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eNaira: Central Bank of Nigeria Issues New Regulatory Guidelines on Digital Naira

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The Central Bank of Nigeria (CBN) has said the Central Bank Digital Currency (CBDC), eNaira, will strengthen the Nigerian banking system and protect Nigerians from the unregulated crypto space.

The Central Bank of Nigeria on Monday issued a new regulatory guidelines on the Central Bank Digital Currency (CBDC), eNaira.

According to the document titled “Regulatory Guidelines on the eNaira” and seen by Investors King,  users shall have the option to disclose whether the eNaira wallet being created will be used personally or as trustees.

It reads “The Central Bank of Nigeria, under the Central Bank of Nigeria (CBN) Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020, is empowered to issue legal tender currency, ensure financial system and promote the development of electronic payments system. The Bank, in furtherance of its mandate, hereby issues the following guidelines for the operation of the eNaira.

“The eNaira is the digital form of the Naira, issued by the CBN in line with Section 19 of the CBN Act. It is a direct liability of the Bank, a legal tender and will form part of the currency in circulation and will be at par with the physical Naira (that is 1:1). 

“The eNaira shall complement traditional Naira as a less costly, more efficient, generally acceptable, safe and trusted means of payment. In addition, it will improve monetary policy effectiveness, enhance the government’s capacity to deploy targeted social interventions and boost remittances through formal channels.

“The eNaira wallet is required to access, use and hold eNaira. The eNaira will be exchangeable for other Central Bank Digital Currencies (CBDC).”

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

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eNaira

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

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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

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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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President Buhari Says E-Naira Could Increase Nigeria’s GDP By $29 Billion

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Enaira launching in Abuja - Investors King

President Muhammadu Buhari, in a statement signed by the Presidential spokesperson, Mr. Femi Adesina and made available to the media at the unveiling of Nigeria’s Central Bank Digital Currency, the E-Naira, said that the new digital currency has the potential to increase Nigeria’s GDP by $29 billion over the next 10 years.

The President reiterated that the launch of the E-Naira makes Nigeria the first country in Africa and one of the first few countries in the world to launch a digital currency. He further said he expects the currency to enable the government to send direct payments to citizens eligible for government welfare programs as well as foster cross-border trade and assist in moving many more people and businesses from the informal sector into the formal sector, therefore, increasing the tax base of the country.

The President then congratulated the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, his deputies, and the entire team of staff who worked tirelessly to make the launch of the currency a reality.

Meanwhile, earlier in the day, the Buhari Media Organisation (BMO), the approved body for operating digital communications of the Presidency, said that Nigeria will surpass the International Monetary Fund’s (IMF) projections of 2.6 percent economic growth in 2021 and 2.7 percent growth in 2022. The Group believes under President Buhari, the non-oil sector is progressing and this can be seen in the sector’s contribution to the GDP of Nigeria.

Mr. Niyi Akinsiju, the chairman of the organization, and Mr. Cassidy Madueke said this in a statement in Abuja. The full statement given by the organization said ” This is not the first time that the IMF is making such projections, but Nigeria never ceases to disappoint it by recording higher economic growth. In 2019, IMF projected a 2.1 percent economic growth for Nigeria, but against its prediction, Nigeria recorded real growth of 2.27 percent in Gross Domestic Product (GDP).

The statement further said “In a like manner in 2021, the IMF also projected that Nigeria’s economy would fall by 5.4 percent due to the COVID-19 pandemic. It later reversed its projection to 4.3 percent, but contrary to that, Nigeria recorded 1.8 percent. 

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