Socio-Economic Impact of eNaira in the Development of Nigeria
Background of the study
eNaira Wallet with the website www.enaira.com is the only official wallet of the Central Bank of Nigeria’s new digital currency. The eNaira Wallet in Nigeria allows user to send, receive and spend, eNaira without incuring any additional charges. eNaira however serve as both a medium of exchange and a store of value, which offering efficient and effortless payment prospects in retail transactions with much benefits compared to cash payments. eNaira digital currrency had an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.
The eNaira application has unique features and reflect brand values centered around ease of use and efficiency while bearing in mind security.
However, the E-Naira application came into live on October 1st 2021 and can be downloaded either through Google play store or Apple App store, onboard themselves, fund their eNaira wallet, using their bank accounts or with cash at a registered agent.”
The main objective of this study is to investigate on the Socio-Economic Impact of enaira in the Development of Nigeria.
The following are the specific objectives of the study;
- to examine the impact of enaira in the Nigeria economy
- to examine the potential benefits of enaira in the entreprenerial business environment
- to analyze the impact of enaira in ease of financial transactions among Nigerians
- to investigate the challenges that maybe posed towards the effective utilization of enaira
- what are the impact of enaira in the Nigeria economy?
- what are the potential benefits of enaira in the entreprenerial business environment?
- what are the impact of enaira in ease of financial transactions among Nigerians?
- what are the challenges that maybe posed towards the effective utilization of enaira?
Scope of the study
This study will focus on the Socio-Economic Impact of enaira in the Development .This study, and the lack of studies explicitly enaira digital currency, validate the need to gain a greater understanding of how enaira can assist in the economic development of Nigeria . The data will be collected through semi-structured interviews and will be thematically analysed to gain in-depth insight into the collaborative relationships formed to tackle the socio-economic impact of enaira, thus addressing the research objectives.
Limitations of the Study
Financial Constraints: The researcher was with limited funds and cannot visit all the areas to get responses from respondents but was able to get good information concerning the research topic.
Time Constraints: The researcher was involved in other departmental activities like seminars, attendance of lectures et.c which limited the time for the research but the researcher was able to meet up with the time assigned for the completion of the research work.