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Fears, worries trial CBN’s Launch of eNaira

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Oct 27, 2021

 

Following the launch of the eNaira, described as the very first in Africa on Monday October 25th by President Muhammadu Buhari, many Nigerians have been expressing their thoughts on the project. Particularly noticeable among reactions monitored by Exclusive Africa on social media is the fears expressed by quite a number of notable Nigerians as to what the adoption of the eNaira could portend for the everyday man on the street.

For many, the potential use, or misuse by the government of the platform is ominous and should be debated before it is adopted. Yet another question on the lips of many is why Nigerians really need another digital wallet since this is already provided by the numerous bank and fintech apps already in existence.

According to Mr. Osaretin Asemota, he says he is at a loss at to what the eNaira is meant to solve or do differently that isn’t already made possible by the options that already exist.

”Every POS agent knows what is called eMoney. That is their digital float. Every bank customer who transacts digitally already knows that funds can be represented electronically. I am still at a loss on what eNaira is meant to solve other than helping the government print money,” he tweeted via his Twitter handle this Wednesday.

For him, he says its likely that the CBDC has a number of hidden unadvertised properties or that the authorities have a plan to scrap all other digital licenses already issued as according to him, everyone who will use any wallet via mobile are already customers of telcos asking why this cannot be made easier for them.

”My thinking is that either this CBDC has unadvertised properties (why I won’t download any app) or they have a plan to scrap all the digital wallet licenses that they’ve already issued. Existing licenses make all the properties they listed already possible but they refused telco.

”Distribution can’t happen without infrastructure partnerships. I am still at a loss as to why we should prioritize digital money before digital access. ALL the people who can/will use any digital wallet via mobile are already telco customers. Why not make it easier for customers?

”Distribution can’t happen without infrastructure partnerships. I am still at a loss as to why we should prioritize digital money before digital access. ALL the people who can/will use any digital wallet via mobile are already telco customers. Why not make it easier for customers?” he concludes.

Popular journalist David Hundeyin says should the eNaira trade at the CBN rate, then its sole use case in Nigeria is already defeated:

”There’s already a tokenised version of the naira (NGNT) which trades at actual USD exchange value. If the eNaira will trade at the fraudulent CBN rate, its sole use case in Nigeria (moving money in and out via the blockchain) is already defeated.
It’s a waste of time.”

Another user, Kudehinbu Oluwaponle highlights the possibility of the eNaira becoming the defacto means for the government to easily deduct taxies without recourse to anyone or a third party. He said, ”Well, CBN says it will allow the Govt carry out social interventions directly to beneficiary without intermediaries. What they didn’t add is that, one day, it might also allow Govt collect (or deduct) taxies and levies without third parties.”

Other reactions monitored are presented below:

eNaira is one digital currency Nigerians shouldn’t try. No matter how futuristic you are or can be, don’t trust anything that came from Buhari and Emefiele in Nigeria. It’s a useless thing on arrival. Leave it for Gumi, Adamu Garba, Desmond Elliot & others who support APC
IZU

I just pray and hope that by next year’s budget, these demons won’t add in 784 Billion and label it “eNaira Maintenance”.
What evil the Nigerian Govt can not do simply does not exist.
Go write this down. Just watch them.
Dr Olufunmilayo

The Naira in my bank account is already in digital form. It’s not in cash, I’m not carrying it on my shoulder. Why do I still need another e-Naira again?
I have read all the explanations already. It still doesn’t make any sense. 1 eNaira is still 1Naira. So?
The Girl

eNaira is just the last straw. Instead of printing excess notes now for recurrent expenditure, a click will do it.
Next thing is to mandate Federal workers, ministry and contractors to have a compulsory eNaira wallet. With that they hope to maintain naira value while looting.
Dedenkwa

The post Fears, worries trial CBN’s Launch of eNaira appeared first on Exclusive Africa.

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