eNaira Speed Wallet App Back on Google Store

Adeyemi Matthew 

The eNaira Speed Wallet is back on Google Play Store 24 hours after its disappearance.

It was reported earlier that the e-Naira Speed Wallet app had gone missing from the Google Playstore on Wednesday, October 27, 2021, days after its launch.

Director of Corporate Communications of CBN, Osita Nwanisobi, said the app’s disappearance was only temporary as it was undergoing an upgrade aimed at tackling glitches noticed since its launch.

Before it went offline, the app had been downloaded by over 100,000 people.

The app which went missing on Wednesday afternoon came live around 1.00pm Thursday.

The Chief Consultant, B. Adedipe Associates Ltd., Dr Biodun Adedipe, said the e-Naira would not affect deposits of commercial banks while Dr Muda Yusuf and Daniel Udoaka have urged the CBN to enlighten the public on the initiative.

Adedipe spoke at the National Business Extra fourth anniversary lecture/awards yesterday in Lagos.

He spoke on the theme: “Cryptocurrency Vs E-Naira: Issues, Prospects and Challenges in Nigeria Economy.”

Adedipe, who was the guest speaker, said e-Naira could not replace deposits or reduce the ability of the banks to create credits.

“It has limits on the amount that can conveniently be carried in a physical wallet,” he said.

According to him, banks will not lose their deposits to digital naira because of limits on e-Naira wallet transactions.

He explained that cumulative balance limits and transfer limits introduced by the CBN on Tier 1, 2 and 3 e-Naira wallet were small compared with activities of commercial banks.

The cummulative balance limit for Tier 1 is N300,000 with transfer limit of N50,000; Tier 2 balance unit is N500,000 with transfer limit of N200,000.

The Central Bank of Nigeria (CBN), should embark on an awareness drive and sensitise the people so as to generate trust and confidence in the eNaira payment system initiative, an expert, Dr. Muda Yusuf, has said.

Udoaka said: “The only assurance that  Nigerians will get  is that it is controlled by the CBN. We may not likely wake up one day to hear that CBN or the Federal Government has banned it.”

October 29, 2021