One Year After, CBN eNaira Struggling, Unpopular Among Nigerians-Investigations

One year after the Central Bank of Nigeria (CBN) launched it’s Central Bank Digital Currency (CBDC) otherwise known as eNaira, many Nigerians still don’t know much about the currency, not to talk about using it, kadecommunicationng investigations can reliably confirm.

Recall that the CBN, on the 25th of October 2021, launched the eNaira, thereby putting Nigeria in the global spotlight as one of the pioneers to deploy a CBDC into live production.

When kadecommunicationng visited some markets in Lagos, many traders were asking our Reporter what the eNaira is all about.

For most of the traders, the eNaira sounds more like an elitist initiative, not meant for the masses or market women.

Aside the lack of awareness of the eNaira in most markets in Lagos, the digital currency is not also popular among the educated youths in the State.

Speaking with kadecommunicationng, some port workers wondered why they need an eNaira when it can only work between two people that have the app on their phones.

According to one of the port workers, Ismail Jamiu, “I read about the eNaira in the papers, and that’s where it ends.

“I don’t know why I have to download an app that cannot function if whoever I want to send money to does not have same app on his or her phone. Most banks now have apps and money can be transferred from any bank app to any bank account without the receiver needing to download any app.

“The eNaira only works when two people have the app and sends money to themselves. To me, it doesn’t make any sense when I can do same thing via the bank app on my phone to any account of my choice, even when the receiver does not use an Iphone or an Android phone.

“Also learnt the eNaira works with a single account. So, you see it’s useless to somebody like me who works in a port in Lagos and have about five different bank accounts.”

Also speaking, an Estate Agent, Mr. Bolaji Olaolu explained that the eNaira has struggled to fly because of so many easier means of funds transfer available to Nigerians.

In the words of Mr. Olaolu, “the CBN eNaira is struggling because many people don’t have the app. Many people don’t use it, so downloading it is useless.

“If I download it and cannot use it to pay funds to a client because he or she doesn’t have same app, then why keep such stuff on my phone?

“With time, I believe the eNaira will fizzle out and people will just forget that such ever existed. Nigerians have more economic issues to contend with than jostling to download an app that is not popular among the masses “