[ECONOMICS] Who's Using eNaira Here. Expect Less Cash in Circulation

[Davidvictorson]

According to an Economic Report’ for August 2023 by the Central Bank of Nigeria.

The volume of eNaira in circulation rose by 284.6 per cent to N9.78bn in August, according to the Central Bank of Nigeria.This is as the volume of notes and coins declined by 14 per cent to N2.65tn in August 2023.
https://punchng.com/e-naira-jumps-by-284-notes-decline-to-n2-7tn-cbn/

I nor need talk to much because na two questions wey I get to ask;

1) Who dey use eNaira here? If you have downloaded the app, has any merchant accepted the eNaira for payment? Me nor understand this statistics at all whether it is for usage or downs of the app.

2) We are slowly transitioning into a cashless economy. If you dey do any form of business here, how you don dey take prepare your business and that of your customers for this change? Abi do you feel that we are not ready for it yet?

[Charles-Tim]

1) Who dey use eNaira here? If you have downloaded the app, has any merchant accepted the eNaira for payment? Me nor understand this statistics at all whether it is for usage or downs of the app.

What I read about it before was that people from part of north show high interests. It is clear that most people from the souths do not show interest. I have not seen anyone using it before and I do not use it because of that. I have downloaded the eNaira speed wallet all like 3 times or more but I do not see any reason why I should use it when people around me are not using it.

2) We are slowly transitioning into a cashless economy. If you dey do any form of business here, how you don dey take prepare your business and that of your customers for this change? Abi do you feel that we are not ready for it yet?

I went to fill gas some days ago, only 2 people paid using cards and online while the remaining 5 people before me paid using cash. Also as people are using PoS already and also accepting online transactions even without eNaira is part of the cashless...


Edit:

Edited because some people are not reading the news while people should know that the notes and coins referred to on the news are the physical naira. Not crypto. Not eNaira.

According to the news: The volume of eNaira in circulation rose by 284.6 per cent to N9.78bn in August, according to the Central Bank of Nigeria.

[Churchillvv]

To be sincere I never understand this CBN news at all, because I never see anybody we dey use this enaira for business or transaction. Abi na the normal rate of transfer (online) transaction wey people dey do naim dey add up to make their statistics?
Some times the false information wey dey for news channels dey very high. I fit add this one as fake news for the main time till I get enough reason to believe the news.

Even as Charles Tim talk say for north Dem adopt am well well, e no still fit reach that level of statistics abit them dey calculate from other sour es wey we no dry aware of.

For people wey get business I dey see most of them get pos already because of the last incident of cashless policy so I guess they are already prepared for any change. And one thing wey I like about Nigeria na we fit adapt to any condition at all.

[Justbillywitt]

According to an Economic Report’ for August 2023 by the Central Bank of Nigeria.

The volume of eNaira in circulation rose by 284.6 per cent to N9.78bn in August, according to the Central Bank of Nigeria.This is as the volume of notes and coins declined by 14 per cent to N2.65tn in August 2023.
https://punchng.com/e-naira-jumps-by-284-notes-decline-to-n2-7tn-cbn/

I nor need talk to much because na two questions wey I get to ask;

1) Who dey use eNaira here? If you have downloaded the app, has any merchant accepted the eNaira for payment? Me nor understand this statistics at all whether it is for usage or downs of the app.

2) We are slowly transitioning into a cashless economy. If you dey do any form of business here, how you don dey take prepare your business and that of your customers for this change? Abi do you feel that we are not ready for it yet?

Nigeria is not yet ready to go into full time cashless policy. We have several challenges that needs to be addressed before going full time cashless. Ranging from bad networks, epileptic power supply, mind you some rural communities has never seen electricity in this country, high illiteracy level, etc the challenges of going full time cashless will halt economic activities in the country. Until all these challenges are addressed and fix Nigeria as a nation should not even think of going full time cashless economy.

