Sunday, December 5, 2021

Nigerians are skeptical of new digital currency days after launch

Thousands of Nigerians are expressing concern over the country’s new digital currency after its custom app was temporarily removed from the Google Play store this week. Since its launch on Monday, the app has recorded tens of thousands of downloads.

The central bank officials said a system glitch, unable to handle the massive volume of traffic on the download site, led to the temporary removal of the eNaira Speed ​​Wallet.

They say the problem has been solved.

The eNaira app has recorded over 100,000 downloads in the Google Play store alone since its launch on Monday. But thousands of early adopters say they faced many challenges.

Among them was Ogunbiyi Olubiyi, who runs a digital company in Lagos.

“This is a great initiative of the Central Bank, they are future-oriented, which means that they are moving somewhere. But the performance could have been better, ”said Olubiyi.

Earlier this year, Nigeria’s authorities restricted cryptocurrency transactions in the country and promised to create a safer option for citizens – eNaira.

The government expects to use blockchain technology to improve financial inclusion, facilitate cross-border transactions, increase remittances and stimulate the economy.

But users like Abuja-based stock trader Leonard Nwankwo fear a hack. Nwankwo says the central bank’s terms do not include income or profit loss insurance.

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“Whether it is a mistake caused by them, or a mistake not caused by them, so that means that only consumers of this product or investors in this currency bear 100% risk, so the agent can decide to do something questionable and he can leave because he is not responsible for the limitation of liability, ”Nwankwo said.

Olubiyi says more awareness is needed to increase user confidence in the eNaira platform.

“I don’t think people downloaded and tried the app before they started reporting it. You see, this is due to distrust. I think the CBN (Central Bank of Nigeria) should campaign to introduce and educate the people of eNaira and how it will solve the problems in their lives. ”- Olubiyi.

Central banks around the world are accepting digital versions of their legal tenders. The Nigerian government hopes eNaira will increase Nigeria’s gross domestic product by $ 29 billion over the next 10 years.

But experts say this goal can only be achieved if end users trust the authorities and the currency itself.

Nation World News Desk
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