, why dem launch an unfinished products if them still need all this partnership to make the thing work. The government no dey see all our young tech companies to partner with na American own so dem fit dey push dem dollars to embezzle money through that process instead of investing in the young teach sector of the nation. No be our boys dey develop Paystack come sell am for over $200 to foreign investors? If them use people like this work the Enaira, e go dey very user friendly and them go finish work but no we wan oyinbo to touch am since we believe them pass our own.

You know as Nigeria thing the be, there will always be one back door for them to penetrate and perpetrate the magu magu, who knows the corruption side of the E naira, we don't know it circulating supply, not even a whitepaper to serve as a blues print to the development of the e-naira no wonder the project was short-lived.

-Indeed CBN have failed to deliver on their promises and mandate and CBN is now a suck puppet of the executive, and the impunity done by the CBN knowing fully well of the immunity that covers the appex bank.

After the ruling yesterday by the supreme court, na now I understand everything wey dey happen. Even the government been know say the cashless policy no go last so them no wan waste money promote the Enaira app to encourage its usages. Dem just launch am then keep quiet thinking the app go sell himself. Them think say na TikTok app wey people go rush go download forgetting that anything that has to do with financadvertisementrtisment so people can see the benefits of the app and download.

Sometimes I am forced to a Conclusion that the Supreme Court is just acting to the script prepared for it by the executive,  if the court is no longer the last hope of the common man,  and the new slogan is now. ( no money no justice) that is to say, justice is now for the highest bidder and the court has lost its legitimacy in the eye of the citizens.

-The Supreme Court ruling does not hold any waters and CBN will not go back on its policy, since the president has spoken, and we are an autocratic regime and the head of state is not a democrat were who has respect for the rule of law, so at best we have to braze up ourselves and face the reality that faces us as Nation,  and hoping the new government will place high priority to youth development and local usage of our products and technologies since baba already promised to turn the so called Yahoo boiz into developers of chips.

[Cryptomultiplier]

I think one reason why Nigerians don't use the e-naira is because it has not proven distinctly why it is better than other payment platforms that we have been exposed to before this e-naira adoption.
Also, it might be we fear the fakeness of the site.
Furthermore, it could be the charges we fear.
I believe if the FGN, CBN and other necessary bodies do the needful to advertise more about it across all channels, it would gain mass usership.

[CryptopreneurBrainboss]

In my own opinion I think CBN has failed to put in place the necessary measures for the eNaira to be accepted as a digital currency. The public enlightenment has been poor and this could be attributed to not wanting to spend money to promote it but they might still have another chance to get it right this time with the naira redesign. The scarcity of the naira notes have made businesses to be opting for different means of payment aside the traditional fiat and bank transfer, so it's another golden opportunity for eNaira to flourish if CBN can go back to the drawing board and correct their mistakes.

You no lie for wetin you talk but what if the federal government abi the CBN demselves know say this cashless policy no go last and when the cash go return then this Enaira no go ell again so dey no wan waste money. Because it's unlikely say government go bring new development and dem just lock up without trying to create any awareness. I dun talk this talk but make am repeat am. How dem wan take implement the cashless policy if dey dun increase the duration of the old naira note for another one year. I no understand country wey no fit stand on wetin dem talk and who even carry dem go court like no cooperations within demselves.

I think one reason why Nigerians don't use the e-naira is because it has not proven distinctly why it is better than other payment platforms that we have been exposed to before this e-naira adoption.
Also, it might be we fear the fakeness of the site.
Furthermore, it could be the charges we fear.
I believe if the FGN, CBN and other necessary bodies do the needful to advertise more about it across all channels, it would gain mass usership.

Nigerians no go care of charges if the app dey deliver normally and e dey acceptable by all. You see banks wey dey charge wetin no good yet Nigerians still dey use dem abi na our internet service providers or airtime. If you see wetin those people dey charge us compared to other well  civilized places you go cry yet we still dey use them so comot that charges fear. The koko be say men no sabi about the app if not e for dey preferable than all this banks app we dey. Oya see as I get update say OPAY sure pass dis time as dem dey hardly get network issue and their transaction na ASAP, I  rush download am and na wetin I dey use for over a month now and no complain. Make dem market the app wella.