[Mate2237]

That figure is formulated and not real. When I was service, I didn't see anyone using the Enaira in that state and within the corners. And coming back to my state till now, I never see anyone dey use am so I know how dem get dat number there. And if dem want to make good let Dem tell di number of people wey dey use from each state because dem dey use KYC. In fact di whole South South e redundant about di stuff. Nobody e dey interested to use am.

In di middle of 2022 I downloaded it but I no use am because, I no know weti I want use am do, di thing just dey like odd for my phone because I no see another person dey use am. Oboy dat transition e no dey work, what about di old people, even some young men e no know how to use di smart apps.

[Obari]

One thing I trust Nigeria and it’s citizens is the fact that we no be die and we go definitely adapt to whatever them say make we do and certainly no be money matter go kill us and one funny thing about the county be say we Dey easily accept changes and even our grandparents go still accept and adapt to whatever change dem carry come.
I personally no the use the enaira and I never really hear anyone around talk about am and I Dey sure say the government never ready to make us use the enaira else them for don run am especially the cashless policy tactics wey don even cast.

I don’t believe on the other hand that Nigeria and easily transit to a cashless nation but whatever he case might be, I think the priority should be of the interest of the masses and not for some sorting selfishness and interest.

[Lida93]

According to an Economic Report’ for August 2023 by the Central Bank of Nigeria.

The volume of eNaira in circulation rose by 284.6 per cent to N9.78bn in August, according to the Central Bank of Nigeria.This is as the volume of notes and coins declined by 14 per cent to N2.65tn in August 2023.
https://punchng.com/e-naira-jumps-by-284-notes-decline-to-n2-7tn-cbn/

I nor need talk to much because na two questions wey I get to ask;

1) Who dey use eNaira here? If you have downloaded the app, has any merchant accepted the eNaira for payment? Me nor understand this statistics at all whether it is for usage or downs of the app.

Am also surprised by the statistics as you Op because I can't remember when last I heard any Nigerian talk about using this eNaria system throughout this year at least for someone that stays in the metropolitan area I have supposed to have heard one or two persons say they are using it but can't think of any.

People strongly subscribe to the use of PoS, online bank app transfer and ussd code for their transactions so to them they have no need for the eNaira which is why the government need to establish a broad publicity network across the country beyond how they are currently doing it because from my knowledge not even one-third of Nigerians know about the eNaira neither do they make use of it. Which is why am surprised by this tremendous upsurge figure rise given by this statistics.

2) We are slowly transitioning into a cashless economy. If you dey do any form of business here, how you don dey take prepare your business and that of your customers for this change? Abi do you feel that we are not ready for it yet?

If we talking about cashless economy we are already in it years ago and not that we're just entering.... The POS, mobile bank apps and more we use are all examples of a cashless economic system. The eNaira is just an upgraded part of the system.

[BIT-BENDER]

Enaira is just another vision that would not make sense the government are pushing the citizens into believing, imagine I just withdrew 10,000 Naira with a fee of 500. I have heard about many problems in a country but I am surprised a country like Nigeria would be having any issues with the availability of cash.
This shows that this current administration and the previous one has no significant difference aside the fact that we have different president.

[Charles-Tim]

According to an Economic Report’ for August 2023 by the Central Bank of Nigeria.

The volume of eNaira in circulation rose by 284.6 per cent to N9.78bn in August, according to the Central Bank of Nigeria.This is as the volume of notes and coins declined by 14 per cent to N2.65tn in August 2023.
https://punchng.com/e-naira-jumps-by-284-notes-decline-to-n2-7tn-cbn/

When I went through what some people posted, I think they are confused because the news makes it confusing. Let me quote this which I read from the news:

The title:

E-Naira jumps by 284%, notes decline to N2.7tn – CBN

Parts of the news contents:

The volume of eNaira in circulation rose by 284.6 per cent to N9.78bn in August, according to the Central Bank of Nigeria.

They are thinking it is N2.65tn eNaira.

eNaira is not also a coin. The news is referring to naira and kobo and that can be confusing.

