Northern Nigerian States are more interested in ENaira than other regions

Currently, Jigawa, Yobe Zamfara and Adamawa are the most enthusiastic about the eNaira cryptocurrency. Bitcoin interest was highest in Ebonyi and Akwa Ibom, Enugu Kano and Ebonyi..

The Central Bank of Nigeria (CBN) has been unable to preserve Nigerians’ interest in Africa’s first virtual currency, the eNaira, meanwhile, Bitcoin and other cryptocurrencies have flourished.

Nigerians’ involvement in eNaira temporarily eclipsed that of cryptos from October 24, 2021, to October 30, 2022, implying that the eNaira debut had broad appeal and most Nigerians were anxious to see what the CBN could do.

However, following the eNaira’s introduction on October 25, 2021, interest in Nigeria’s digital currency began to dramatically decline. However, Bitcoin and other cryptocurrency participation remained steady over this period.

Google Trend on eNaira

The data shows that participation in the eNaira dropped to historic lows. This is similar to what was observed in other regions prior to the CBDC’s announcement.

Research has shown that interest in eNaira reached 43 percent between October 24 and October 30, 2021. While interest in cryptocurrencies was only 41 percent.

However, eNaira was less than 1 index point on March 20, 26 and 27, 2022, as compared with 43 index points on October 24, 30 and 31, 2021.

Currently, Jigawa, Yobe Zamfara and Adamawa are the most enthusiastic about the eNaira cryptocurrency. Bitcoin interest was highest in Ebonyi and Akwa Ibom, Enugu Kano and Ebonyi.

However, Nigerians’ interest in the leading cryptocurrency, Bitcoin, appears to outnumber searches for eNaira and cryptocurrency. Anambra and Delta states, Bayelsa and Edo, as well as Ebonyi, were interested in bitcoin.

CBN and Crypto: A mismatch 

The CBN issued directives to financial companies in January 2017 titled “Circular to Banks and Other Investment Firms on Virtual Currency Business in Nigeria,” expressing concern about digital currencies’ unrestricted and anonymous nature, as well as the risks associated with them.

Although the CBN did not ban all cryptocoins, it did prohibit regulated institutions from aiding or participating in them. All institutions in the country were instructed to terminate any accounts belonging to crypto traders and dealers.

The apex bank of Africa’s biggest economy also advised and advised local financial institutions from conducting any crypto transactions or enabling payments for crypto exchanges in a circular dated 5th February 2021 and circulated to authorized financial firms.

Nigerian’s thought on the eNaira

The Google Play Store review section reported that Nigerians gave the eNaira app a rating of 1.9 out 5 stars. Most reviewers only gave one-star ratings.

While some users were pleased with the user interface, many others expressed dissatisfaction with obstacles encountered during registration, such as the requirement for the user’s email address to be linked to their Bank Verification Number (BVN)

This was a hurdle because many Nigerians still don’t have this integration, and may need to go to the bank to get it fixed in order to utilize the app.

In other common circumstances, after accurately entering all essential data, consumers are forced to watch a spinning icon on the screen until it states, “there was an issue, try again.”

Mr. Raphael Awoseyin, for example, wrote, “I just couldn’t register.” When I input all of the data, it spins and informs me there was a problem, but it really doesn’t tell me what the error was.

Get latest news from African Startup ecosystem

Latest stories

You might also like...