Business
A novice’s guide to understanding eNaira
Finally, it’s live! The long-awaited and much-anticipated eNaira has officially been launched. While I have written a number of articles on the eNaira, one thing I have noticed is that a lot of people are still finding it hard to grasp the idea behind the Central Bank Digital Currency.
It is perfectly understandable that there are still citizens who are yet unclear about the nature of the eNaira and, more importantly, how to use the digital currency. In most cases, some need to be convinced as to why they should join the race to download the eNaira app and what this will mean for their business. There are valid concerns, if I may say so.
Hence, in this piece, I attempt to demystify the eNaira, explain what it is and what it is not while giving a brief analysis of how to make or accept transactions using the eNaira.
Dissecting the eNaira
The eNaira is a digital version of the paper naira issued by the Central Bank of Nigeria. Playing a purely complementary role to the naira, the digital currency will have equal value as physical cash that we use in our day-to-day activities.
Contrary to what many think, the eNaira is not a cryptocurrency like Bitcoin, Ethereum, Dogecoin or any other kind of crypto. It is not decentralised and cannot be privately controlled the way cryptocurrencies are.
However, like these currencies, the eNaira is built on a blockchain open ledger technology; this is to ensure that a holder of the CBDC cannot have a duplicate or fake eNaira because each eNaira note will be unique.
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Another concern that comes to mind is the stability of the eNaira. Before venturing into the unknown, especially in financial matters, security and stability are matters of key interest for any party in a given business transaction. When it comes to the eNaira, people want to know if it is a stable coin.
Keep in mind that a stablecoin is a cryptocurrency backed by reserves that are currencies or other assets, such as gold, that can be readily transferable and are used to balance transactions and payments anywhere in the world – case in point, the US dollar.
Stablecoins refer to cryptocurrencies that seek to attach their market value to some external reference. An example of a stablecoin is the USDT, which is tied to a currency, the US dollar, and maintains a stable exchange value.
The eNaira technically is linked to the FIAT naira; and as we know from personal experience, the naira is not exactly stable. So, for the eNaira to be stable, it then has to be linked to a universally stable currency like the US dollar or euro.
The eNaira is designed for all whether you are an individual, consumers, merchants, government ministries, departments and agencies, licensed financial institutions, and even the central bank itself.
Using the eNaira for transactions
Imagine you want to send N100 to your aged mother in one remote village where there are no bank branches. A common process is to buy a recharge card of the same value, text to her mobile phone, after which she goes to any phone card retailer and exchanges her N100 credit for N95 in cash.
Rather than go through all that, you only need to debit your bank account for N100, convert it to eNaira, and transfer it to your mother. Having received the money, she can spend it directly from her phone or exchange it for cash. To enjoy this service, you need to have an eNaira wallet into which you store and use your digital currency.
In the case of a person-to-person transaction, holders of the eNaira wallet can easily transfer eNaira to another holder. In a simple process, it is possible to credit your eNaira wallet from your account within the same bank or a different bank account. While you cannot cash out from eNaira to physical cash, you can do so from your eNaira wallet to your cash within the same bank or another account in a different bank.
The same straightforward process applies also when making person-to-merchant payments, government-to-citizen, or citizen-to-government payments. With the e-Naira, you can make or receive salary payments, and payments for goods and services can be concluded.
Taking full advantage of eNaira
The eNaira has a cutesy tagline, ‘Same Naira, More Possibilities’. No doubt this is to inspire trust while encouraging the mass adoption of digital currency. Anyway, it has a low-cost advantage in comparison to FIAT.
For one, traders will pay no fees for withdrawals and deposits to and from their bank account; that in itself is a massive incentive. In line with Nigeria’s financial inclusion agenda, the e-Naira will also onboard millions of the unbanked – Nigerians who have mobile phones but without bank accounts. Though formerly unable to enjoy financial services in their entirety, these ones will be brought into the formal financial economy.
Artisans including plumbers, tailors, carpenters and fashion designers can accept payments on their phones, store them in their wallets, and make transactions with any vendor or customer.
Also, the eNaira will be upgraded, and when this is done, it will allow for cross-border transactions. This means that eNaira can be used by any two-party actors who can credit a Nigerian banking institution with corresponding currency. To illustrate, a trader banking with UBA in Kenya can settle his import bills from the Democratic Republic of Congo using e-Naira.
Interestingly, because many citizens lack trust in financial institutions, eNaira will make it possible for customers to monitor their wallets, balances, and transaction history in real time.
On the one hand, by integrating into the CBN’s forex process, the digital currency will make it easier for remittances to flow into Nigeria. On the other, Nigerians in the diaspora can send funds to friends or relatives through international money transfer organisations who will buy eNaira from their corresponding Nigerian banks.
