Like country, like app; very useless. Even your bank app has better features than this over hyped piece of crap called E-Naira app. Rubbish.
The app has gone to where it belongs. The waste bin.

nextstep:



Er... eNaira sounds like fiat money to me. It's issued by the CBN, and its value is tied to the Naira. These are CBN's own words...

I confess I don't understand the point of eNaira, and here's why:

Reducing the expense of printing/handling physical cash:
A lot of Naira in circulation is digital anyway. I don't remember the last time I collected salary as cash... it's been transfer for years now, and I pay the majority of my bills online. Even nowadays buying parts, building materials, hiring labor... it's all transfer. Going clubbing? POS. Dining? and many places are offering POS as a regular means of payment.

Financial inclusion - many fintech companies have been making inroads, and CBN has been talking "cashless society" for years. Don't need an eNaira for that. Ironically, you pay a fee to fund your wallet from Naira; transferring to another person has a fee; and if they want to use that money in the real wold will incur another fee to convert back to Naira. Not sure why you need 3 transactions and the attendant cost and complexity.

Security: you can trace all bank transactions done with the regular Naira. Yes, one can hide naira under their mattress, and nothing stops them from converting eNaira to Naira and hiding it. If government was serious, it would clamp down on the stealing in the first place.

As far as I understand, eNaira is a currency you can't use if the app is unavailable or the servers are down; it still has transaction costs; it will fall against forex, since it's tied to naira.



What's the point again?

Good reasoning and analysis but let's look at it this way (point-by-point):

Point of correction: There was never digital naira in circulation.

The expense of printing/handling physical cash:

Do you know what they call interbank settlements? Let me explain. When you transfer money from let's say GTB account to First Bank account and the 'money' hits the account in a second. What actually hits your account is not really the money in the technical sense but a record that debit and credit has occured. It can take First bank a week in order to receive the physical cash equivalent to the amount that you transfer from GTB. That is inefficient and can slow down the amount of loan that First bank can grant based on their cash receipts at a particular time period. This is closely tied to the fractional reserve banking or cash reserve ratio (CRR) that CBN uses in controlling money supply in the economy.
E-naira advantage: Interbank settlements will be instant or extremely fast. With fast cash turnover, banks may grant cheaper loan.

Financial Inclusion
Yes, Fintech has broaden the financial Inclusion but do not underestimate how quick the financial Inclusion can grow with regular
government 'free e-naira' transfer to some categories of the citizens. Retirees will quickly learn how to get on the e-wallet if their monthly stipends are tied to it. Do not also forget the 'wonders' that allure of free peer-to-peer transfer without charges can do. Many Nigerians already detest the bank ripoffs through various charges.

Security
You got a point here but do not forget that holding cash also is dangerous. Besides, the e-naira is also on the Blockchain technology (which is still a very secure network). We have both permissioned and non-permissioned Blockchain. The e-naira is on permissioned block chain. It is only through CBN that the network can be messed with, and of course, if you are careless with your private key (password).

Overall: My fear is with the discipline of the Central Bank and possible high inflation due to over-minting the e-naira. If they can maintain high level of discipline (which I doubt considering the antecedent), e-naira is a very good innovation that will help the economy.

aremuforlife:

You keep shut and learn.
They have already analysis the difference between eNaira and crypto. They are different things entirely, your eNaira is the same as your physical currency.

Since you have all the answers why use e-naira when I can just transfer? And its still not a crypto o! Please where is the innovation in that,?

YeyeGbami:
Give them a break, they just dey onboard and una expect everything to run smoothly without issues.

I don't see any complex features in the app, and such app should gone through extensive debugging.
This is not an app developed by some kids in secondary school.

aremuforlife:

You keep shut and learn.
They have already analysis the difference between eNaira and crypto. They are different things entirely, your eNaira is the same as your physical currency.

Zombie, with the way you are supporting the corrupt govt, hope you downloaded the app and registered as well. I would like to know your experience with it

Benwallt:
but Emefiele is the governor of central bank which birth the whole idea. Nigeria citizens are too full of shit. Respect to the very few reasonable ones.

Who cares if it's Emefiele's brain child? Even if it's my father that created the idea, as long as it's to be run by the terrorist government of Nigeria, it is an evil idea. You see, some of us have brought out the current terrorist government on a big screen and examined every single move they make. Their appointments and policies are all studied so we know every intentions they have. You can only deceive the illiterate ones, the apolitical and the greedy whom are bought with money. In all history, there always remain those that will not fall for any deception from a despot in power. They were responsible for the defeat of all despotic powers in history. Nigeria will never be different.

hansomb:
u making a fool out of yourself. Address d topic of discussion you resort to bigotry

Your tears is too small. Fill up a tea cup then maybe I'll reconsider.

Maybe DSS and the Nigeria police will start going around to arrest all those that left a negative review on Playstore, after all this administration doesn't condone protests, yeah?

