E-naira and Crypto currency

[Agbe]

E-naira is the conversion of the Nigerian Currency to digital currency for online transactions.

Crypto currency was introduced in Nigeria in the year 2008 https://guardian.ng/technology/tech/the-idea-and-a-brief-history-of-cryptocurrencies/ and the youths were very happy to use it for trading but the government asked all the banks to close crypto accounts in the country.

The reasons of the ban:

1. Most youths used the currency to scam people.

2. The fiat currency was neglected by the youths for their business activities.

https://techcabal.com/2021/02/08/why-the-central-bank-of-nigeria-banned-crypto-accounts/

So, Bitcoin was banned and e-naira (Nigeria digital currency) was introduced to take over crypto currency but ironically, till date, most Nigerians don't even know the e-naira and if some does, they are very few.

[Upgrade00]

The reasons of the ban:
...

The reason for the ban was that the country wanted to completely regulate the financial system and use that to control the masses.
The ban came of the back of the #ENDSARS protest and how bitcoin was used as a means to evade banking limitations, so to nip it in the bud, the government banned bitcoin transactions through banks and twitter as well, blocking free speech and unregulated transactions.

E-naira adoption would definitely be low as the citizens do not trust the government and would rather not have them controlling their finances completely.

[BIT-BENDER]

E-naira is the conversion of the Nigerian Currency to digital currency for online transactions.

Crypto currency was introduced in Nigeria in the year 2008 https://guardian.ng/technology/tech/the-idea-and-a-brief-history-of-cryptocurrencies/ and the youths were very happy to use it for trading but the government asked all the banks to close crypto accounts in the country.

The reasons of the ban:

1. Most youths used the currency to scam people.

2. The fiat currency was neglected by the youths for their business activities.

https://techcabal.com/2021/02/08/why-the-central-bank-of-nigeria-banned-crypto-accounts/

So, Bitcoin was banned and e-naira (Nigeria digital currency) was introduced to take over crypto currency but ironically, till date, most Nigerians don't even know the e-naira and if some does, they are very few.

I would see you as a newbie and that the only way I can comprehend what you just posted, first the federal government of Nigeria never gave an official cause of the ban, and even before Nigerians started to adopt Crypto, corruption has been rampant, and many people still do it with being a Crypto enthusiast. Why Crypto was ban is because at that time the youth were going strong and many of with are Crypto enthusiast, so it more of an attack.

[coupable]

The reasons of the ban:

1. Most youths used the currency to scam people.

2. The fiat currency was neglected by the youths for their business activities.

By reading the article, i didn't notice that those reasons are mentioned in the same way you mentioned them. The Nigerian gov doesn't provide officially the reason of the ban so we try to conclude it according to how a gov should behave toward this.
Banning bank accounts based on those two reasons doesn't look evident for me. Instead, the gov introduced E-naira with the claim that all crypto users are youth trying to scam others with even the need for the local currency. This is a governmental attempt to regulate everything and apply the necessary tasks .

[PX-Z]

E-naira adoption would definitely be low as the citizens do not trust the government and would rather not have them controlling their finances completely.

If so, this perspective can be applied on their local currency naira, as well? Which is more problematic.

Why Crypto was ban is because at that time the youth were going strong and many of with are Crypto enthusiast, so it more of an attack.

I only see it as irresponsible government, why did US and other countries regulate it or even el salvador make bitcoin as legal tender, instead of banning them? If as large as US can regulate it considering more people = more chance of crime, fraud, laundering etc. then why not other countries wont? More likely is due to corrupt officials, nothing more.

[Upgrade00]

E-naira adoption would definitely be low as the citizens do not trust the government and would rather not have them controlling their finances completely.

If so, this perspective can be applied on their local currency naira, as well? Which is more problematic.

It indeed is applied to the local currency, that why citizens were switching to using bitcoin as a store of value to escape devaluation.
With E-naira however, there's no physical cash, it's a digital and the government can arbitrarily block or freeze your account as they do with bank accounts, but this would be more efficient to be controlled as it all digital with no physical version.

[JangoUnchained]

The so called e-naira add zero value to your money that's why people don't care, even banks are taking various advantages on their customers it's better to stick with crypto and that's why the government won't ever like it even if the youths aren't using it for scam.

[Charles-Tim]

First of all, know that it is an implicit ban, only CBN banned bitcoin and other cryptocurrencies in Nigeria, it is never a total ban. So Nigerians are still making crypto transactions but p2p, not to bank directly which is what CBN banned.

1. Most youths used the currency to scam people.

Only CBN banned bitcoin, we all know central banks anti-bitcoin criticisms. But naira and fiat generally are most involved in illegal activities.

2. The fiat currency was neglected by the youths for their business activities.

Who will hold the highly depreciating naira? Yet, that is a lie. Even as crude oil make up over 70% of Nigeria export, some of the crude oil will still be refined outside Nigeria in a foreign country, they should focus on having their own refineries instead of againsting what can help Nigerian economy. The governments should focus on other exports too and technology in a way Nigeria will be less dependent on foreign countries.

[Zilon]

What difference does the so called e-naira and the paper naira have. Both still don't have value same way is the both depreciating by the day. I once read in an article where the overhyped e-naira was removed from play store less than 48 hours after it got uploaded due to poor rating and criticism. Nigerians will rather prefer crypto currency than embrace an digital currency that is worst than it's corresponding paper currency.

it might take Nigeria long to perfect it's digital currency and stabilize the value

[Doan9269]

E-naira is the conversion of the Nigerian Currency to digital currency for online transactions.

