THE PROS AND CONS OF E-NAIRA

According to Wikipedia e-naira is a Central bank digital currency issued and regulated
by the Central Bank of Nigeria.Denominated in naira, the e-naira serves as both a
medium of exchange and a store of value and claims to offer better payment prospects
in retail transactions when compared to cash. This brings me to my discussion ‘THE
PROS AND CONS OF E-NAIRA'.
E-Naira was e-naira was launched and activated on 25 October 2021 by President
Muhammad Buhari, under the slogan: "Same Naira, More Possibilities" with the vision
of improving the current Nigerian Economy but failed due to the negative review of the
currency and its application, e-naira Speed Wallet. However, the app was eventually
restored three days later on Google Play Store, October 28, 2021.
A few months after the launch of the currency, a part of the country's youths had
campaigned against its use as a result of the standoff between the Muhammad Buhari-
led regime and the country's youths, mostly of the Southern extraction and with the End
SARS scar still very much visible, the e-naira has so far done poorly that many believe it
is failed project already. The youths did not believe that the currency would amount to
any success like already raining currencies like, Bitcoin, Ethereum, USD Coin, XRP, etc.

Pros and Cons

The already failed project of e-naira had pros like any other project brought forward on
this earth but in the case of e-naira the cons were quite frankly more than the pros. The
pros and cons of the e-naira was:
Pros Cons
 E-naira can prevent the use of  Smartphones and mobile banking
counterfeit notes. apps will be used to manage e-
naira, and these apps must be
safe to avoid fraudsters from
exploiting them, as they have
discovered ways to influence
mobile devices and operating
systems.
 E-naira is universally acceptable.  Fraudsters have been known to
reverse engineer apps and
construct convincing trojans that
appear to be legitimate while
being malware.
 With e-naira no need for physical  They can utilize realistic overlays
storage and manual accounting to make it appear as if you're
using the app normally when,
 you're agreeing to give a
fraudster rights or information
that will be used to illegally
transfer funds.
 Privacy of data is another big
worry. A multi-layered defense
against data leaking is needed to
protect privacy. As a result, these
apps will have to protect
themselves from rogue
keyloggers and sloppy screen
sharing.
 Because the National
Identification Number is a
necessity for the e-naira wallet
and is related to various personal
information, keyloggers, mobile
malware, and infiltration of the
mobile clipboard can lead to the
loss of confidential user data.

In conclusion e-naira was not a strong formulated project and was broken down
because of controversy. The coin did not make any change and is still not making a
change to Nigeria's economy.

REFRENCES
INTRODUCTION - eNaira - Wikipedia\
Pros and Cons - Benefits of eNaira - Nigerian Digital Currency (scrollforth.com)
E-Naira: Benefits and Possible Risks (linkedin.com)