The eNaira - Opportunities and challenges

Abstract

Emerging technology activities are evolving and turning our world into a digital world. The digital world offers many digital inventions such as digital currency, smart devices, social media, digital devices, and the list continues. Digital or electronic currency initiatives such as eNaira are fast becoming a norm across countries as means of payment for goods and services. But many are concerned and worried about eNaira, lack of understanding of the opportunities and challenges of eNaira, and limited academic literature. eNaira is a digital currency or electronic currency which is accessible through the Internet without physical print. The introduced eNaira was rolled out on 25 October 2021, and the announcement gained a mixed reaction from the public as a result of the opportunities and challenges that come with it. This paper deployed a literature review approach to provide a comprehensive analysis of eNaira, the opportunities and challenges of eNaira for Nigerians and businesses (individuals and organizations). The paper found that eNaira presents some opportunities for the central bank of Nigeria (CBN) (apex bank) and Nigerians (customers). It assists Nigerians (customers) to access their money quickly, and CBN can monitor and control transactions and many more. Also, the study discovered that eNaira faces trust and many other challenges, but the existing challenges must be addressed for the opportunities to be derived. This paper contributes to academic knowledge by providing comprehensive information on eNaira, and discovering the opportunities and challenges of eNaira.