Nigerians react over launch of digital currency, E-Naira

Nigerians react over launch of digital currency, E-Naira

As President Muhammadu Buhari formally unveiled the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, at the State House, Abuja, Nigerians on social media have reacted to the latest development.

Speaking on the development, many Nigerians have praised the government for the new initiative while others said the Muhammadu Buhari's administration got their priorities wrong.

Nigerians react over launch of digital currency, E-Naira by Buhari
Nigerians have reacted over launch of digital currency, E-Naira. Photo: CBN/Femi Adesina
Source: Getty Images

According to the federal government, the launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society.

Here are reactions from Nigerians following

Ademitunji Afolabimi

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"What about the general public? What is the level of their preparedness about this digital currency? Or it only for the financial gurus and experts?
What sensitization have you done about the currency and how the general public can key into it use? Will it be acceptable by the Nigerian public?"

OluwaFemi J. Olagunju

"Under this present Central Bank governor, our economy has nosedive than ever before, and the naira is at its weakest.
"Instead, the Central Bank of Nigeria has continually look for ways to exploit Nigerians through silly numerous bank charges. Instead of launching the e naira, the failed Central Bank governor should be interested in at least returning the value of naira to what he met when he got into office.
"The Central Bank governor witch haunted those who took part in EndSARS protest by placing embargo on their account. Why has he not done same to bandits or killer herdsmen?"

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Abdullah Idris Garba Talasse

"We are becoming digital Nigeria. Thank you CBN, thank you PMB for making such a reality."

Abdallah Mohammed

"At least, if it will reduce banks exploitation, it's a welcome idea but I don't see any different with our money in bank account."

Ev Ans

"Since the money is not going to appreciate or depreciate then I don't see the essence of this eNaira cause it's going to be the same with a bank mobile app no difference anyway good work."

What is eNaira?

Meanwhile legit.ng has earlier reported that in July, the Central Bank of Nigeria (CBN) released the guidelines on eNaira.

The eNaira will be a non-interest bearing currency and won't serve as a hedge to escape inflation which many have used Bitcoin and Ethereum.

The Central Bank of Nigeria also noted Nigerians won't be charged by the financial institution for the utilisation of the eNaira through POS or the banks.

Source: Legit.ng

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