It is possible that people using eNaira may have ₦9.7 billion on their wallet in total.

[Asiska02]

1) Who dey use eNaira here? If you have downloaded the app, has any merchant accepted the eNaira for payment? Me nor understand this statistics at all whether it is for usage or downs of the app.

What I heard from a reliable source before about e-Naira was that; the federal government did set up committees and group of people that will invite, guide and teach people on how to use the e-Naira application for transactions. Those committees did well and were able to register millions of people, this is some kind of secret contract done under the Central Bank of Nigeria during the last regime. Maybe it is the number of downloads of the apps and sign up that relate to the statistics  they’re showing in the news because I don’t think all those that signed up are actively using it for any transactions today.

2) We are slowly transitioning into a cashless economy. If you dey do any form of business here, how you don dey take prepare your business and that of your customers for this change? Abi do you feel that we are not ready for it yet?

I am not into any business but with the way everything is transitioning now, you need to employ every method of payment in order to sustain your business and welcome all customers of every kind. As Nigeria is transitioning into a cashless policy, some people still prefer to use cash rather than doing online transactions. If cashless policy will ever come to live, it is not something that will happen now, so it is better to make use of all options available now before that time arrives.

[Spaceman1000$]

According to an Economic Report’ for August 2023 by the Central Bank of Nigeria.

The volume of eNaira in circulation rose by 284.6 per cent to N9.78bn in August, according to the Central Bank of Nigeria.This is as the volume of notes and coins declined by 14 per cent to N2.65tn in August 2023.
https://punchng.com/e-naira-jumps-by-284-notes-decline-to-n2-7tn-cbn/

I nor need talk to much because na two questions wey I get to ask;

1) Who dey use eNaira here? If you have downloaded the app, has any merchant accepted the eNaira for payment? Me nor understand this statistics at all whether it is for usage or downs of the app.

2) We are slowly transitioning into a cashless economy. If you dey do any form of business here, how you don dey take prepare your business and that of your customers for this change? Abi do you feel that we are not ready for it yet?

Of course as an economy we are drifting towards cashless policies and the whole idea of this enaira was to help enhance this cashless policy, but the clam down on Bitcoin by the Central Bank of Nigeria and the former Central Bank of Nigeria governor Goodwill Emiefele, really did not help the enaira project because a lot of persons felt there was no need to engage in the enaira because of the cbn policy on Bitcoin then, maybe going forward people will try to see how they can get involved with this e project naira but personally I have not picked interest on this project yet.

[Mr.suevie]

According to an Economic Report’ for August 2023 by the Central Bank of Nigeria.

The volume of eNaira in circulation rose by 284.6 per cent to N9.78bn in August, according to the Central Bank of Nigeria.This is as the volume of notes and coins declined by 14 per cent to N2.65tn in August 2023.
https://punchng.com/e-naira-jumps-by-284-notes-decline-to-n2-7tn-cbn/

I nor need talk to much because na two questions wey I get to ask;

1) Who dey use eNaira here? If you have downloaded the app, has any merchant accepted the eNaira for payment? Me nor understand this statistics at all whether it is for usage or downs of the app.

2) We are slowly transitioning into a cashless economy. If you dey do any form of business here, how you don dey take prepare your business and that of your customers for this change? Abi do you feel that we are not ready for it yet?

Well if am not from Nigeria and am not seeing all the things that are happening then I would have actually believe all this nonsense that i hear because this figure is certainly hype because like everyone here, I don't seem to recall anything that I have actually came across anyone using this e naira or their own version of digital money. If I hadn't seen this or heard about it before then I would be convinced that maybe the figure might be correct but with my seeings on the community, I have actually seen and witnessed the unavailing of this E- NAIRA in a particular brand of one of these commercial bank but UpTo till date I haven't heard people talking or using this e-naira of theirs.