The problem of accessibility
Having gained more understanding about eNaira, compared to when you started reading this piece, perhaps you wish to experiment with this idea. The question on your mind might be how to get the eNaira. To access the eNaira, you need to download the ‘speed wallet’, which allows you to conduct transactions with speed and ease.
Before you make that decision, however, reports have it that the eNaira speed wallet pulled a disappearing act from the Google Play Store barely 48 hours after its launch. Conversely, the eNaira merchant wallet is still up and running with over 10,000 downloads.
While some users have complained about poor user experience, others are pretty distrustful of the terms, conditions, and disclaimer notice given by the CBN.
I believe these are fixable issues, and since we live in a digital world that is increasingly becoming cashless, the eNaira project, to all intent and purposes, is a boon to the Nigerian economy.
In my next piece on the ICT Clinic column, I will explore the possibility of the eNaira becoming a world-class digital currency and the importance of local collaboration in driving Nigeria’s vibrant financial sector forward.
CFA is co-founder of techbuild.africa & blockbuild.africa, platforms deepening Africa’s tech ecosystem & godohub.org, a social enterprise supporting innovation in Africa.
Punch
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Auto
Omoda, Jaecoo Storm Europe as Global Sales Surge 123% to 73,421
Omoda, Jaecoo Storm Europe as Global Sales Surge 123% to 73,421
Chinese automotive brands strengthen foothold in UK, Spain, Italy and France as new-energy vehicles drive growth
Omoda and Jaecoo are accelerating their European expansion, buoyed by surging demand in key markets and a growing appetite for electrified vehicles, as the automotive brands recorded a 123 per cent year-on-year increase in global sales to 73,421 units in September 2026.
The latest performance underscores the brands’ growing international reach, with cumulative sales for the first nine months of the year reaching 587,846 units, according to figures released by the company.
The United Kingdom emerged as a major growth driver, with the brands recording 22,296 registrations in September, more than double their performance in the corresponding period of 2025. The volume translated into a 6.37 per cent market share and second place among automotive brands in the country for the month.
A standout performer was the Jaecoo 7, which recorded 10,813 registrations in the UK during September to become the country’s best-selling new-car model for the month. Its cumulative registrations for the first nine months of the year stood at 39,473 units.
The model’s performance highlights the growing competitive presence of the Chinese automotive brands in a market traditionally dominated by established European, Japanese and South Korean manufacturers.
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Beyond sales, Omoda and Jaecoo are also deepening their long-term commitment to the UK through plans to establish a research and development centre at UTAC Millbrook in Bedfordshire. The proposed facility will focus on areas such as chassis tuning and advanced driver-assistance systems, enabling the brands to tailor their vehicles more closely to European driving conditions and customer expectations.
Spain, Italy and France also delivered strong performances, reinforcing the brands’ broader European growth strategy.
In Spain, September registrations increased by 91.5 per cent year-on-year to 4,010 units, lifting the brands’ market share to a record 4.3 per cent. Electrified vehicles accounted for 98 per cent of their sales in the country, highlighting the importance of alternative-powertrain models to their European strategy.
Italy recorded 4,678 registrations in September, giving the brands a 3.31 per cent market share. Their cumulative registrations between January and September rose by 256.23 per cent to 32,945 units, reflecting a rapid expansion in one of Europe’s important automotive markets.
France, another market in which the brands are building their presence, recorded combined September registrations of 3,003 units. Jaecoo contributed 2,589 units, an impressive showing approximately six months after its entry into the French market.
The gains across these countries point to an increasingly coordinated European push, with Omoda and Jaecoo seeking to translate their expanding product portfolios into stronger market positions.
Electrification drives global growth
New-energy vehicles (NEVs) remained a major contributor to the brands’ worldwide performance, with sales reaching 53,957 units in September, representing an 184 per cent increase year-on-year.
The volume accounted for approximately 73.5 per cent of total monthly sales, underlining the growing contribution of electrified models to the brands’ global business.
The figures suggest that electrification is becoming central to Omoda and Jaecoo’s expansion, particularly in markets where consumers are increasingly considering hybrid and other electrified powertrains alongside conventional petrol vehicles.
With rising registrations in major European markets, expanding technical development plans and strong demand for the Jaecoo 7, the brands are seeking to consolidate their position in an increasingly competitive automotive landscape.
Sustaining the momentum will depend on their ability to maintain product appeal, strengthen dealer and after-sales networks, and respond to the differing regulatory requirements and consumer preferences across Europe.\
Omoda, Jaecoo Storm Europe as Global Sales Surge 123% to 73,421
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Railway
NRC Denies Ticket Racketeering, Says Abuja-Kaduna Rail Demand Exceeds Seats by 10-Fold
NRC Denies Ticket Racketeering, Says Abuja-Kaduna Rail Demand Exceeds Seats by 10-Fold
The Nigerian Railway Corporation has denied allegations that it deliberately creates artificial scarcity of tickets on the Abuja-Kaduna Train Service to facilitate their resale at exorbitant prices, blaming the persistent shortage on surging passenger demand and the activities of ticket touts exploiting the system.
