Habeeb
After the Nigeria e-currency app, the e-Naira speed wallet was removed from Google Play
Store, it became evident that the Nigerian government may be making another big mistake.
The e-Naira wallet was removed due to the poor ratings and reports by the users. When the news of its
removal was going viral, I got into a conversation with a friend of mine. From the outcome of our
discussion and the comments from other people, it became clear that many of us do not
understand the concept of e-Naira and the true purpose of the digital currency.
So, I took it upon myself to research what e-Naira is really about and update you guys. This is
because now that the e-Naira Speed Wallet is back on Play Store, you may have a reason to
argue or have a conversation with someone about the new e-currency. When you do, I don’t
want you to seem clueless like I did with my friend.
So, here we go:
1. e-Naira Is Not A Cryptocurrency
The popular misconception about the e-Naira is that it is another Cryptocurrency like Bitcoin,
Ethereum, and others. This is what I initially thought. I was even wondering when CBN would
launch it on Binance or any other exchange platform.
Well, I want to inform you that the e-Naira is a digital currency but not a Crypto coin. It will likely
not appear on any exchange. So, if there is ever a slight chance that you are already thinking of
buying plenty of it and HODL, ‘na O.Y.O you dey oo’ (lol).
On a side note, even if the e-Naira were to be a Crypto coin, would you buy it?
2. e-Naira Is Just A Digital Form Of Naira
Like I mentioned above, the e-Naira is a digital currency, it is the digital form of the physical
Naira notes.
The e-Naira is built on a block chain open ledger technology, and issued by the CBN to serve as
a cheaper, more efficient, widely accepted, safe, and reliable alternative to the traditional Naira.
In short, the CBN doesn’t want you to be going around with cash.
At this point, you must be thinking: I have a bank app, and I don’t go around loaded with cash, I
do transfers. That brings us to the next point.
3. Benefits of e-Naira
To make it quick, I will list four reasons why the Nigerian government wants you to find space
for another app on your phone.
● Third parties are eliminated in the transactions carried out in the e-Naira wallet, thereby
reducing the time and cost of transactions.
● According to CBN, you will enjoy charges-free transactions for the first 90 days of using
the app, starting from October 25, 2021.
● Fraudulent transactions and unlawful money dealings such as money laundering would
be reduced due to e-Naira’s unique I.D.
● The e-Naira will make it easier for the government to disburse funds for targeted social
programs for Nigerians. This simply means, if the e-Naira had been around when social
intervention programs like N-Power started, participants would be getting their monthly
allowance disbursed into their e-Naira wallet.
Conclusion
I believe with the information in this article, you now know more about Nigeria’s new digital
currency than an average Joe out there.
If you are the type that scans through lengthy posts like this, just know that the e-Naira is not a
cryptocurrency. It has the same exchange value as the physical Naira. N1 is N1, e-Naira or
physical Naira. There is nothing like a ‘Pump’ or ‘Dip’.
From my point of view, the app and the whole concept of e-Naira have no unique value
proposition. I see no reason to add the wallet to my gallery of bank and other Fintech apps
struggling for space on my phone. I can already do everything the e-Naira digital currency app
can help me achieve.
So, the big question is, why the waste of funds, time, and other resources by the government
when there are more promising projects begging for attention?
But that is just my personal opinion. What do you think?
