Evolution of eNaira for Re-engineering the Nigerian Emerging Economy

Abstract

The Central Bank of Nigeria has recently initiated idea to digitalize the Nigerian currency (Naira) making it possible to be stored in a wallet. The launch of the eNaira has been seen as an avenue to change the narrative of doing business globally without encumbrances. Based on this, the study examined the evolution of eNaira for re-engineering the Nigerian emerging economy. The study specifically sought how eNaira re-engineer’s financial inclusion, direct and transparent welfare intervention, and revenue base in the Nigerian emerging economy. The study adopted a descriptive survey research design with a census of 36 as the sample size. The statistical tool employed for the analysis was the ANOVA. The mean and standard deviation were applied to answer three research questions that guided the study. A probability value of 0.05 significant level was used to test three stated hypotheses. The results revealed that eNaira positively and significantly re-engineer’s financial inclusion and the revenue base in the Nigerian emerging economy. However, it did not support direct and transparent welfare intervention for the citizens. The study further observed that irregular internet network, shortage of electronic devices, increase in financial cost, and activities of hackers may likely hinder this lofty idea. Based on this, the study recommended that the Central Bank of Nigeria should provide a sound financial platform and user-friendly infrastructures that will capture data of all citizens and those operating businesses in/with Nigeria. Finally, the Nigerian Communication Commission and the network providers should endeavor to provide uninterrupted internet networks to consumers.