The Speed Wallet and Merchant Wallet developed by the Central Bank of Nigeria for Nigerian citizens to purchase their eNaira currencies recorded over 100,000 downloads across digital platforms on Google Playstore and Apple app store as of 3:00 am on Wednesday, October 27, 2021.

While the downloads grew, the complaints increased in numbers too.

Since the announcement and launch of the national currency the eNaira, uncertainty and controversies have continued to trail the use of the eNaira and acceptability by Nigerians, many people who heard about Nigeria’s stride of launching Africa’s first digital currency were pumped up to share in the experience of Nigerian Central Bank Digital Currency (CBDC), only to discover the sudden disappearance of the application on Google Playstore.

Only the Merchant Wallet was on Play Store as of 12:07 pm (Nigerian Time) on Thursday.

A former Nigerian lawmaker Shehu Sani in a tweet on Thursday said the “eNaira app may have also been kidnapped from the Google store.”

A Nigerian Twitter user Dr Penking said, “Google Play Store has deleted the eNaira wallet due to multiple complaints and low rating.”

The app was still on Apple app store at the time of filing this report but the reasons for the ‘disappearance on Google Play Store remain unknown.

Apart from the rectifying the buggy apps, the CBN now has to also contend with fraudsters.

The bank on Wednesday warned the public against a Twitter handle (@enaira_cbdc) suggesting that it is disbursing 50 billion eNaira.

The bank said some fraudulent individuals have been posting messages relating to the currency wooing Nigerians in their criminal and illegal activities.

It said it is not in any way associated with the handle and had not been active on Twitter since the government banned the microblogging platform in Nigeria.

what to know about eNaira

1. It’s the digital form of the Naira

The eNaira is the digital form of the Nigerian physical Naira currently in circulation. It is issued by the CBN in line with Section 19 of the CBN Act. In essence, it is a direct liability of the Nigerian apex bank. Built on a blockchain open ledger technology that prevents duplication or creation of fake units, each eNaira note will be unique and different.

2. Is the eNaira same as Cryptocurrency?

No, it isn’t. The eNaira is simply a digital currency issued and backed by the authority of the Nigerian government and is a legal tender equivalent to the physical cash. It is quite unlike Bitcoin and other cryptocurrencies that have no backing of established authorities.

3. eNaira at par with N1

The eNaira is a legal tender and will form part of the currency-in-circulation. More importantly, the e-naira will be at par with the physical Naira, maintaining the same exchange value as the Naira What this means is that one eNaira is of the same value with one traditional Naira i.e N1=1 eNaira.

4. What’s eNaira Wallet?

The eNaira wallet is required to access, use and hold the eNaira. The eNaira will be exchangeable for other Central Bank Digital Currencies (CBDC). The eNaira will be made accessible only through the eNaira Wallets which is the digital storage that holds the eNaira.

5. How exactly will eNaira work?

The eNaira will be provided by the CBN to intermediaries (i.e financial institutions) who would in turn help supply to individuals/customers. These institutions would maintain a treasury wallet to collect eNaira from the CBN. They would thereafter oversee ID verification, eNaira payment processing, and generation of wallets for Nigerians to keep their eNaira. Through the app, customers would be able to identify a bank of their choice, connect to their bank accounts and carry out transactions.

6. Are there charges for using the eNaira platform?

The CBN said that charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021. However, it would revert to applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.

7. Why eNaira in the first place?

The eNaira is expected to complement traditional Naira as a less costly, more efficient, generally acceptable, safe and trusted means of payment. In addition, the CBN said in its guide that it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions and boost remittances through formal channels. There is the elimination of third party in transactions which could reduce time and cost of transactions. More importantly, there is the ease with which it would complement inclusion of excluded people in the financial system.

8. Who will be affected by the digital disruption?

A major advantage that the e-naira brings is deepening of financial inclusion. Hence, it would ease financial transactions and affect individuals, businesses, non-governmental organisations (NGOs), religious institutions, Diaspora Nigerians, MDAs, etc.

