E-Naira: CBN to launches Nigeria’s digital currency

[okorieemmanuel]

As expected, there has been some twist, the government are getting sues and this might delay the launching of the e-naira on October 1st which is just few days ahead. This recent development got me wondering whether the government didn't do their due diligence before choosing the name eNaira or all this was just a plan to delay the project when it's about launching. Why is the lawsuit coming now and not earlier, could this be some excuse technique to not launch the project.

ENaira Payment Solutions Limited, a company, has instituted a suit before a federal high court against the Central Bank of Nigeria over the name “eNaira.”

The firm, through its lawyers, accused the CBN of trademark infringement.

This is according to a document issued by Olakunle Agbebi & Co, solicitors to ENAIRA Payment Solutions Limited, notifying the CBN to desist from using the proposed name.

This is not fair. Why should Nigerians do things that will sabotage the development of the country. It is a mere name. Enaira could be better than bitcoin in future. Its only a matter of time.

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[Charles-Tim]

Enaira could be better than bitcoin in future. Its only a matter of time.

How? Fiat are deflationary, subjected to devaluation. Naira has been depreciating right from when it was created. Also no privacy which can be offered with the use bitcoin, bitcoin is not centralized but decentralized and not restricted to the currency of a nation but to all. Never dream of what could not happen.

Why would people holding public office would not just make appropriate research before taking anything to media, all to just mislead Nigerians for their upcoming e-naira next month while the value of naira has been depreciating right from its creation. €1 was equals to ₦2 when naira was created on 1 January 1973, but the value has been devaluing so far till this present time, now 1$ is equals to 410, €1 is now ₦567.50.

Yet, US dollar was devalued too, but naira was more and more devalued. Naira is eNaira only that naira is fiat while eNaira is CBDC, but of the same price.

[CryptopreneurBrainboss]

This is not fair. Why should Nigerians do things that will sabotage the development of the country. It is a mere name. Enaira could be better than bitcoin in future. Its only a matter of time.

Or why didn't the government carryout proper research before chosing the same name they have previously license out. The government are the ones not been fair here and not the citizens that owned the business name. I have very strong feeling, If this isn't some planned stunt then the government will be winning the case in court and the business owner might lose his name and be forced to choose another business name thereby losing his brand and popularity.

In regards to your second statement, that's unlikely to happen unless Bitcoin was to fail which is also unlikely to happen. There's no difference between Naira and eNaira. It's still been controlled by the same corrupt individuals and the country isn't getting any better soon that you'll think the development coming could help out with the country's economy to strengthen the local currency.

[okorieemmanuel]

This is not fair. Why should Nigerians do things that will sabotage the development of the country. It is a mere name. Enaira could be better than bitcoin in future. Its only a matter of time.

Or why didn't the government carryout proper research before chosing the same name they have previously license out. The government are the ones not been fair here and not the citizens that owned the business name. I have very strong feeling, If this isn't some planned stunt then the government will be winning the case in court and the business owner might lose his name and be forced to choose another business name thereby losing his brand and popularity.

In regards to your second statement, that's unlikely to happen unless Bitcoin was to fail which is also unlikely to happen. There's no difference between Naira and eNaira. It's still been controlled by the same corrupt individuals and the country isn't getting any better soon that you'll think the development coming could help out with the country's economy to strengthen the local currency.

Let's look at this scenario objectively. Firstly, what is the purpose of the government using the name Enaira? Secondly, why sue the government for using part of your name and not your full name?
From my findings, ENAIRA PAYMENT SOLUTIONS LIMITED (RC 508500)” has been incorporated since 7th April 2004 registered in class 36 and class 42.  . This is different from the phrase Enaira . So if I incorporate a name called DANGOTE GROUP OF COMPANIES, another person cannot use the word GROUP again? That's not fair. NAIRA IS A TRADEMARK FOR NIGERIA. But ENAIRA is not a trademark for ENAIRA PAYMENT SOLUTIONS LIMITED (RC 508500). Please note. Enaira is used by the government simply bcoz of the simplicity and with the name.

The second answer would be as a result of greed and sabotage!

[FloridaKid]

It's wise not to take these false points from governments too seriously, we all know that government will hate anything that tend to give real freedom back to the people, they always want to be in control of everything and everyone so don't expect the government to say something nice about crypto currency, now we have e-naira but I'm sure the service won't be 100% free,  Nigeria government are just trying to milk out from everyone in every possible ways

[okorieemmanuel]

It's wise not to take these false points from governments too seriously, we all know that government will hate anything that tend to give real freedom back to the people, they always want to be in control of everything and everyone so don't expect the government to say something nice about crypto currency, now we have e-naira but I'm sure the service won't be 100% free,  Nigeria government are just trying to milk out from everyone in every possible ways

Are you for real? Is this the legacy you wish to bring your children into? This government have tried effortlessly to make Nigeria great again and you are saying this? Let me reserve my comments. After all, this is your opinion and it's a free world. Enjoy!