Crypto currency was introduced in Nigeria in the year 2008 https://guardian.ng/technology/tech/the-idea-and-a-brief-history-of-cryptocurrencies/ and the youths were very happy to use it for trading but the government asked all the banks to close crypto accounts in the country.

The reasons of the ban:

1. Most youths used the currency to scam people.

2. The fiat currency was neglected by the youths for their business activities.

https://techcabal.com/2021/02/08/why-the-central-bank-of-nigeria-banned-crypto-accounts/

So, Bitcoin was banned and e-naira (Nigeria digital currency) was introduced to take over crypto currency but ironically, till date, most Nigerians don't even know the e-naira and if some does, they are very few.

The most reason for the ban is that the government want to have control over the system and be regulated by it but the major goal of Satoshi is to let individual have freedom over their finances as the level of trust on the government and commercial banking sectors is breach in terms of security and privacy.

Nigerians government introduced the first cbdc in Africa and think it will divert the youths from bitcoin. Also know that the government does not ban cryptocurrency in Nigeria, it only ban the financial institutes from carrying out transactions in bitcoin.

[YOSHIE]

E-naira, a currency that can be controlled by the Nigerian government, E-naira is only one type of currency, different from crypto has many types, if as the OP said it is a valid reason for the Nigerian government to boost and advance the E-naira currency in the market and also economic growth, I think the Nigerian government is trying to do the best for its people.

The problem is whether the policies and regulations of the Nigerian government are well received by the people, that's a big problem.
Crypto has many types and also prices are cheap and expensive, almost all sites use crypto as a transaction, such as gambling etc, what about E-naira, what can be expected, if the Nigerian people use E-naira currency.

[Pokapoka124]

The reasons of the ban:
1. Most youths used the currency to scam people.

And fiat is scam proof?  

2. The fiat currency was neglected by the youths for their business activities.

That's not true. Where are you getting this? There are very few businesses in Nigeria that accept cryptocurrency as payment.

So, Bitcoin was banned and e-naira (Nigeria digital currency) was introduced to take over crypto currency but ironically, till date, most Nigerians don't even know the e-naira and if some does, they are very few.

E-naira was introduced by the government to regulate cryptocurrency transactions but there are still some unanswered questions that makes the public uneasy about the E-naira project.

[Mpamaegbu]

E-naira is the conversion of the Nigerian Currency to digital currency for online transactions.

E-naira is simply online banking to the best of my perspicacity. Nothing more to it. It could be that the Central Bank of Nigeria actually wanted to have a real digital currency that could compete favourably with Bitcoin or other crypto assets but couldn't get it right. It failed woefully on its face. Even most of those who initially downloaded the E-naira app from onset have uninstalled it now.

1. Most youths used the currency to scam people.

That was the CBN metaphorically giving a dog a bad name in order to hang it. Don't promote and escalate that narrative for them. The crypto ban came off the Nigeria government's inability to stop the #endsars movement during the October 2020 nationwide protest as Godwin Emefiele (Governor of CBN) felt the protesters got funding through Bitcoin. It wasn't because people got scammed through Bitcoin activities. Please, get your facts right.

[Pmalek]

What difference does the so called e-naira and the paper naira have. Both still don't have value same way is the both depreciating by the day.

You can't really see who spends paper money, where, and for what reasons. If you make your money digital, you can. More precisely, they can. When you walk into a shop and pay with a government-controlled digital currency, the authorities can see when the transaction was made, who made it, and in which location. The government will will try to trick you into believing that they are doing it for your own good. It will be so much easier to use digital currency than paper money. While that is true, their true intension is not making your life easier. They want greater control of the financial systems. That's why Bitcoin is a threat in their eyes. It's taking that control from government-controlled institutions and putting it in the hands of ordinary people.

Most governments don't want you to think independently and question their authority. You are not supposed to be free and independent, but dependent and just smart enough to understand and follow their rules. And because Bitcoin breaks all their barriers and is so much better than their government-controlled e-money, they know that the two can't compete, so the goal is to ban, regulate, frighten the people, tax the people, etc.       

[Dillonhebist]

the reasons of the ban of cryptocurrency by the government.
firstly the government want to have control over cryptocurrency.
secondly the government what to see and supervise ever transaction that goes on in the Crypto world.

the citizens does not adopt E- naira because they lack trust of the government.

[Rruchi man]

It could be that the Central Bank of Nigeria actually wanted to have a real digital currency that could compete favourably with Bitcoin or other crypto assets but couldn't get it right. It failed woefully on its face. Even most of those who initially downloaded the E-naira app from onset have uninstalled it now.

Because the Nigerian government cannot be trusted, another angle to look at it is that people in the financial arm of government endorsed the project as a means to siphon money, because they must have known from the beginning that the country is not matured enough (technical wise) for such a project to be successful, the country is facing too many challenges. So it is a good project in my opinion, pushed forward with bad intentions or ulterior motives. There was no good marketing for the project afterwards and no incentives to encourage people to try it out to ensure the project became a success, the project was just launched and left to fly.

[Smartvirus]

E-naira and the various fiat currencies the CBDC offer out there can not replace or act as a replica for cryptocurrency because they operate on a different base all together. Crypto is not regulated where as, E-naira and digital  fiats out there is. Most citizens understands this and the best way to stay away form the government is to invest in cryptoa other than digital  currencies.

Meanwhile, the Nigerian government amongst others have always looked towards a way of crippling its citizens and thus far, the crypto field have citizens much of that hence, a ban seemed to be there best way to regain some form of control but, we know better.