What bank customers plan to do with digital currency

Through our journalists

Before of the planned launch of the central bank’s digital currency (CBDC), Nigerians from all walks of life have spoken about their plans towards the use of currency to succeed in the program. While some insist on the security and protection of transactions from fraudsters and hackers, others say they would take the “Wait & See” attitude.

Therefore, a representative sample of those who spoke to the Daily Sun called on the Central Bank of Nigeria to do meticulous work with the currency to ensure that it serves the intended purpose for the business community.

For the Director General of the Lagos Chamber of Commerce and Industry (LCCI), Chinyere Almona, CBN should work towards achieving cybersecurity and protecting transactions from fraudsters and hackers. According to her, if this is done, Nigeria’s quest to become a major player in Africa through the African Continental Free Trade Agreement (AfCFTA) will be easily achieved.

His words :

Digital transformation is a journey, not a one-off. And as digital transformation evolves across the world, Nigeria cannot afford to fall behind and catch up later. We only advise on international best practices that are well domesticated to adapt to our local economic realities. Regulation, case study analysis and supervision are essential. With the proposed international financial hub, Nigeria seeking to be a significant player in Africa through the African Continental Free Trade Agreement (AfCFTA), the emergence of Special Economic Zones and several other intercontinental trade agreements, a digital currency is emerging. probably necessary to play a trade and trade facilitation role.

It is imperative that digital platforms are well supported and regulated to reduce cybercrime. As innovative digital solutions will continue to dominate the way business is done across the world, Nigeria cannot afford to fall behind in the scheme of things. However, it is important that strict regulations according to best practices are put in place.

But for Mr. Chizaram Ibe, “wait & see” is the way to go at the moment.

“I read articles about e-naira in the newspaper pages and we were told it would improve payments and business transactions. We are therefore awaiting its launch on October 1.

For his part, Peter Ifeoluwa: Internet transactions are increasing. I don’t understand the e-naira stuff. When it starts to work, we’ll grab it.

Chizobar Eze, who also commented on the matter, noted that the proposed eNaira, issued by the CBN as legal tender, is the digital form of the Naira and will be used as cash. He felt that the awareness and awareness of the public about eNaira, especially bank customers, is very low, and so the CBN has not done well enough in the area of ​​awareness and awareness.

However, he argued that eNaira would open up new markets for digital currency users and financial institutions to increase their customer base and add value to account holders.

According to him, when it comes to businesses, e-Naira promises to help customers pay for their services easily and reduce handling of bulk cash.

“My fear is that our available infrastructure set up to run this new platform seamlessly is not there?”

How long will it take to resolve failed transactions?

This is why I said that CBN failed in the area of ​​awareness and awareness, ”he added.

Meanwhile, an economist, Mr. Jide Sholanke, said the enaira will help digitize the payment and banking system in Nigeria. He added that the purpose of the e-Naira is not entirely different from what is currently available on digital payment platforms in the country.

According to him, the e-Naira will significantly reduce the cost of moving money and also reduce the risk involved in this operation.

“The CBN needs to raise awareness on the operationalization of digital currency. My question to CBN would be when would the e-Naira convert to physical naira? The e-Naira is a welcome development in Nigeria if it is well regulated to guard against a free fall in the value of another country’s currency, ”he said.

A client of the bank, Jude Ike, said there was not much difference in eNaira from other online banking platforms currently operated by commercial banks in the country.

“What I expect from CBN is to work out modalities on how our Naira will appreciate so that the dollar rate can also fall to make things easier for Nigerians. What is the eNaira that the CBN talks about when our naira has no value? What is eNaira when our Naira cannot even compete with the currency of other neighboring countries? ”

According to Mr. Chinonso Mbilitem, who was analyzing the motive behind the e-Naira may be Nigeria’s effort to create its own cryptocurrency like other nations of the world. “This is basically electronic naira, a digital form of Nigerian currency, and has to work with blockchain technology. This is a good step for CBN to advance the cashless economy it drives. e-Naira will facilitate financial transactions and provide security of funds, which will probably be the most important benefit, although security of funds is the sole responsibility of the individual fund owner.

Business transactions with e-naira will be easy over time, but the relevant authorities need to educate the public about its benefits and how to use it. When they are educated enough on how to use it, they will use it. It may take a long time, but eventually people will figure it out and start using it.

I think the goal of exiting the e-naira is to reduce the physical liquidity in circulation and this will mitigate inflation and deflation as it will control the inflow and outflow of liquidity into the economy. For example, if the government needs money to carry out development projects and it does not have enough, it can asking CBN to print more money and as this enters the economy it lowers the value of the naira against other currencies. When that happens, the prices of things start to go up and that’s when inflation sets in. The e-naira will therefore help to regulate these things. A lot can be regulated and even corruption can go down. “

Another customer of the bank, Chioma Kanu, said: I don’t know anything about e-naira at the moment. I doubt whether using e-naira will be effective at this time. It will certainly be a gradual process because as it has just been launched, not everyone will master it in the meantime.

Kanu seems to have a soul mate in Uloma Stella who said, “I still don’t know how the e-Naira will work and even though you have explained how and what it is, I still don’t understand. I still think this should have been well thought out first by CBN and then released to Nigerians. Well I don’t have much to say … I’ll rather wait and see how it’s done before I start.

Agbodike Nnamdi wants the CBN to tell the banks “who in turn should teach us well enough before we get started (e-Naira train).” That’s my opinion.

However, a representative sample of bank customers interviewed by the labor movement said they did not know what the proposed eNaira consisted of.

Mr. Toba Oyinloye, a union reporter said he had no idea and could not transact on the platform. ” I do not know. I haven’t heard or read any information about her. How can they launch a product without first educating the general public about its modus operandi? He asked himself. He said, however, that he had read something in the mail from one of the commercial banks regarding money, but the information provided was rather vague.

Ngozi Madu also shared the same point of view with Oyinloye and lambasted the CBN for some of its forex policies, especially for the real sector of the economy.