Examining E-naira Awareness in Nigeria’s Rural Demographics.




1.1 Background of the study

“Rural” means open land and tiny settlements in general, although “rural areas” are typically taken for granted or left undefined in policy-oriented and scientific literature, in a process of description that is sometimes laden with complications (IFAD, 2010). Finally, the rural is characterized as the inverse or residue of the urban in both developing and developed nations (Lerner and Eakin, 2010). Human settlements exist on a continuum from “rural” to “urban,” with “big villages,” “small towns,” and “small urban centers” not clearly falling into either category. Several instances can best demonstrate the differences in definitions from nation to country (from both developed and developing countries of different sizes). The basic divide between “country” and “urban” has become more problematic, according to research. Additional classifications, such as “peri-urban places” (Lerner and Eakin, 2010) and Moench and Gyawali (2008), allow for a more nuanced examination of the porous difference between rural and urban areas, as well as the many economic systems that exist throughout the urban-rural spectrum. information acquisition and dissemination refer to the transfer or exchange of information from person to person or from one place to another. It is an action that produces a reaction, whether positive or negative, communication has taken place. Fayose, (2002) said that information delivery is not a one way affair. There must be a sender to transmit the message, and a receiver to make appropriate decisions on how the rest of the exchange should continue. These involved the exchange of ideas, facts, opinion, attitudes and beliefs between people. The ability to communicate and pass on information is a key factor in all cultures whether literate or not. Fayose (2002) stated that many cultures survived without the written word and effective communication can take place without reading or writing. The apparent influence and resilience of African oral tradition is impressive, but it is of greater importance to the new generation of development practitioners for its theatrical and dramatic form. It encourages audience participation rather than restrict interactions to the key players. The rural village suffers from a lack of development growth thereby leading to the residents inability to get hold of certain information that may do them good like the recently lunched Nigeria digital currency called e-naira.

Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency Abdulkareem (2021). Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card. Digital currencies exhibit properties similar to traditional currencies, but generally do not have a physical form, unlike currencies with printed banknotes or minted coins. This lack of physical form allows nearly instantaneous transactions over the internet and removes the cost associated with distributing notes and coins. However, the issue of creating awareness among the rural dwellers on the digital currency called  e-Naira has been a thing of concern as questions are been asked like how will the rural dwellers get valid information about e-Naira? How will they be enlightened about the benefit of having an e-Naira account? How accessible is banks to them? Etc. Hence the need to study e-Naira awareness in Nigeria rural demography.

1.2 Statement of the problem

Creating awareness and information distribution are viewed as vital resource for individuals and communities in both rural and urban locations (Okogbe, 2002).  However, awareness provision in rural areas remains a concern. Made (1994) brought out the significant information gap that exists between rural and urban communities and emphasized that relatively little is being done to bridge this gap. It is considered that if we know the elements which drive information need and the demand for the information we are likely to be in a better position to create better information systems and services (Moench & Gyawali, 2008). Therefore, it is vital to determine and differentiate between the information requirements of an individual or group and how such information needs are conveyed or channeled to suit these demands. Furthermorethe challenges that faces the people who dwell in the rural communities across the nation are a bit cumbersome ranging from the unavailability of water, good roads, constant electricity, lack of basic infrastructure and lack of exposure to information etc as stated by Moench & Gyawali, (2008), including the lack of awareness on the recently lunched Nigeria digital currency called e-Naira. This is because many of the citizens of these remote communities do not have access to get information through television, radio, etc. And on the newest development of the Nigeria digital currency. The Nigeria digital currency which was stated to be lunched on October 1st 2021 but was later lunched on October 25th 2021 this comes after the Apex bank CBN told banks to suspend cryptocurrencies and prohibit crypto-related accounts in February 2021 (Shoshana, 2021). The eNaira was unveiled at State House by President Muhammadu Buhari, on Monday 25th October 2021 as the President argued that it would raise remittances, stimulate cross-border commerce, enhance financial inclusion and allow the government to make welfare payments more easily alongside innovation. It was believed that the implementation of the CBDC may boost economic activity and raise Nigerian GDP by $29bn over the next 10 years (Shoshana, 2021).

