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

[Nathrixxx]

Well this is a new development on itself to the citizens if all things would have been in place, a saying goes and I quote "experience is the perfect teacher" in a bid to this milestone journey of E-Naira, 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.

The Central Bank of Nigeria (CBN) will launch a digital currency, e-Naira in October to coincide with the nation’s independence anniversary.

The apex bank chief urged Nigerians to embrace the e-Naira and explained it is safer than cryptocurrencies.

Digital currency is the electronic form of fiat money issued by governments.

he central bank of a country supervises digital currency. Cryptocurrencies are not regulated by any government, reason why authorities warn against bitcoin, ethereum and the likes.

The e-Naira would only exist in digital and electronic form. Individuals and financial institutions can track transactions easier.

e-Naira local and international transfers can be made within a little time and at cheaper rates. It simplifies cross-border trade and guarantees a faster inflow of remittances.

All these are fictions not base on fact, Cryptocurrency had reasonable answers to them all:
1. Cryptocurrency isn't a scam or fraudulent scheme of digital currency, it has reliable exchanges that operate and more secured than Fiat banks

2. Talking about digital Fiat currency, it involve a third party transactions and the charges are much unregulated, while crypto is lesser on transaction fee, faster and it's only a peer to peer exchange with no third party, example is when you go the market and made purchase, you don't need a third party to intermediate between you and the seller, you buy directly.

3. The word regulated in this context is been misinterpreted for tax and exuberant charges, any third party transaction is incomparable to a peer to peer one, a decentralized market has more adge then the government control system of Fiat, where you get to the bank for KYÇ related issues, time delay with excessive charges on transaction operations and services rendered while you can do these all by yourself in Cryptocurrency.

To me I will employ the government to consider adopting Cryptocurrency first along side with the launch of it digital currency (E-Naira) and the citizens will decide the best and convinient choice, the teaming youths where in perplex towards the new launch but it would have been so good if Cryptocurrency adoption goes along with it.

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[Charles-Tim]

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.

[Anonylz]

There is no need to pay attention to what this government says about crypto because it is clear what their intentions are, they are trying so hard to discredit btc - crypto in general and at the same time introduce their digital currency to the people, I guess the future will determine which digital currency the people will accept and which to ignore as long as the didn't result to forcing it on their citizens.

[Upgrade00]

To me I will employ the government to consider adopting Cryptocurrency first along side with the launch of it digital currency (E-Naira) and the citizens will decide the best and convinient choice, the teaming youths where in perplex towards the new launch but it would have been so good if Cryptocurrency adoption goes along with it.

If you are a Nigerian, you would also know that the Nigerian government does not believe in democracy or rule of law; the ban on cryptocurrency transactions and the use of Twitter is an example of this.

Digital currencies are decentralized and puts the power in the hands of the holder, fiat on the other hand can be more easily controlled and manipulated, an E-naira would be much more manipulated as transactions would all be regulated and controlled.
With fiat, you can hold cash and transact if your bank is blocked, but an electronic form would not have physical notes and is 100% controlled.

[TheNineClub]

just a glance and this seems like a hasty decision from the Nigerian authorities to suppress outside currencies in an effort to keep the money flow inside their borders and eventually, well, ya know, fill their own pockets. I mean, I am not a Nigerian myself, but this is something that smells fishy and goes against the ideals of cryptcurencies and I hope people don't fall for it.

[Gozie51]

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.

IMO the Nigerian system is part of those that is not ripe for E-currency. This should not be priority for the government at this time but to try and fix the economy. There is high level of poverty in the land that is caused by the government. The government should embark on massive capital intensive project of building factories and industry which will engage the youth and this will grow the country's GDP. Sometimes one wonders the ability of the people in governance and because they are not genuinely elected by the people, they will dance to the lyrics of the installers. E- naira is not the need of the masses at the moment.

[haidil]

Still with the same case that Nigeria will remain selfish with its policies. We notice day by day how Nigeria is getting further and further away from cryptocurrency transactions. Well E-Naira is staying up late and forced to be liked by the people. Like it or not, they clearly have no other choice but to follow the policy, because even if they refuse, sanctions are already in sight. There is no freedom for crypto users in Nigeria to have a proper place.

[Rruchi man]

There's really no need to stress much about these kind of news about Nigeria, our country is not mature enough to handle something as the "E-naira". Some people in the rural areas and some urban areas are still struggling to come to terms with the regular USSD mobile code, talk less of the "E-naira" which will definitely be operational through an application. Regular Banking network and systems are not even 100% yet, somedays the whole banking system is very disappointing.

I hope they have plans on how to make this E-naira sustainable, because i don't think it will survive.

[Hydrogen]

If nigeria's central bank succeeded in launching their CBDC on schedule with the promised features.

I might assume they *borrowed* open source code from a successful cryptocurrency project and forked it to suit their needs. It would be a fork of litecoin or another existing alt coin and not a true CBDC at all. There's a chance there will be no launch of a nigerian CBDC at all as venezuela did with their promised CBDC the petro.

The planned october 2021 nigeria CBDC launch date is the month when rumors claim crypto ETFs in the USA could be approved. There's a chance that we could see a flurry of activity in october 2021. If it is true that the taproot expansion to bitcoin core is a type of "game changer".

[Silberman]

There is no need to pay attention to what this government says about crypto because it is clear what their intentions are, they are trying so hard to discredit btc - crypto in general and at the same time introduce their digital currency to the people, I guess the future will determine which digital currency the people will accept and which to ignore as long as the didn't result to forcing it on their citizens.

