Topic: Nigerians Aren't Turning to the eNaira Despite Crippling Cash Shortages, WHY? - page 2. (Read 332 times)

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.

-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

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.

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.

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.

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.

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?