eNaira slowly gains traction post-launch amidst glitches

Nigerian government officials have big expectations regarding the eNaira.

The rollout of the world’s second central bank digital currency, or CBDC, is off to a rocky start. Last week, Nigeria rolled out its eNaira CBDC after the Bahamas became the first country in the world to launch theirs, known as The Sand Dollar, the year prior.

In a statement quoted by local news outlet The Nation, Central Bank of Nigeria, or CBN, Governor Godwin Emefiele said “overwhelming interest and encouraging response”. Similarly, President Muhammadu Buhari estimates that the eNaira could generate an additional $29 billion in economic activity over the next decade, citing the possibility of direct government welfare payments via the digital currency.

According to Emefiele, since its launch on Oct. 25, 33 banks, 2,000 customers, and 120 merchants have signed up for the platform. The app is available on both Apple and Android. Over 200 million worth of eNaira ($602,959 USD) has since been issued to financial institutions in the country.

But while government officials are optimistic about its outlook, the launch has not gone all smoothly. The CBN’s eNaira Speed Wallet briefly went offline shortly after its unveil on app stores such as Google Play. The app was removed to facilitate an upgrade after receiving over 100,000 downloads, with polarizing reviews.

Users mostly complained about glitches and several features of the app not working at all. It is currently available. As reported by Peoples Gazette, the CBN also plagiarized a legal disclaimer for the eNaira from an American equipment manufacturer.

Last month, in a survey conducted by Finders.com and tabulated by The Straight Times, 24.2% of respondents in Nigeria said they owned cryptocurrencies — ranking the country at the top of the world in digital currency use. Malaysia ranked second (18.0%), and Australia came in third (17.7%). Meanwhile, the United States came in tenth place, with 10.4% of adults owning crypto.

Did you experience any difficulties while registering on the enaira mobile app?
  • Not at all
  • Few errors but resolved
  • Worst experience ever

0 voters

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But I personally registered successfully anyway, I had no issues

I had issue of email not link with BVN.
I wonder why email instead of phone number.
Phone numbers were linked to BVN and NIN but they ignore it and ask for email instead.
Meanwhile, they said it’s for financial inclusion. Many of the market women and those in rural areas in million doesn’t concern much about email address despite having Android device but have phone number which are already linked to BVN.
Meanwhile, I don’t think the CBN released a Beta version of the app before making it public.

Many people experience this but they get the solution,

Kindly go to your bank where you enroll for BVN to update your details by adding your email address to it.

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I have only downloaded the app tho I haven’t even opened it yet :joy_cat::joy_cat::joy_cat:

Try it brother, maybe it’ll work smoothly😊

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Am planning on using it when some cash am expecting comes up. I’ll fund it Nd inspire pple to use it to make trade faster mostly in Timbuktu exchange. I’ll be paying in Enaira Nd Naira Notes, Usdt (Erc20 and Bep20 )✓

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