Ever8090:
some of una mumu ehnnn!!!....

Your foolishness is at par with your gullibility. It's not my job to restore your senses so feel free to roll into the doldrums designed for you.

nedekid:

From the analysis that guy wrote, do you think he is on ₦375 (polling unit) level financially or intellectually fence like most zombies?

for the former it could even be less because those that want you like rat in the face of your ppl will do so even with 50card and for the later, he is not intellectually fenced but pettiness and hate mixed up with anger have taken the better side of our ppl

heysquare:

Anything that will bring the nation down brings you joy because of your hatred for the govt. What would you do if the app return to play store with improvement ? Stop the hate! Stop the bring the nation down syndrome if it doesn't affects you what about your neighborhood?

The app is dead and gone for our good.
Let me take it up with you so all those who read our exchange will determine who between us is right. I want you to tell the world the benefit of this electronic naira on the populace. Already your CBN has washed its hands off any monetary loss one suffers while using it so you should tell us who will be held liable for any loss in the course of using it by the people. Let me stop for now. I await your answers to these questions. If you don't answer them, don't ever bother to mention me again now and in the future.

YeyeGbami:
Give them a break, they just dey onboard and una expect everything to run smoothly without issues.

Yes that's what we expect.
How would you publish a fin app without adequate testing.

Academicwizman:



Good reasoning and analysis but let's look at it this way (point-by-point):

Point of correction: There was never digital naira in circulation.

The expense of printing/handling physical cash:

Do you know what they call interbank settlements? Let me explain. When you transfer money from let's say GTB account to First Bank account and the 'money' hits the account in a second. What actually hits your account is not really the money in the technical sense but a record that debit and credit has occured. It can take First bank a week in order to receive the physical cash equivalent to the amount that you transfer from GTB. That is inefficient and can slow down the amount of loan that First bank can grant based on their cash receipts at a particular time period. This is closely tied to the fractional reserve banking or cash reserve ratio (CRR) that CBN uses in controlling money supply in the economy.
E-naira advantage: Interbank settlements will be instant or extremely fast. With fast cash turnover, banks may grant cheaper loan.

Financial Inclusion
Yes, Fintech has broaden the financial Inclusion but do not underestimate how quick the financial Inclusion can grow with regular
government 'free e-naira' transfer to some categories of the citizens. Retirees will quickly learn how to get on the e-wallet if their monthly stipends are tied to it. Do not also forget the 'wonders' that allure of free peer-to-peer transfer without charges can do. Many Nigerians already detest the bank ripoffs through various charges.

Security
You got a point here but do not forget that holding cash also is dangerous. Besides, the e-naira is also on the Blockchain technology (which is still a very secure network). We have both permissioned and non-permissioned Blockchain. The e-naira is on permissioned block chain. It is only through CBN that the network can be messed with, and of course, if you are careless with your private key (password).

Overall: My fear is with the discipline of the Central Bank and possible high inflation due to over-minting the e-naira. If they can maintain high level of discipline (which I doubt considering the antecedent), e-naira is a very good innovation that will help the economy.

In my honest opinion, I have read and read over and over again, but I still can't comprehend how eNaira is different from the Naira in my bank account that I can transfer to any other bank account. This feature which seems to be the flagship of the eNaira. The CBN banned crypto currency in Nigeria, but still went ahead to introduce eNaira which they claim use blockhchain technology. I don't think they know what they want. The best the CBN could do for Nigerians is to create an eDollar wallet where everyone will have access to forex without going to bank or bureau de change. This is how I think it should work:
1. You download the eDollar wallet and register.
2. Fund your eDollar wallet with Naira from your Naira bank account. Upon funding this eDollar wallet with Naira, your Naira automatically converts to dollars based on the CBN rate, which you can use to do do international transactions.
With this, there won't be any bureau de change or Aboki Fx to speculate the dollar price. The reason being that only the CBN will have control over the rate because the eDollar wallet belongs to them. Also, they will be able to monitor every dollar that goes out of this country for international transactions. There will also be a daily limit to the amount you can transact or transfer. Terrorists can be put under watch as there should be a law banning physical dollars in the circulation. Let all dollar transactions go through CBN eDollar wallet. In my opinion, I think the bereau de change will be out of business, the commercial banks will be boycotted and won't be able to cheat customers, speculators will not have anything to speculate and there will be one common dollar price.