[Samlucky O]

Snip

What I read about it before was that people from part of north show high interests. It is clear that most people from the souths do not show interest. I have not seen anyone using it before and I do not use it because of that. I have downloaded the eNaira speed wallet all like 3 times or more but I do not see any reason why I should use it when people around me are not using it.

I thought as much because when something is being introduced, there is need or tendency to make it a must especially something that is monetary just like cash noatter how many being produced they will consume it. So there is need for CBN to enforce law on e-naira banking as to make it a compulsory for it citizen to use otherwise no body will be able to use it because whatever thing that is not law enforced, its always taken for granted.
According to research what I discovered that made Nigerians not to adop fully in e-naira banking system is Lack of knowledge about digital money is another reason Nigerians do not use eNaira broadly. And if program are hosted in facilitating the need of e-naira i think it would be more interesting.

[Charles-Tim]

So there is need for CBN to enforce law on e-naira banking as to make it a compulsory for it citizen to use otherwise no body will be able to use it because whatever thing that is not law enforced, its always taken for granted.S

CBN do not have the power to force citizens like this. The only thing they can do is to campaign and do things that can increase awareness which is not force. They just have to continue doing it. But I think the government has a role to play as well, some government workers of higher rank can be paid in eNaira instead of naira.

[Doan9269]

1) Who dey use eNaira here? If you have downloaded the app, has any merchant accepted the eNaira for payment? Me nor understand this statistics at all whether it is for usage or downs of the app.

Am not using it, am yet to see someone interested in using it and am yet to see a service or business that accepts it use in making payments, i wonder what it's meant for, if it's not good for holding and yet people aren't using it, what then is it good for than neglecting it and having focus on crypto.

2) We are slowly transitioning into a cashless economy. If you dey do any form of business here, how you don dey take prepare your business and that of your customers for this change? Abi do you feel that we are not ready for it yet?

Most people are making use of transfer in making payments, ever since the last cashless experience during the political campaign era of the last administration, people have so much learnt to be using the cashless transfer in their business, in this, you don't have to collect change, you make payment of the exact amount you're intended for, now there's short release of cash in the market, which was another intentional act, it's more secure to go out of the fiat economy to cryptocurrency cashless policy completely.

[Marykeller]

According to an Economic Report’ for August 2023 by the Central Bank of Nigeria.

The volume of eNaira in circulation rose by 284.6 per cent to N9.78bn in August, according to the Central Bank of Nigeria.This is as the volume of notes and coins declined by 14 per cent to N2.65tn in August 2023.
https://punchng.com/e-naira-jumps-by-284-notes-decline-to-n2-7tn-cbn/

I nor need talk to much because na two questions wey I get to ask;

1) Who dey use eNaira here? If you have downloaded the app, has any merchant accepted the eNaira for payment? Me nor understand this statistics at all whether it is for usage or downs of the app.

2) We are slowly transitioning into a cashless economy. If you dey do any form of business here, how you don dey take prepare your business and that of your customers for this change? Abi do you feel that we are not ready for it yet?

This is Nigeria my country, trying to give a wrong statistic of the failed eNaira wallet app, they couldn't develop well to its functions. It amuse me on  how the come arrive to this their circulation figure wey rose to this extent whereby em get many people wey never see, use am before or hear of the advert for radio or tele after the creation of it in 2021.

It is in great disbelief that our government no wan accept and tell themselves the truth sae them don fail for the eNaira app wey dem create so. Reading through the rating and reviews for playstore concerning the eNaira app, na soso bad reviews Nigeria's d give the app

[MainIbem]

This eNaira of a thing self don tire person because I never see any reason wey people go use am wey dem never provide much Naira for we kontry, although this eNaira stuff e for help if dem do am well but people wey dey on seat no gree do things well or maybe if I for say them properly arrange am country people e for better since this morning scarcity dey com like this people for use am gum body also increase payment method, but If I no lie almost 70 percentage of we side of the state no dey look am eyes especially as dem been limit us for crypto space the thing com make boys vex go give them negative review for playstore e be like say that stuff follow help why dem remove am there self... I no remember again.