[Charles-Tim]

Enaira is used by the government simply bcoz of the simplicity and with the name.

eNaira is best and perfect name for it imo, but could be a means of extending the date it will be created just as CryptopreneurBrainboss commented. Be it or not, I totally agree with your comment.

now we have e-naira but I'm sure the service won't be 100% free,

Not 100% free, but we will know more when it is launched.

[Kakmakr]

This will follow the same route as Venezuela... where they declared Bitcoin as legal tender and then the World Bank threatened that they will hold back loans, if they do this. The first world countries get a hold over 3rd world countries with these loans, because this gives them leverage to negotiate for the natural resources in these countries.

E-Naira will be the hype for a few years and then it will slowly go away, as pressure intensifies from 1st world Banks. I am actually surprised that M-PESA still survived after all of these years. 

[kryptqnick]

Wow, this news seems surprising to me. I thought Nigeria was wary of the whole crypto industry and intended to work out everything to the minor details in their regulations before moving forward. Then again, I see now that there was this article in June about Nigeria possibly launching its own currency to the end of the year, so I must have just missed the news. I really hope that the plan isn't to ban all cryptos and encourage the usage of their centralized currency instead. I'm sure this strategy will not work in a country that often makes it to the top placed on the lists by crypto trading volume.

[Silberman]

Lol, this has been happening across the world for quite some time now.

Every single government is trying to/going to be try to push their own crypto whilst rejecting the decentralized alternative.

Is that going to affect BTC and other cryptos in any way? No. There is no way that they can "force" individuals to adopt the CBDC over the decentralized alternative.

Right now they are asking nicely, basically they are just offering their own option and promote it as better than bitcoin because it is backed by them, not understanding that we want to get away from them and that is why we are using something they cannot control, now I really think that as the economy gets worse we may see more forceful attempts to get people into those digital currencies and I think we may even see attempts of confiscating our coins.

[Issa56]

Seriously I believe this is a really nice to us in Nigeria I really commend our leader for this and I believe this will definitely boost the economy of the country. Nigeria is also improving because they are supporting cashless policy and I believe very soon bitcoin will also become a legal tender in Nigeria and will definitely help to grow the economy of the country.

[Shenzou]

I feel like this was to be the case with pretty much any place where the crypto or bitcoin is widely used, we saw that china has progressively banned bitcoin and that is to launch their own version of crypto currency and new we are seeing a place like Nigeria where the CB is trying to make their own, and i really think that this is useless because the whole idea of using crypto is to stay away from the control from the banks and governments and using these or accepting them is against that idea.

[Sithara007]

I feel like this was to be the case with pretty much any place where the crypto or bitcoin is widely used, we saw that china has progressively banned bitcoin and that is to launch their own version of crypto currency and new we are seeing a place like Nigeria where the CB is trying to make their own, and i really think that this is useless because the whole idea of using crypto is to stay away from the control from the banks and governments and using these or accepting them is against that idea.

Most of the countries that have placed restrictions against Bitcoin are those with manipulated economies. China is having a problem wit Bitcoin, because it poses a challenge to their heavily manipulated national currency (CNY). The case with Nigeria is not very different. But at the same time, countries with proper economies have tried to legalize and regulate the cryptocurrency market. Japan was perhaps the first country to do so, followed by many of the European Union countries and the United States.

[Mpamaegbu]

It is a mere name.

It isn't mere name, actually. It's strategic naming. Come to think of it, there's always something in names. Again, don't see their action as a sabotage. The guys picked up the "eNaira" tag before the FGN. If the government wants it that badly, it should rightly compensate the guys to drop it.

Seriously I believe this is a really nice to us in Nigeria I really commend our leader for this and I believe this will definitely boost the economy of the country. Nigeria is also improving because they are supporting cashless policy and I believe very soon bitcoin will also become a legal tender in Nigeria and will definitely help to grow the economy of the country.

I don't understand your argument. How are these things you tried to yolk together here going to be possible? No country runs her conomy on sentiments. World economies are run on facts and figures. What you just did here is pure sentiment to show support to the country as against tenable facts on ground. How is Nigeria improving economically when we're badly battered in that aspect with inflation flying out of control like breeze? How is the country supporting cashless society when in the real sense the queues and stress at every bank's ATM points are excruciatingly annoying. How? Please, throw light on this.

[jaberwock]

I expect them to have pursuit the experience of digital currency of Cryptocurrency adoption and study how it operate within a time frame of three years at minimum before deciding on how to improve the digital currency by launching E-Naira.

Also the government should have work on setting the economy to stability and put in place strategies to alleviate hunger and poverty which could be one of the means to lessen social vises, much is expected to come along with the launch of the E-Naira as part of the Independence day celebration.