The Nigerian Senate Committee on Local and Foreign Debt has turned down President Muhammadu Buhari’s loan request for Sustainable Urban and Rural Water Supply, Sanitation and Hygiene (SURWASH) under the Ministry of Water Resources.

This came 24 hours after the Ministry of Health appeared before the panel to seek approval for $200 million for procurement of mosquito nets and malaria medicines.

The lawmakers, who took turns to fault the request, asked the ministry to furnish the panel with loans collected so far and projects they were tied to.

The committee chair, Senator Clifford Ordia, recalled that three different loans had been approved for various water projects.

He said: “$450 million for the ministry for water project being financed by the African Development Bank (AfDB) and another $6 million loan under integrated programme for development also financed by the AfDB and Gurara Water Project.

“You need to tell us what you are doing with $700 million for water projects.” The panel, therefore, resolved to summon the minister, Adamu Suleiman, to offer explanation on previous loans and how they were deployed.

In his contribution, Senator Obinna Ogba said he was against the offer, arguing that previous credits were unfelt. Senator Ibrahim Oloriegbe sought to know the criteria for picking benefitting states amid his opposition to the fresh loan.

Also opposing, Senator Sani Musa advised the committee to pick a workable one after a conscientious review. Earlier, the Permanent Secretary in the ministry, Mrs. Esther Didi Walson-Jack, who could not offer convincing explanation on previous loans, told the committee that SURWASH would last for five years, adding that $640 million was needed for the project and $60 million for capacity building.

On Monday, Nigeria’s Central Bank Digital Currency (CBDC), eNaira, was launched by President Muhammadu Buhari at the State House in Abuja.

The eNaira was developed by the fintech company, Bitt, based in the Carribeans.

At the launch on Monday, the Central Bank of Nigeria governor, Godwin Emefiele, said 500 million eNaira ($1.21 million) had already been minted.

The CBDC’s digital currency app and its merchant wallet also became available for download after going live.

E-Naira Can Raise Nigeria’s GDP By $29bn in 10 Years – Buhari

President Muhammadu Buhari yesterday launched the Central Bank of Nigeria’s digital currency, the e-Naira, saying that the currency and its underlying blockchain can increase Nigeria’s Gross Domestic Product, GDP, by $29 billion in 10 years

African Development Bank Group President Dr. Akinwumi A. Adesina has said low levels of industrial manufacturing are hampering economic growth and development in Nigeria and many other African countries.

Adesina said, Nigeria must accelerate its manufacturing sector through integration and a rapid progression up global and regional value chains where it has a comparative advantage. Adesina was speaking at a lecture titled Overcoming Binding Constraints to Competitive Manufacturing for Intra-Regional Trade, which he delivered at the inaugural edition of the Adeola Odutola Lecture Series on Tuesday in Abuja. The series is organized by the Manufacturers Association of Nigeria.

The African Development Bank head said: “The continent has abundant natural resources, oil, gas, minerals, metals, agricultural and forest products, and the blue economy. But tragically and ironically, Africa’s massive natural resources have not translated into wealth.”

He added: “The low level of industrial manufacturing is at the core of the slow structural transformation of African economies,” and represented a race to the bottom characterized by rising poverty, export of jobs, volatile commodity prices, and import dependency.”

Adesina recommended several policies, including the setting up of industrial digital skills academies to reskill and retool workers for jobs of the future. He said deepening domestic capital markets would enable companies to access the equity financing they need to grow their businesses. He posited that there should also be massive investments in gas, hydropower resources and large-scale solar energy systems to ensure stable baseload power for industry.

He called on the Nigerian government to actively address infrastructure bottlenecks, which he said were hindering the manufacturing sector.

He also noted the existence of potentially catalyzing external factors like the Africa Continental Free Trade Area, which he said presented a huge opportunity for Nigeria to drive an export-driven industrial manufacturing pathway.

Speaking on the behalf of President Muhammadu Buhari, Secretary to the Government Boss Mustapha, commended the lecture, calling it “erudite and thought-provoking,” and said the government would certainly consider the solutions offered.