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

[beerlover]

What known yet is how eNaira can be converted to naira which means someone that has eNaira can send it to his bank account and vice versa.

Later it will be possible for exchanges to support it as they support naira too, but Nigerian CBN banned decentralized currencies which makes naira not to be transferrable to bank directly, if the ban is not lifted, exchanges may not support eNaira transactions. But if the ban is lifted off, I would not see it surprising Binance and some other exchanges will support it.

About decentralized exchanges, anything agreeable between buyer and seller is supported, if eNaira can be transferred from one person to another through the eNaira wallet, then it would be a good means of exchanging eNaira for bitcoin and vice versa, this will depend on the buyers and sellers agreement.

Even if it is not exactly like USDT, it is similar. You do not transfer USDT to your bank account neither, you turn it into fiat and then transfer it. So, binance may end up with enaria no matter what. However, I doubt that it is that much of a volume maker to be worth for binance to deal with it.

Remember they would have to spend some money to get it done first and I believe there is a good chance that they may not do something like that at all, there is a good chance they may end up with nothing at all that would compensate their cost. So, I believe it will be focused on Nigeria and nowhere else, maybe some other African nations around them but that's about it.

[KennyR]

E-Naira is a digital currency and not cryptocurrency. The traditional Naira is getting its digital version. As the entire control is with the government, its usage won't be that effective. Maybe the ban will make people go for it. Instead of carrying a big sum of money, having an E-Naira wallet will be advantageous. This is a way to restrict the people within the limitations, because for sure E-Naira won't support cross border transaction.

Already several countries have developed their own digital currency and nothing has gained popularity. In future if the government legalize bitcoin usage, by that time it'll be helpful as people can make trade against E-Naira instead of other stablecoins and then converting to fiat through platforms like localbitcoins.

[paxmao]

---snipped---

What known yet is how eNaira can be converted to naira which means someone that has eNaira can send it to his bank account and vice versa.

Later it will be possible for exchanges to support it as they support naira too, but Nigerian CBN banned decentralized currencies which makes naira not to be transferrable to bank directly, if the ban is not lifted, exchanges may not support eNaira transactions. But if the ban is lifted off, I would not see it surprising Binance and some other exchanges will support it.

About decentralized exchanges, anything agreeable between buyer and seller is supported, if eNaira can be transferred from one person to another through the eNaira wallet, then it would be a good means of exchanging eNaira for bitcoin and vice versa, this will depend on the buyers and sellers agreement.

See simply like electronic cash centrally issued. I think it is of some use in the country, as banking services and broadband connections may not be widely available, so people can actually benefit from it specially if unbanked. As far as cryptocurrency, it does not seem to be one at all, even if technically it could be, it just does not seem to be decentralised which for me is a must.

[Sithara007]

E-Naira is a digital currency and not cryptocurrency. The traditional Naira is getting its digital version. As the entire control is with the government, its usage won't be that effective. Maybe the ban will make people go for it. Instead of carrying a big sum of money, having an E-Naira wallet will be advantageous. This is a way to restrict the people within the limitations, because for sure E-Naira won't support cross border transaction.

Already several countries have developed their own digital currency and nothing has gained popularity. In future if the government legalize bitcoin usage, by that time it'll be helpful as people can make trade against E-Naira instead of other stablecoins and then converting to fiat through platforms like localbitcoins.

Don't they have services like PayPal in Nigeria? What makes e-NGN any different from them? In the end, those who want to use a mode of payment that can be reversed and the funds frozen at the whims of the government, they can go for this CBDC shitcoin. If it is up to me, then I will stay away from it like plague. NGN itself is worth slightly more than the toilet paper. When they start creating digital coins from thin air, the trust level goes down even further. It looks like e-NGN will end up like the thousands of other shitcoins we had in cryptocurrency market.

[Zanab247]

I guess this is a welcome development to all citizens of Nigeria by launching her E-Naira digital currency in the country.it will really make their citizens to understand the difference between decentralized currency and centralized currency in the country. Since the government has banned bitcoin which other countries are using to eliminate errors from their economy and also reduce unemployment in the country. With this decision the government has took concerning launching E-Naira in the country will really open the eyes of the citizens to see what their leaders has caused to their economy by making bitcoin not legalized in the country. This will make the government to unbanned bitcoin to see if their citizens will still prefer to invest with E-Naira than bitcoin in the country.