I would say that the Nigerian government shouldn’t have rushed to place a ban on cryptocurrency, they should have just let it be and allow it to grow. There were already companies like Binance that were coming in there and they would have been of help to the country and helped in making some improvements in the country, because they would impact the economy in some ways.

And if they allowed the cryptocurrency market to grow there, they could as well benefited from it since exchanges will be paying taxes and all that, and they might as well regulate the market.

[Davidvictorson]

Central Bank of Nigeria banned crypto direct bank transactions
The CBN governor says most cryptocurrency transactions are illegitimate
One of the wrong statements about bitcoin again but from Nigerian EFCC Chairman

Especially, the CBN president, all his moves is to make Nigerians not to believe in decentralized currencies like bitcoin all because of the e-naira which is nothing but also naira that is subjected to significant devaluation.

I hope Nigerians will not be misled by someone that banned direct crypto transactions in the country in order to launch e-naira so that Nigerians will prefer e-naira.

E-naira can be good for spending but not for holding, bitcoin is best for holding because naira is highly depreciative

The fall of Nigeria economy with Naira depreciation

Hold bitcoin, e-naira is just naira and it is just best for spending and nothing more, it is completely centralized and privacy-depriving.

I laughed when I read the news. The country's Central Bank Governor lately has been on the news for all the wrong reasons, plunging the country's economy into recession and being out of touch with the harsh economic realities. Since the E-naira does not improve the economic standards of her citizenry and only serves as a store of value which is no different from the paper Naira, I don't recommend it. On the other hand I see it as a precursor to the unbanning and legalizing of bitcoin in no time.

[CryptopreneurBrainboss]

Well I had a feeling this wouldn't launch successfully tomorrow been the 1st of October which is also the day Nigeria got her independence. The whole concept of eNaira just came from nowhere without the government actually planning properly. Nigeria isn't ready for a government controlled digital fiat currency, we're yet have a perfect banking system and this banks are operated individual by business men/women yet we want something that'll be controlled by the government which looking at other government initiatives aren't been going great.

Well it just got postponed and no date was given meaning this could be another abandoned project and we're not new to seeing things like this in the country; CBN defers eNaira October 1 launch, gives reason

The Central bank of Nigeria (CBN) has deferred the official launch of its Digital Currency, the eNaira.

The spokesman of the bank, Mr Osita Nwanisobi, said that the planned unveiling slated for today has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.

No new date has been announced for the launch yet.

[Nathrixxx]

Well on a contrary occasion, the government also have given the conditions to lift the lingering ban placed on Twitter if 5 conditions given were meant. Twitter must meet the Nigerian government’s five conditions before the suspension of the social media platform will be lifted.

Mr Buhari said this during his televised broadcast on Friday to mark Nigeria’s 61st independence anniversary.
He listed the conditions to include the fact that Twitter must pay attention to national security and cohesion; registration, physical presence and representation in Nigeria; fair taxation; dispute resolution and local content.

At this point in time, i think the country state of focus is unanimously jeopardize by it leadership, the proper and adequate preparation needed for implementation of any policy or step of action before publicying it to the general public isn't in place, i thought maybe there would have been a light shed upon the Cryptocurrency ban along with the proported launch oE-Nairaf and effect the lift of ban placed on Twitter rather than stating terms and conditions.

Its an independence day celebration in Nigeria while the citizens were living dependently under the authorization of the rulership government instead of leadership.

 

[zanezane]

Seriously I believe this is a really nice to us in Nigeria I really commend our leader for this and I believe this will definitely boost the economy of the country. Nigeria is also improving because they are supporting cashless policy and I believe very soon bitcoin will also become a legal tender in Nigeria and will definitely help to grow the economy of the country.

But the central bank is still against crypto right? So I don't see how they're going to be beneficial and popular to the crypto community there, if they're trying to make things right for E-Naira, they need to lift their restrictions or do what China did.

[RealMalatesta]

It is a mere name.

It isn't mere name, actually. It's strategic naming. Come to think of it, there's always something in names. Again, don't see their action as a sabotage. The guys picked up the "eNaira" tag before the FGN. If the government wants it that badly, it should rightly compensate the guys to drop it.

I do believe that it is just a name. They could just change it to D-Naira as in digital instead of E and they would be fine. Is that taken as well? Do it I from the Internet-Naira, and there are other chances as well if you are creative enough, these were the ones that I found as alternative and I just thought about it for like 1 minute and came up with these, think of how much you can come up with if you are doing it as a job. All in all they should not be doing it if there is any problems or companies that they would have a problem with.

I am not saying that names are unimportant, of course they are important because of branding reasons but e-naira is not the only branding that they could find, they could definitely find something that would be proper for them as well. At the end of the day I would assume that they could do something that would be profitable and good in marketing and also wouldn't be owned by some other company all at the same time.