Adebeeyi:



https://fij.ng/article/e-naira-app-vanishes-on-google-playstore-amid-poor-reviews/

419 Government.
Who wan trust them.

By this time next year , you will no longer hear of e naira

Make lai mohammad, go sue Playstore for disappearance of the App

micellgevity:

In my honest opinion, I have read and read over and over again, but I still can't comprehend how eNaira is different from the Naira in my bank account that I can transfer to any other bank account. This feature which seems to be the flagship of the eNaira. The CBN banned crypto currency in Nigeria, but still went ahead to introduce eNaira which they claim use blockhchain technology. I don't think they know what they want. The best the CBN could do for Nigerians is to create an eDollar wallet where everyone will have access to forex without going to bank or bureau de change. This is how I think it should work:
1. You download the eDollar wallet and register.
2. Fund your eDollar wallet with Naira from your Naira bank account. Upon funding this eDollar wallet with Naira, your Naira automatically converts to dollars based on the CBN rate, which you can use to do do international transactions.
With this, there won't be any bureau de change or Aboki Fx to speculate the dollar price. The reason being that only the CBN will have control over the rate because the eDollar wallet belongs to them. Also, they will be able to monitor every dollar that goes out of this country for international transactions. There will also be a daily limit to the amount you can transact or transfer. Terrorists can be put under watch as there should be a law banning physical dollars in the circulation. Let all dollar transactions go through CBN eDollar wallet. In my opinion, I think the bereau de change will be out of business, the commercial banks will be boycotted and won't be able to cheat customers, speculators will not have anything to speculate and there will be one common dollar price.

So that they won't be able to get returns on round tripping or from BDCs?

They can never accept that.

Na communism go finish this govt/party

Please someone should show us APC manifesto let us check something

aremuforlife:
Those that gave negative reviews thought they are harming Buhari, NO.
We are doing ourselves, a thousand miles begins with a mile. I don't see any bad in the digital wallet, it is an innovation that needs to be encouraged.

So they should've irrationally given positive reviews when obviously the app is not operational? Where did your sense disappear to?

HeadNigga:
Lol...give the job to competent people you said no

Nigerians go almost go crazy, by the time they hear the amount of money claimed to have been spent in developing this E-naira.

It will be like buying land in banana island to build face me I slap you house.

Adebeeyi:



https://fij.ng/article/e-naira-app-vanishes-on-google-playstore-amid-poor-reviews/

I hope it is not the Crowe Man that crafted this thing called eNaira?

Drogunov:


Hmmm. Same Nigerian excuse for consistent incompetence.

Same way the citizens gave this APC government enough time to settle in and run smoothly, where has it lead us to?

Many don’t learn and will always remain gullible .

Nigerians must be careful to not use hate destroys this loving country no matter how much we hate this administration we mustnt hate progress.

Benwallt:
for the former it could even be less because those that want you like rat in the face of your ppl will do so even with 50card and for the later, he is not intellectually fenced but pettiness and hate mixed up with anger have taken the better side of our ppl

Did not understand the first part of your writeup. The ending part of "pettiness and hate, mixed with anger taking over better side of our people". It's amazing when you hear people mention heavy words that pass them. Ok what do you suggest is the reason for hate, anger etc. Oh, they just hate buhari, they hate fgn policies or they hate good things etc? Do your finding, most people that say such rubbish live in abject poverty yet they don't know it. Some do but are so stupid to acknowledge it.
Almost all over government, you see gross incompitence, people complain realizing they deserve better standards, but blocked brain zombies for what ever reasons, financial, stupidity, tribe etc choose to call them haters etc.
Should just a common app released by government despite spending billion be dumped by playstore within 24 hrs? Is that normal to you? OK, playstore is blinded with pettiness, anger and hate in your words.

That is how the stupid terrorist president will disappear from our lives. .useless government

aremuforlife:

You keep shut and learn.
They have already analysis the difference between eNaira and crypto. They are different things entirely, your eNaira is the same as your physical currency.

See the type of grammar this ignorant aboki dey speak �������.
Terrorist go and rest

Super1759:

Your problem is that you don't know and won't wish to learn.

We have two types of currencies
1. Fiat(paper money, physical money, controlled and centralised)
2. Crypto (soft money, online, structured by blochchain to be decentralized )

There is no middle one, no intermidate. You can't mix 1 and 2. Anything in between is not a form of currency. It's leg over to finish people like you. As long as someone have charge over it. It will be influenced and used for them.

Grow up. Common sense you don't have

Chaii see finishing...aremuforlife must be crying now

YeyeGbami:
Give them a break, they just dey onboard and una expect everything to run smoothly without issues.

e be like say you don't smell poo recently

aremuforlife:
Those that gave negative reviews thought they are harming Buhari, NO.
We are doing ourselves, a thousand miles begins with a mile. I don't see any bad in the digital wallet, it is an innovation that needs to be encouraged.

nonsense...Go and smell anus again

insidelife22:
Hmmm
Ronaldo for Ballon Dior.

Messi for balloon daradara

You need panadol

dasparrow:


Nigerian government can never do anything right

Nothing works in Nigeria..

Benwallt:
but Emefiele is the governor of central bank which birth the whole idea. Nigeria citizens are too full of shit. Respect to the very few reasonable ones.

We don dash una emefiele