Economy
Massive Negative Reviews Trail eNaira on Google Play Store
By Ashemiriogwa Emmanuel
The long-awaited electronic currency under the Central Bank Digital Currency (CBDC), eNaira, was officially launched on Monday, October 25, 2021, by President Muhammadu Buhari.
This unveiling was done by the President before he jetted out of the country for a summit in Riyadh, Saudi Arabia. He was accompanied by the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, and other government officials and private business persons.
The mobile app for operating the digital national legal tender with the theme Same Naira, More Possibilities was made available to Nigerians for use as it became activated and downloadable from Google Play Store, IOS Store, with the name eNaira Speed Wallet app.
With excitement, many Nigerians went ahead to download and install the mobile app, particularly from the play store, expecting to make financial transactions across the country using their mobile devices.
Thankfully, the digital distribution service where the eNaira app can be downloaded gave users the platform to express their views, opinions, and experiences while using the application.
A look at the review section on Google Play Store at the time of writing this report showed that the eNaira app had been aggregately rated 1.9 out of 5 stars by Nigerians, with the majority of reviews giving one-star ratings.
While some were happy with the user interface, it was observed that many users complained of the issues experienced during registration, including the request for user’s email address linked with Bank Verification Number (BVN).
This was a challenge given that many Nigerians do not have this integrated yet, and might have to go to the bank to fix this to use the app.
In other popular scenarios, after inputting all the required data correctly, users are left to watch the screen display a spinning icon until it eventually reads, “there was an error, try again.”
In the case of a particular user, Mr Raphael Awoseyin, he wrote, “I couldn’t even register. When I submit all the information, it goes into a spin and tells me there was an error, without telling me what it was.
“I knew I submitted all the information correctly, after several attempts, it told me I had made too many attempts with the same BVN.”
The CBN, via its Google Play account, was able to respond to some of these concerns, directing them to contact [email protected] to share their complaints.
The CBN made it clear that the system locks out users who repeatedly attempt prompts during registration but unlocks them after 30 minutes.
As of writing, which is over 48 hours after it became active, the app has over 100,000 downloads and about 2,000 organic reviews on Google Play Store, while the eNaira Speed Merchant Wallet has recorded over 10,000 downloads and 71 reviews and a rating of 2.7.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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