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Abstract
This study was on retailers culture and attitudinal barriers toward the use of enaira. Three objectives were raised which included: To determine if the eNaira will have any significant effect on the day-to-day business operations of retailers, determine the extent to which retailers are accustomed to the use of physical cash in running business transactions and determine whether the literacy level of retailers will significantly influence the use of eNaira in carrying out business transactions. A total of 77 responses were received and validated from the enrolled participants where all respondents were drawn from selected SMEs in Lagos. Hypothesis was tested using Chi-Square statistical tool (SPSS).
Chapter 1 – Background of the Study
Globalization and digitization have revolutionized how businesses operate and competes in the marketplace in the 21st century. Information and communication technology (ICT) is the lifeblood of this change (Onyeaghala & Anele, 2017). Thus, innovations and advancements in technology have led to large and continual changes in the retail sector, since ICT has become vital for the operations of retail outlets and substantially influenced their success in developing and developed nations (Sajuyigbe & Alabi, 2015).
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One of the important changes engineered by technology advancement is the transfer from a physical payment system to a digital payment system, which brought about the cashless policy. In light of this, there has been an emergence and swift expansion of several digital currencies. According to Charles (2018), digital currency is a digital representation of either virtual currency (non-fiat) or e-money (fiat) and so is commonly used interchangeably with the word virtual currency. Furthermore, any cash, money, or money-like asset that is largely handled, saved, or traded via digital networks, notably the internet, is referred to as digital currency (digital money, electronic money, or electronic currency). Digital currencies have features comparable to traditional currencies but, unlike currencies with printed notes or minted coins, they do not have a physical form (Franco 2015).
Chapter 2 – Literature Review
eNaira can be called electronic currency (e-currency) or digital money, or cybercash for Internet transactions. African countries are not left out in adopting e-currency for their citizens to trade/do business locally and internationally. However, some the countries like India, Ghana, South Africa, China, Nigeria, and many more have opted for homegrown e-currency (Abraham, 2021). Through its Central Bank of Nigeria (CBN), the Federal Government of Nigeria has introduced the rollout of its homegrown e-currency called eNaira. The announcement of eNaira came as a surprise to many Nigerians because of the government’s position oncryptocurrency. In February 2021, CBN banned the transaction of cryptocurrencies in Nigeria, citing reasons such as unregulated (uncontrolled), high volatile, susceptible, and discontinuity nature of cryptocurrency and the funding of #EndSars through the use of crypto (Umoru, 2021). Crypto is regarded as a digital currency that facilitates Internet (online) transactions. However, the ban saw traders used alternative means to continue their crypto trading underground (illicit trading) (Abraham, 2021). Countries such as Lesotho, Kuwait, Oman, and Macau have banned cryptocurrencies (Said, 2019).
Chapter 3 – Methodology
Two methods of data collection which are primary source and secondary source were used to collect data. The primary sources was the use of questionnaires, while the secondary sources include textbooks, internet, journals, published and unpublished articles and government publications.
References
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Bissessar, S. (2016). Opportunities and risks associated with the advent of digital currency in the Caribbean. 5.
Didenko, A. N., & Buckley, R. P. (2018). The evolution of currency: Cash to cryptos to sovereign digital currencies. Fordham Int’l LJ, 42, 1041. 6.
eNaira (n.d). Get started. Retrived at: https://enaira.com/wallet/get-started 7.
Olisah, C. (2021). CBN lists benefits of its digital currency, e-Naira in financial system. Retrived at: https://nairametrics.com/2021/09/10/cbn-lists-benefits-of-its-digital-currency-e-naira-in-financialsystem/ 8.
Onukwue, . (2021). Nigeria’s eNaira digital currency had an embarrassing first week. Retrived at: https://qz.com/africa/2080949/nigerias-enaira-android-wallet-deleted-days-after-launch/ 9.
Ozili, P. K. (2021). Central bank digital currency in Nigeria: opportunities and risks. Available at SSRN. 10.
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