According to Kalu (2021) in nairametrics.com, stated that the e-Naira will be a digital representation of the paper Naira money issued by the Central Bank of Nigeria and will be a complementary legal tender in Nigeria, having the same exchange value as the Naira, and maintain a “parity of value” with the Naira. Although holders will not earn any interest on their e-Naira said CBN, the inflow of FDIs will increase the Apex Bank’s capacity to intervene adequately in the economy and relieve pressure on the Naira (Kalu, 2021). According to Okafor (2021), the e-Naira will also bring in the vast majority of the unbanked Nigerians who have no bank account but have a phone into the formal financial economy. With the e-Naira, salary payments and payments for goods and services can be performed without hitches. According to Abdulkareem  (2021), unlike digital banking which includes users dealing with money managed by the bank itself, eNaira is real money generated and maintained by customers in their e-wallets. Consequently, clients will be able to deal with it like fiat money without the participation of middlemen as is the case with digital banking. But the question that emerges on this still remain on the awareness level of the people living in the rural community. It is against this context that e-Naira awareness in Nigeria’s rural demography has being investigated.

1.3       Objective of the study

The primary objective of this study is as follows

  1. To examine if there have been any awareness of e-Naira on the residents in the Nigerian rural demographics.
  2. To find out the avenue through which these awareness was communicated to the people of the rural demographics.

iii.      To investigate the effect of the development of e-Naira on the resident of the rural demography.

  1. To find out how to improve awareness of e-Naira to the resident of the rural demographic.

1.4       Research Questions

The following questions have been prepared for this study

  1. Is  there any awareness of e-Naira on the residents in the Nigerian rural demographics?
  2. What is the avenue through which these awareness was communicated to the people of the rural demographics?

iii.      What is the effect of the development of e-Naira on the resident of the rural demography?

  1. How can there be improvement on the  awareness of e-Naira to the resident of the rural demographic?

1.5       Significance of the study

This study focuses on examining e-Naira awareness in Nigeria’s rural demographics.

This study will be of benefit to the Nigerian government as it will be exposed to the lapses in the dissemination of information to the people in the rural demographic, it will also help the government in reaching out to the rural dwellers on the need to include rural dwellers on invest opportunity with e-naira

This study will also be significant to the academic community as it will contribute to the existing literature and serve as a guide for student who may want to carry out research on the topic

1.6       Scope of the study

This study focuses on examining e-Naira awareness in Nigeria’s rural demographics. The study also  examine if there have been any awareness of e-Naira on the residents in the Nigerian rural demographics. The study further find out the avenue through which these awareness was communicated to the people of the rural demographics. More so the study investigate the effect of the development of e-Naira on the resident of the rural demography. Lastly, the study will find out how to improve awareness of e-Naira to the resident of the rural demographic. Hence the study is delimited to the resident of Ese-Odo local government Ondo state.

1.7       Limitation of the study

This study was constrained by a number of factors which are as follows:

Just like any other research, ranging from unavailability of needed accurate materials on the topic under study, inability to get data.

Financial constraint , was faced by  the researcher ,in getting relevant materials  and  in printing and collation of questionnaires.

Time factor: time factor pose another constraint since having to shuttle between writing of the research and also engaging in other academic work making it uneasy for the researcher

1.8       Definition of terms

E-Naira: It is the digital form of the Naira and will be used just like cash

Rural demographics: all population, housing, and territory not included within an urban area


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IFAD, 2010: Rural Poverty Report 2011. New Realities, New Challenges: New Opportunities For Tomorrow’s Generation. The International Fund for Agricultural Development (IFAD), IFAD, Rome, Italy, 319 pp.

Kalu Aja (2021): All you need to know about the e-Naira set to be launched on October 1 Accessed from https://nairametrics.com/2021/09/22/all-you-need-to-know-about-the-e-naira-set-to-be-launched-on-october-1/

Lerner, A.M. and H. Eakin, 2010: An obsolete dichotomy? Rethinking the rural? Urban interface in terms of food security and production in the global south. Geographical Journal, 177(4), 311-320

Made, S.M. (1994). The State of information provision to rural communities in Anglophone East and CentralAfrica”. In the proceedings of the seminar oninformation to rural communities in Africa;

Moench, M. and D. Gyawali, (2008): Final Report Desakota, Part II A. Reinterpreting the Urban-Rural Continuum.Conceptual Foundations for Understanding the Role Ecosystem Services Play in the Livelihoods of the Poor in Regions Undergoing Rapid Change. Research for Development Document, Department for International Development (DFID), DFID, London, UK, 27 pp

Okafor Endurance (2021): Why e-Naira app fails to include Nigeria’s unbanked population. Retrieved from https://businessday.ng/financial-inclusion/article/why-e-naira-app-fails-to-include-nigerias-unbanked-population/

Okogbe, T.P. (2002). Communication needs of exceptionalpersons: the problems and prospects of the mentalityretarded” Journal of Nigerian Languages and Culture 4

Shoshana Kedem (2021): Nigeria launches eNaira – Africa’s first digital currency. Retrieved from https://african.business/2021/10/finance-services/nigeria-gears-up-for-enaira/



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