[stompix]

So, will this turn as the biggest failure of the year, and just below the petro coin?
https://www.premiumtimesng.com/promoted/489523-the-cbn-godwin-emefiele-enaira-and-bitt-inc-by-onyema-dike.html

The Central Bank of Nigeria announced that it would launch its digital currency, eNaira on October 1, 2021. It did not happen.
In a statement, explaining the change in the October 1 launch date, the apex bank said it did not want the launch in conflict with independence activities and an October 4th date was indicated. October 4 has come and gone and the best the CBN did was release guidelines for the elusive eNaira.
On Sunday October 10, 2021, the CBN announced that the launch is now days away with no definite date given.

What a surprise, another incompetent government who can't build a damn highway in less than 10 years suddenly smokes something and claim they can launch ahead of every other country in the world something that will be revolutionary...
Yeah right!

[perfect999]

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.

And you do know that when the central bank of Nigeria finally launches this E-Naira they are going to be the ones who are in control of it. And the way I am seeing it, it’s going to be quite funny because people are not going to be in control of their wealth, the central bank will be the one controlling everything, unlike the bitcoin network where you’re in full control. They will be monitoring every transaction, and they can decide to block your account and all the money in it if they want to, since people wouldn’t have anything like private keys. Making use of a digital currency that is controlled by the government is going to be one hell of a problem lol.

[Sithara007]

What a surprise, another incompetent government who can't build a damn highway in less than 10 years suddenly smokes something and claim they can launch ahead of every other country in the world something that will be revolutionary...
Yeah right!

They don't need to do anything. They will just outsource the coin development to some competent people and just sit back and watch. CBDC gives an option for incompetent governments such as the one in Nigeria to mint unlimited amounts of money. The advantage with CBDC is that unlike the case with fiat currency they don't even require paper or metal. The inflation rate will sky rocket, but it will be a gradual process. By the time the citizens realize it, the politicians might have siphoned off most of their wealth to tax havens.

[Silberman]

~
Nigeria CBN is doing just as China, to paint decentralized currencies like bitcoin bad while piloting for centralized currencies which is the same as in value as the fiat spent in the country.

I do not see anything special about it too, eNaira is centralized and it is pegged 1-to-1 with naira which is depreciative.

What i would like know is whether you can easily purchase other cryptocurrency with the so called eNaira, if there is any local exchanges accepting them so that you could fund the account with eNaira and purchase the coin even if it is centralized. If that is possible then it is not that bad but if you are not having the freedom to purchase them then there is no point in using them.

Probably not, they are doing this because they are seeing that the price of bitcoin is increasing and the interest of their population in the cryptocurrency market has gone up massively during the last year, so they want that business for themselves and they have released this cryptocurrency to try to deceive people to go back and to use their fiat, so as you can see this is just another government trying to deceive their population and force them to avoid bitcoin and other cryptocurrencies, fortunately I do not think people are going to fall for it.

[Nathrixxx]

On the occasion of the launch of E-Naira by the President of Nigeria (Mohammadu Buhari), vice president (Yemi Osinbajo), CBN Governor, (Godwin Emefiele) and one other Government official.

Photo credit: Facebook

Nigeria is said to be the first country in Africa to launch CBDC and the sixth in the world, it was stated that E-Naira is meant to complement the physical (fiat) currency and not to replace it. E-Naira speed wallet and E-Naira merchant wallet are the two official applications available for download for the use, while #500 millions were minted and made available for the E-Naira. It could also be recalled that E-Naira was initially slated to be launched on October 1st but due to the Independence day clusters of activities it was postponed not untill the 25th of October, 2021

[kryptocanon]

They might have made history with it as being the first African country to launches its digital currency, but will that in anyway solves the country inflation? I doubt if that will happen. Nigeria is just a spoilt country under useless and non-working set of  government.

They placed a ban on Bitcoin and every other crypto related transactions in early February and only for them to roll out eNaira couple of days ago. And the fact that it's centralized makes no difference to Naira itself.