The app, eNaira, according to the Atlantic Council CBDC tracker, made Nigeria one of the five countries in the world that have their own CBDC as the popularity of digital and cryptocurrencies continue to soar despite clampdowns in several countries.
About three months that eNaira, the digital currency issued by the Central Bank of Nigeria (CBN) was launched, reviews of the app on Google Playstore have indicated frustrations among Nigerians with some stating that the apex bank should have done a more thorough work before launching the app.
The app, eNaira, according to the Atlantic Council CBDC tracker, made Nigeria one of the five countries in the world that have their own CBDC as the popularity of digital and cryptocurrencies continue to soar despite clampdowns in several countries.
There are two versions of the eNaira wallet – one for individuals (Speed Wallet) and another for merchants (Merchant Wallet).
President Muhammadu Buhari launched the digital currency on October 25, 2021.
Buhari had said with the eNaira, the country’s Gross Domestic Product (GDP) was projected to rise by $29 billion in the next 10 years.
The President had stated, “Indeed, some estimates indicate that the adoption of Central Bank Digital Currency (CBDC) and its underlying technology, called blockchain, can increase Nigeria’s GDP by US$29 billion over the next 10 years.
“CBDCs can also help increase remittances, foster cross border trade, improve financial inclusion, make monetary policy more effective, and enable the government to send direct payments to citizens eligible for specific welfare programmes.”
Godwin Emefiele, the governor of Central Bank of Nigeria had also said the eNaira would support a resilient payment ecosystem, encourage rapid financial inclusion, reduce the cost of processing cash.
However, many Nigerians who have downloaded either of the eNaira apps on Playstore are having a tough time using them.
A breakdown of the figures obtained via the Google Playstore app showed that 95 days after the digital currency was launched by President Muhammadu Buhari, over 100,000 downloads were recorded with over 5000 app reviews.
Some of the reviews are below;