It is obvious that anyone that has adopted cryptocurrencies for reasons other than hype will never adopt one of those digital currencies that their governments are emitting, what is the point? We are holding bitcoin precisely because they cannot stop their printing machines and keep introducing more and more of that worthless fiat, why would we want to go back to it and use a digital currency that is even more draconian than regular fiat? They really must believe we are not that smart.

[Mpamaegbu]

What I see in all this e-naira thing is that it's just another baptismal name for "online banking", nothing else. I ain't even thinking twice about that option at all because contemplating using it is contemplating crossing a railway track blindfolded with moving trains crisscrossing. If the Nigerian government wants Nigerians to trust the module, it should let it run on the blockchain for transparency sake.

[Sithara007]

OK.. so now CBDCs represent another option for the government to create unlimited amounts of fiat currency out of thin air. And do you know the best part about them? They don't even need to spend money on paper and ink. This is like the ideal situation for governments all around the world. And then next step will be the prohibition of proper cryptocurrencies, similar to the way China did. If real cryptocurrencies are in circulation, then obviously these CBDC shitcoins won't be able to compete against them.

[Poker Player]

Interesting. I will keep an eye on how events unfold and what our fellow Nigerians on the forum say, there are some who are very active. This can be a guide for us to see what may happen when other currencies like the digital euro and dollar are launched. What seems clear is that Bitcoin and cryptos have no way back. From the moment people start using a similar currency issued by their government, they will no longer see Bitcoin as something so strange, linked to frauds etc.

[haidil]

There's really no need to stress much about these kind of news about Nigeria, our country is not mature enough to handle something as the "E-naira". Some people in the rural areas and some urban areas are still struggling to come to terms with the regular USSD mobile code, talk less of the "E-naira" which will definitely be operational through an application. Regular Banking network and systems are not even 100% yet, somedays the whole banking system is very disappointing.

I hope they have plans on how to make this E-naira sustainable, because i don't think it will survive.

Interesting, because as you mentioned, referring to the countryside in this Nigerian country may indeed be quite difficult to evenly distribute. Difficult access and limited internet systems can also prevent E-Naira from being mass adopted on a significant scale. I think this obstacle is quite difficult to overcome in a short time.

[XCANA]

Are you referring to the same government that ban crypto currency and warning her citizens not to have anything to do with crypto currency? I believe what they are saying is just a political talk as it doesn't hold water and at the same time, they don't even have the capacity to implement what they are clamoring for at the end of the day.

[stompix]

I might assume they *borrowed* open source code from a successful cryptocurrency project and forked it to suit their needs. It would be a fork of litecoin or another existing alt coin and not a true CBDC at all. There's a chance there will be no launch of a nigerian CBDC at all as venezuela did with their promised CBDC the petro.

They have selected a company for this so they will have a full new product delivered, besides it would make no sense for CDBC to have any mining or distribution involved, nor it would require open nodes and any kind of delay between blocks since there will be completely centralized, no orphan blocks, no Cybill attacks no 51%, in some ways it will be afar more simple currency than any known crypto.

Venezuela, that as a joke and a way to grab some funds from the people who believed they were really investing in something.

Difficult access and limited internet systems can also prevent E-Naira from being mass adopted on a significant scale. I think this obstacle is quite difficult to overcome in a short time.

Those are problems every cryptocurrency would face, even bitcoin, but that is a hurdle that can be easily overcome within a decade.

[dezoel]

Very funny, same Nigerian government that banned cryptocurrency and called it a scam are now trying to create their own digital currency? It would be best for the citizens not to ever accept that crap they are about to dish out, because that digital currency will be useless. If these governments had any good reasoning at all, they would focus more on fixing the economy of the country and reducing the rate of poverty in the country.

This is not a time for them to be talking about digital currency, having a digital currency is not going to bring a solution to the problems in the country, rather it will be another avenue for the corrupt leaders of the country to even launder more money. And moreover the Nigerian government has shown that they have no clue on how to run a digital currency by having no understanding of what cryptocurrency is all about. So Nigerians should say no to this E-Naira the same way that their government said no to Bitcoin.

[verita1]

If the Nigerian government included bitcoin and cryptocurrencies it would be a good endorsement. In this case we know that the e-naira is the absolute control in Nigeria by the power of its rulers. But I can see it positive on the one hand because I know how people suffer, for example, when making a payment, sending money, etc. It is in an infrastructure that does not work and the worst in a country where there is exclusion.

I live in Venezuela and we sometimes suffer from many problems when making payments and sending money because there are failures in the state bank where the majority of Venezuelans use it, there is a power failure and internet sometimes which causes delays and waste of time.

[Sithara007]

If the Nigerian government included bitcoin and cryptocurrencies it would be a good endorsement. In this case we know that the e-naira is the absolute control in Nigeria by the power of its rulers. But I can see it positive on the one hand because I know how people suffer, for example, when making a payment, sending money, etc. It is in an infrastructure that does not work and the worst in a country where there is exclusion.

I live in Venezuela and we sometimes suffer from many problems when making payments and sending money because there are failures in the state bank where the majority of Venezuelans use it, there is a power failure and internet sometimes which causes delays and waste of time.

There are two opposing approaches being made to cryptocurrency by the global governments. Countries like El Salvador are encouraging its usage and are benefitting from it (if not now, then in the future). On the other hand we have authoritarian regimes such as those in China, India and Nigeria, who think that they can prohibit ordinary people from using Bitcoin. Now I don't know which camp will emerge successful in the end. The stance from those who are in between matters a lot (i.e United States, Japan.etc).

[paxmao]

Centrally issued currencies, whether these come from a stable and democratic government or from other type, are not what we really understand as crypto, but rather a digital currency that has more or less the same properties as cash, with a bit of faster and more convenient payments. Just imagine if any government promised on a credible manner that they will not issue more money as per their political convenience... that would be crypto.