October 24, (THEWILL) – Ahead of the planned launch of Nigeria’s Central Bank Digital Currency (CBDC), eNaira, THEWILL went downtown to feel the pulse of Lagos residents (Lagosians) on the novel project described in some quarters as the ‘mystery money’. JOY ONUORAH conducted a random survey in the streets of Lagos, Nigeria’s commercial hub, where she posed three questions to the respondents: Have you heard about Nigeria’s planned digital currency, eNaira? What do you think about it? Should the government go ahead with it? Below are responses from the field work that produced feelings of the good, the bad and the ugly – about eNaira.
eNaira is good, but let’s tackle some critical issues …
I have heard about e-Naira, Nigeria’s digital currency. It works like a digital version of the physical naira more or less like Bitcoin; it is the representation of the naira itself. Since it is not going to replace the physical naira or lower Nigeria’s ranking as Africa’s largest economy, I consider it a plus; as I said, provided it is not going to reduce the value of the physical naira. We should be thinking ahead since the world is transiting to the digital age. The government should go ahead with the eNaira launch. But, how ready are we in the face of rising cybercrime, which is the major disadvantage of the digital currency? We are faced with power supply and connectivity issues. If the government can invest in the right people to fight cyber security crime, then we should go ahead.
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I’m a fan of digital currency, but …
I have heard about e-Naira. It’s not a bad idea actually. There are over 3,000 digital currencies across the globe with 195 countries across the seven continents. With these facts, it is crystal clear that individuals, companies and others own digital currencies. The question then is why can’t a country have it? I’m a fan of digital currency. However, the government should not go into it because it’s not a priority for now. There are many things to look into in the Nigerian economy. For example, capsizing upper, middle and lower classes and a lot more. It’s not wise for the country to jump into digital currency at the moment; it could be made a project-in-view.
The project is dead on arrival!
I know about eNaira. Although, I haven’t read enough about it to form a well-informed opinion. I don’t think it’s something Nigeria should give attention to now.
I belive the idea was hurriedly conceived to replace the banned cryptocurrency. The Nigerian financial system currently does not look like what is capable of sustaining eNaira. The naira does not hold much value in the global financial system. The citizens do not particularly value the currency. So there would be no enthusiasm to trade with eNaira and this makes the entire project dead on arrival.
I do not think it is meant for the ordinary citizen
I have not heard about eNaira or digital currency. I do not believe in it because whatever our government does in this country will purposely be for their benefit. It is not something that will favour the ordinary citizen. Of all the challenges facing the country, is digital currency the best thing to think or talk about at this time? I do not consider it a good and well-planned project. Absolutely, I do not support its implementation.
It’s good, but let’s not overlook the limitations
I know about eNaira. It is the digital currency initiated by the Central Bank of Nigeria (CBN). It will really expand our payment system and make delivery of goods and funds transfer easier. But we must consider the limitations, mainly low infrastructure, poor connectivity, Internet outage, unstable electricity, and other things. It looks good on the surface, but when you consider the limitations, you can see it will not favour those in the rural area. It may end up another urban-centred project.
Let eNaira flow
I am aware of the digital currency, eNaira, which the Federal Government is about to launch. As a student of Finance, I know it has a lot of advantages. It is a welcomed idea because it will facilitate trade, enhance financial inclusion and reduce the cost of handling paper naira. The world is moving rapidly fast into technology in all ramifications, including digital means of exchange. I endorse it. Let eNaira flow.
Corruption, incompetence will kill it
Yes, I know about eNaira. Like any other thing done by the government, the project will fail mainly due to corruption and incompetence. I do not think they should go ahead with it. They can invest the funds for the project elsewhere. The PR for eNaira is bad already, with trust issues and all that.
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