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Pounds to Naira Rate on Black Market Today Hits N596



Naira Declines against pound

Pounds to Naira Rate Hits N596  at the Black Market

The British Pounds gained against the Nigerian Naira on Wednesday at the black market as forex scarcity persists.

The local currency declined slightly by N1 from N595 it traded against the Pounds on Tuesday to N596 on Wednesday.

Against the European common currency, the Euro, the Naira lost N2 from N540 it was exchanged on Thursday to N542 today.

Similarly, the local currency declined by N1 against the United States Dollar from N463 on Tuesday to N464 on Wednesday.

The British Pounds rose against the Nigerian Naira after the Central Bank of Nigeria devalued the Naira twice in a bid to accommodate the change in macro fundamentals.

Since then the plunge in global oil demand and prices have been hurting the apex bank’s ability to intervene at the nation’s foreign exchange market to support the naira value against global counterparts.

Therefore, experts expect the local currency to remain under pressure until the first half of 2021 given current situation in Nigeria and the world.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.

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eNaira App Suddenly Disappears From Google Play Store




A look at the Google play store today shows the sudden disappearance of the eNaira Speed Wallet app from the play store, barely two days after the app was made available for download.

Recall that Investors king reported that the eNaira Speed Wallet had been downloaded over 100,000 times on the Google play store. The app however had a very low rating of 2.0 and that may be part of the reason for its removal from the play store. It is unclear however if the app was removed by Google or by the Central Bank of Nigeria. The eNaira speed merchant app was still available on the Google play store as at the time of reporting.

Users have to download the eNaira speed wallet app to access the eNaira, this allows users to conduct transactions with speed and ease. The speed wallet app is the digital storage that holds the eNaira and is held and managed on a distributed ledger. The app not being available definitely hurts the implementation of the eNaira and it remains to be seen how the CBN addresses this challenge.

The app is still available on the Apple Play store, there are however multiple bad reviews which led to the application having a rating of 2.8. A Mr Peroo said “I’ve been trying to register the wallet since yesterday. Initially, it said try again later with my Access bank account yesterday. Today, I tried with my Zenith Bank account and it initially gave an error that the account doesn’t exist, then it said I have tried too many times with the same BVN, that I should contact tech support. A few hours later at the end, it said I need to enter my email but now it’s not even asking for email anymore. I uninstalled the app, downloaded it again, and tried again with the same issue.”

Most of the complaints seem to be about BVN and not being linked with email addresses. Another user gave a similar complaint to the first reported complaint. The user said “The wallet account is supposed to be an easy setup process, Isn’t there an email linked to BVN? I hope it would not be made compulsory for us to contact our bank just to link email addresses to BVN. CBN should have done better, this process seems stressful already.”

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eNaira App Grosses 100,000 Downloads Despite Drops in Rating to 2.0 in 24 Hours



enaira app - investors king

Barely 24 hours after the eNaira was launched, the eNaira speed wallet application (eNaira App) recorded over 100,000 downloads despite its rating plummeting to 2.0 on Google store as multiple users complained about glitches while using the eNaira app.

Apart from the Google store, the application can be downloaded from the Apple store, however, the number of downloads from this store is unclear as of now.

Users have to download the ‘speed wallet’ to access the eNaira.  Downloading the speed wallet allows users to conduct transactions with speed and ease. It is the digital storage that holds the eNaira and is held and managed on a distributed ledger.

Users however complained of major glitches they experienced while using the app. A user said “Very poor user experience so far. It is a known fact that having an email address wasn’t a mandatory requirement when setting up BVN, now this app wants me to provide my BVN email address.”

Another user said “I am trying to sign up using my bank, but it keeps complaining of my name not matching. Later it says too many attempts have been made for my BVN. You people need to play along with other countries with this crypto matter. At least since I have provided my BVN, the app should be able to access my data automatically. Nigeria has made a great step, but it needs to be improved. Because what is the essence of inputting my BVN and NIN if it can not automatically access my data?

And another user said “Telling me to contact my bank for email validation despite knowing that banks can make life miserable with things like this. In my opinion, it is best if you provide a place where someone can put preferable email on the app because that’s the beauty of using the app not ‘yeye’ old ways of the banking system.

A very big proportion of the complaints seem to be about email addresses and BVN. In a response to one of the email queries, the CBN said “Before you begin, you need a valid and active email address linked to your BVN profile”. The system fetches your BVN-linked email address based on the KYC info. You also need your correct personal information such as your first name and last name, state of origin, and date of birth associated with your BVN details.”

The eNaira speed merchant wallet which is designed for businesses and allows merchants to offer a convenient way to receive money fared better. The app had 10,000 downloads on the Google Playstore and a 2.8 rating.

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CBN Releases Document on Roles of Players Regarding eNaira



Following the launching of eNaira by President Muhammadu Buhari and the Central Bank of Nigeria (CBN), the central bank has now published Regulatory Guidelines on eNaira for all stakeholders.

In the document, which was signed by the Director of Financial Policy and Regulation, Chibuzo Efobi, the CBN provided step-by-step guidelines for all eNaira players, the roles of the Central Bank, Financial Institutions, Merchants, Ministries, Departments and Agencies and Customers.

According to the details of the document, the roles of the CBN regarding the eNaira include:

(1)  Managing unresolved eNaira issues and complaints escalated from the Financial Institutions and disputes arising between Financial Institutions.

(2)  Minting, issuing, distributing, redeeming and destroying the eNaira.

(3)  Determining the technical, regulatory, and operational standards for the eNaira.

(4)  Monitoring compliance with applicable regulations.

(5)  Issuing directives and reviewing Guidelines on eNaira periodically as may be required.

 The roles of Financial Institutions include:

(1)  Facilitating eNaira speed wallet onboarding for bank customers (merchants and individuals) including sensitizing them on the need to familiarize themselves with details of their BVN particulars, especially Email addresses.

(2)  Integrating the eNaira speed wallet feature into their electronic banking channels.

(3)  Managing eNaira across its branches.

(4)  Requesting eNaira from CBN for self and on behalf of its customers.

(5)  Developing and/or updating reports and internal frameworks to ensure compliance with KYC and AML/CFT requirements.

(6)  Receiving and resolving customers’ complaints on eNaira (including a prompt update of customers’ BVN particulars in NIBSS.)

(7)  Ensuring that eNaira inquiries and complaints are included in the periodic reports to CBN.

The roles of merchants are:

(1)  Providing cashback services for customers.

(2)  Providing customers with alternative channels for making transactions using eNaira.

(3)  Publicising the option of eNaira payment for transactions at merchant locations.

(4)  Protecting their eNaira speed wallet credentials against fraudulent access.

The roles of Ministries, Departments and Agencies are:

(1)  Receiving revenue in eNaira.

(2)  Making payments in eNaira.

The roles of customers are:

(1)  Utilising eNaira as an alternative payment option for legitimate transactions.

(2)  Creating eNaira speed wallets and funding them.

(3)  Creating eNaira speed wallets and funding them.

(4)  Notifying financial institutions in the event of fraud/complaints/disputes.

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