Business

A novice’s guide to understanding eNaira

Published

5 years ago

October 31, 2021

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.

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Jetour G700 PHEV Lands in Abuja for 3-Day Luxury Mobility Showcase

Published

2 hours ago

September 4, 2026

Trends Admin

Jetour G700 PHEV Lands in Abuja for 3-Day Luxury Mobility Showcase

Jetour Nigeria is taking its premium mobility campaign to the Federal Capital Territory, with the flagship G700 Plug-in Hybrid Electric Vehicle (PHEV) set to headline a three-day luxury automotive showcase in Abuja from September 22 to 24, 2026.

The Abuja experience, coming on the heels of the brand’s major showcase in Lagos, is part of Jetour Nigeria’s aggressive drive to deepen its presence in the country’s premium automotive market while introducing consumers to a new generation of electrified mobility.

The G700 PHEV, positioned as Jetour’s flagship luxury SUV, combines executive-class comfort with advanced hybrid technology and serious off-road capability.

The model’s arrival in Abuja also comes at a time the brand is gaining increasing recognition in Nigeria’s automotive industry. Jetour Nigeria was recently honoured by the Nigeria Auto Journalists Association (NAJA) as the Fastest Growing Auto Brand of the Year, underscoring its expanding market presence.

At the heart of the G700 is Jetour’s Kunpeng Super Hybrid system, paired with dual electric motors. The powertrain delivers a claimed combined driving range of up to 1,400 kilometres, offering a response to one of the major concerns surrounding electrified vehicles—range anxiety.

The flagship SUV also comes equipped with adaptive suspension, triple differential locks and up to 970mm wading capability, giving it the muscle to handle demanding terrain while retaining the refinement expected of a luxury vehicle.

Inside, the six-seat G700 delivers a premium cabin experience, featuring Nappa leather upholstery, massage seats, a 35.4-inch 3K panoramic display, an 18-speaker Lexicon sound system and an onboard refrigerator.

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The Abuja showcase is expected to attract government officials, corporate executives, fleet managers, motoring enthusiasts and members of the media. Participants will have the opportunity to experience the G700 through an exclusive vehicle reveal, hands-on demonstrations and VIP test drives.

Jetour Nigeria promises ownership support

Beyond the vehicle itself, Jetour Nigeria is highlighting its after-sales support as a key component of the ownership proposition.

Customers purchasing through its authorised network will benefit from a five-year or 150,000-kilometre manufacturer warranty, access to genuine spare parts, software upgrades and certified technical support.

The company currently operates through seven accredited dealerships, including Elizade Nigeria Limited, New Era AutoVehicle Services, Kojo Motors, Germaine Auto Centre, Tab Autos, R.T. Briscoe Motors and Mandilas Motors.

Jetour Nigeria is inviting prospective customers and automotive stakeholders to register for the Abuja experience and secure VIP test-drive slots.

Registration, vehicle specifications and event updates are available through www.jetournigeria.com, Instagram @jetour_nigeria and @Jetourngofficial, or via info@jetournigeria.com.

Jetour G700 PHEV Lands in Abuja for 3-Day Luxury Mobility Showcase

Business

IPMAN Plans Petrol Price Review as Dangote Refinery Raises Depot Cost

Published

20 hours ago

September 3, 2026

Trends Admin

IPMAN Plans Petrol Price Review as Dangote Refinery Raises Depot Cost

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said filling stations across the Federal Capital Territory will begin reviewing petrol pump prices in the coming days as new products enter the market. The National Publicity Secretary of IPMAN, Chinedu Ukadike, disclosed this in an interview with the News Agency of Nigeria on Thursday in Abuja. He said marketers were preparing to adjust their pricing and sales strategies in response to changes in the cost of petroleum products. Ukadike, however, said the exact timing of the adjustment remained uncertain because marketers were yet to receive a definite date for the arrival of the new products. “Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings,” he said. He added that purchases could commence within the next few days, depending on when the process officially begins, and assured that the adjustments would be made in line with existing rules and regulations.

The development follows a series of adjustments to the gantry, or ex-depot, price of Premium Motor Spirit by the Dangote Refinery. According to the News Agency of Nigeria, the refinery raised its petrol ex-depot price from N1,165 per litre to N1,185, then N1,200 and subsequently N1,265 within the last week. The latest adjustment, which took effect on August 29, represented a N65 per litre increase from the previous N1,200 price. It was the third price adjustment by the refinery in eight days, adding N100 to the price of petrol at the refinery’s gantry—an 8.6 per cent increase within just eight days. The repeated adjustments have created uncertainty for both marketers and consumers, as the cost of replacing products could change substantially within a short period.

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The increases have already been reflected in pump prices across filling stations in the FCT. Checks in Abuja showed NNPC Retail stations increased their price from N1,250 to N1,270 per litre, while TotalEnergies and Bovas stations adjusted to about N1,275 per litre. In some areas, petrol prices have reportedly climbed to between N1,310 and N1,350 per litre. In parts of Lagos and Ogun, petrol has been reported at about N1,310 per litre, while prices in some northern states and areas farther from the refinery have climbed to N1,350 and above. IPMAN had previously explained that marketers could not continue selling petrol below their replacement cost, particularly amid frequent changes in the cost of replenishing their stocks. “Every time Dangote increases his price, our price will also rise,” Ukadike said. He noted that the volatility was making it difficult for both marketers and consumers to plan, as the cost of replacing products could change substantially within a short period.