The corporation, in a statement signed by its Chief Public Relations Officer, Callistus Unyimadu, said demand for rail services on the corridor had exceeded available capacity by more than 10 times, creating a severe imbalance between the number of passengers seeking tickets and the limited seats available.
The clarification followed a viral social media video by Instagram blogger Faizah Raji, operating under the handle @wearegst, who accused the NRC of withholding tickets from its official electronic booking platform and reselling them through unnamed agents at prices reportedly twice the approved fares.
However, the NRC described the allegations as misleading, insisting that the corporation neither buys nor sells train tickets but facilitates passenger access to the railway service through approved ticketing arrangements.
According to the management, Raji had acknowledged in her account that the corporation warned passengers to purchase tickets exclusively through authorised platforms but subsequently bought a ticket from an agent after failing to secure one through the official portal.
The NRC said while her experience might be genuine, patronising unofficial ticket sellers despite repeated warnings did not establish the corporation’s involvement in the alleged racket.
It warned passengers that tickets obtained through unauthorised agents, particularly those purchased with another person’s identification details, could be invalid and expose travellers to financial losses or denial of boarding.
The corporation explained that electronic ticketing across its standard-gauge railway operations was handled by private concessionaires under public-private partnership arrangements approved by the Infrastructure Concession Regulatory Commission and the Federal Executive Council before 2023.
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It identified SecureID/TPS as the ticketing service provider for the Abuja-Kaduna Train Service, Global Software Digital Solutions for the Lagos-Ibadan Train Service, and Fane Warri-Itakpe Ticketing Solutions Limited for the Warri-Itakpe Train Service.
NIN verification introduced to combat ticket fraud
The NRC traced the growing challenge of ticket racketeering to fraudulent practices that persisted despite measures introduced to strengthen passenger identification and railway security.
It said the government introduced the use of the National Identification Number as a condition for purchasing train tickets following the 2022 train attack, partly to curb ticket racketeering.
However, according to the corporation, fraudsters subsequently devised ways of obtaining multiple NINs to purchase tickets in bulk for resale to unsuspecting passengers.
To tackle the practice, the NRC introduced an additional verification procedure in 2025, modelled on the system used at the Murtala Muhammed International Airport Terminal 2 in Lagos.
Under the arrangement, passengers’ NIN details are checked against the information used to purchase their tickets, while personal identification cards are also required before boarding.
The corporation said its verification system at Idu and Kubwa in Abuja, as well as Rigasa in Kaduna, is integrated with the National Identity Management Commission database, enabling officials to retrieve the photograph associated with the NIN used for a ticket purchase.
This, it explained, helps officials identify passengers attempting to travel with tickets purchased using another person’s identity.
The NRC, however, acknowledged that security challenges at the Rigasa station, which it described as having been hurriedly adopted, had occasionally made enforcement difficult because of limitations in its access-control infrastructure.
NRC vows crackdown on racketeering
Despite the challenges, the corporation declared zero tolerance for ticket racketeering, warning that any employee found participating in or colluding with fraudulent ticket sellers would face summary disciplinary action.
It also said the electronic ticketing concessionaires had been directed to improve the accessibility and ease of use of their booking platforms to ensure passengers could obtain tickets more conveniently while complying with established procedures.
The management maintained that the growing preference for train travel among Nigerians had placed considerable pressure on available capacity, reinforcing the need for passengers to use only approved booking channels.
It described the purchase of tickets through third parties using another person’s NIN or name as unacceptable and an act of economic sabotage that undermines the integrity of the railway system.
The corporation assured passengers that it remained committed to improving customer service, strengthening security and ensuring that rail travel became a preferred alternative for Nigerians.
It reiterated its commitment to providing safe, affordable, reliable and convenient train services across the country’s railway corridors while intensifying efforts to prevent criminal activities and protect the corporation’s reputation.
NRC Denies Ticket Racketeering, Says Abuja-Kaduna Rail Demand Exceeds Seats by 10-Fold
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Auto
Naija Driver 2026: Online CBT Screening Holds today
Naija Driver 2026: Online CBT Screening Holds today
LAGOS, NIGERIA — The race to identify Nigeria’s safest and most skilled drivers enters a decisive phase today, Saturday, October 17, as registered candidates nationwide prepare for the 11am online computer-based test (CBT) screening of the inaugural Nigerian Drivers Challenge, Naija Driver 2026.
The organisers have urged candidates to log in prepared, with a functional laptop or desktop computer, webcam and reliable internet connection, warning that smartphones and tablets will not be supported for the 20-minute, 40-question examination.
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