The frequent price movements have raised concerns among motorists, who have urged the Federal Government to take steps to stabilise petrol prices. The impact extends beyond motorists, as higher petrol prices could increase transportation and operating costs for households and businesses, potentially putting additional pressure on the prices of goods and services. IPMAN’s latest position indicates that further price adjustments could occur once marketers begin taking delivery of new products, with the final pump prices expected to vary depending on supply costs, transportation and other distribution expenses.

Beyond the planned price review, IPMAN has also appealed to the Federal Government to intervene in the operations of Dangote Refinery to help reduce retail fuel prices. The National President of IPMAN, Abubakar Maigandi, urged the government to broker a deal with Dangote Refinery as part of its intervention to reduce fuel pump prices nationwide. He stressed that government intervention in the downstream petroleum sector should not be seen as a return to fuel subsidy. “We are appealing to the Federal Government to broker a deal with Dangote Refinery to reduce fuel prices. The government should intervene with Nigerian refiners, and this will lead to a reduction in fuel prices. It is different from fuel subsidy. In a situation where there is difficulty, the government should step in,” Maigandi said.

The development has also attracted criticism from the Nigeria Labour Congress (NLC) , which condemned the latest price hike, describing it as “avoidable and unacceptable.” The acting General Secretary of the NLC, Benson Upah, questioned why the Federal Government has not done more to ensure that the Dangote Refinery receives adequate supplies of Nigerian crude. “The latest increase is avoidable and unacceptable in light of falling prices in the international market and our local capacity to sell more crude oil to Dangote. Why are we not doing so?” he said. The debate comes as figures from the Nigerian Upstream Petroleum Regulatory Commission showed that oil producers offered 68.1 million barrels of crude to Dangote Refinery in the second quarter of 2026, against the refinery’s requirement of 63 million barrels, but the refinery accepted only 52.6 million barrels, highlighting the complexity of the domestic crude supply debate.

The price changes have continued to generate debate because they occurred alongside a decline in international crude oil prices in the period under review. The development underscores the sensitivity of Nigeria’s downstream petroleum market to changes in product acquisition and replacement costs, even as consumers continue to monitor pump prices across the country. Ukadike expressed optimism that the Dangote Refinery’s free transportation initiative for petroleum marketers could reduce distribution costs and eventually ease pump prices if sustained. He also welcomed the inclusion of Imo and Anambra states in the initiative, describing the two states as important gateway markets in the South-East.

IPMAN Plans Petrol Price Review as Dangote Refinery Raises Depot Cost

Auto

Uber exits Nigeria after 12 years

Published

2 days ago

September 2, 2026

Trends Admin

Uber exits Nigeria after 12 years

By Rasheed Bisiriyu

Global ride-hailing giant, Uber, has pulled out of Nigeria, ending its 12-year operation in the country and bringing to a close a major chapter in the evolution of app-based transportation in Africa’s most populous nation

The company announced the decision on Wednesday, saying it would wind down its Nigerian operations effective September 2, 2026.

Uber said the decision followed a “thorough review” of its business in the country.

“We are writing to share some difficult news. After a thorough review of our business, we have made the tough decision to wind down our operations in Nigeria, effective 2 September 2026,” the company said in a message to its customers.

The development marks the end of Uber’s 12-year presence in Nigeria, which began with its launch in Lagos in 2014.

Its arrival transformed the urban transportation landscape, particularly in Lagos, by popularising app-based ride-hailing and providing commuters with an alternative to conventional taxis and other forms of commercial transportation.

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Through its platform, passengers could request rides using their mobile phones and connect with independent drivers, while vehicle owners and drivers gained access to a new source of income.

Over the years, Uber became a familiar part of the daily commuting experience of many Nigerians, particularly in major urban centres.

The company, while announcing its exit, thanked Nigerians for allowing it to become part of their daily lives.

“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers,” Uber said.

“Whether it was a morning commute, a ride to see loved ones, or exploring the city, thank you for trusting the platform to connect you to a driver to get you there safely.”

Uber also apologised to customers for the disruption its departure might cause.

“We know this may cause disruption to your routine, and we sincerely apologise for the inconvenience,” it said.

The company’s exit comes as Nigeria’s ride-hailing market has become increasingly competitive, with several local and international platforms offering app-based transportation services to commuters.

The sector has also faced challenges linked to rising vehicle operating costs, fuel prices, regulatory requirements and changing market conditions.

Uber said its Help Centre would remain available until September 23 to assist customers with final account-related enquiries.

“Thank you for welcoming us into your city,” the company said.

Uber’s departure brings to an end a significant chapter in Nigeria’s digital transportation story, following its role in changing how millions of commuters booked and paid for rides over the past decade.