CBN to stop circulation of Naira note

[kryptqnick]

Paper currency gets dirty, it takes place, can get ripped apart or lost. So taking it out of the circulation makes some sense, especially after the pandemic made people more aware and sensitive to the infections around us and taking measures to avoid catching them. That, however, doesn't show anything pro-crypto, I agree, as it's a push towards a CBDC.
What concerns me is that only half of the population has Internet access, and the rate of population having smartphones is also around a half . The percentage of banked population is less than a half, but close.
My question is how, under such circumstances, it's possible to move away from cash. The good thing about cash is that anyone can use it. But digital money requires certain things, and if half of the population don't have them, it's a big problem.

[1714854891]

1714854891

[SirLancelot]

How can a country be claiming to go digital and rule out the existing currency in circulation where the economy is nothing to write home about and their students have been made to remain at home for over 4 months now owning to the fact that the government cannot afford to pay her workers their stipends.
Btw I am a native of that country and believe me when I say this "Nigeria does not have what it takes to go digital"

If you are from Nigeria, then you should know a lot more about it. I wanted to ask, just recently they had a situation where they were considering to ban the usage of crypto, or at least some people said so, I do not know much about it, could you talk about what happened there?

I mean last year there were talks about Nigeria banning all exchanges and everyone moved to p2p, today we are talking about something like going full digital, there must have been something in the middle that turned the whole nation like that. As someone who is not from there, it is a shocking development for just one year period, looks a bit suspicious to be fair.

[jaberwock]

Paper currency gets dirty, it takes place, can get ripped apart or lost. So taking it out of the circulation makes some sense, especially after the pandemic made people more aware and sensitive to the infections around us and taking measures to avoid catching them. That, however, doesn't show anything pro-crypto, I agree, as it's a push towards a CBDC.
What concerns me is that only half of the population has Internet access, and the rate of population having smartphones is also around a half . The percentage of banked population is less than a half, but close.
My question is how, under such circumstances, it's possible to move away from cash. The good thing about cash is that anyone can use it. But digital money requires certain things, and if half of the population don't have them, it's a big problem.

Coins cannot get ripped off however it still can get dirty and can consume some space, they can remove it as well together with the paper and switch to digital instead. Not only that it won't have the disadvantage that we list earlier but it is also more friendly to the environment.

Now, there's no need to cut trees anymore or mine limited materials from the earth only to mint coins though the only problem is the poor or the uneducated people. How can they be able to cope up with this change? Unless if someone provides them the things that is needed and educated them on how to use this new digital currency. If finally they are involved with it, there's a chance that they will find out and use a crypto soon.

[Jawhead999]

I mean last year there were talks about Nigeria banning all exchanges and everyone moved to p2p, today we are talking about something like going full digital, there must have been something in the middle that turned the whole nation like that. As someone who is not from there, it is a shocking development for just one year period, looks a bit suspicious to be fair.

I'm not from Nigeria and the middle what you're talking about is a government, since they're ban usage of crypto and using their own digital currency e.g. E-Naira pegged with Naira. There's nothing suspicious behind this since we all know government only want to have full control of anyone life e.g. personal information, money and so on. Since crypto is a competitor of their own CBDC, they're banning the crypto to make all their citizens to use E-Naira.

[Mpamaegbu]

If the Nigerian government push people into e-naira while they are stopping "bitcoin trading" and banks connected accounts, they are invariably speaking with both sides of the mouth

Let me play the devil's advocate here and that's me saying that the double speak of the Nigerian government on the issue you pointed out could be from them not truly having a complete grasp of what cryptocurrency is, and not because they genuinely want to. This present administration run by the APC government of Mohammadu Buhari seems to be the worst of all administrations bereft of knowledge of economics. Those who are supposed to be manning the economy aren't up and doing and as such can't properly advise the president on what to do. Two figure inflation has hit Nigeria and all of them are acting like nothing is amiss because whether they get the country out of it or not, they still get their salaries. It's a shame.

BTW, speaking from both sides of the mouth is what politicians all over the world do. However, it's worse in Africa because citizens aren't holding their leaders accountable to their words and actions.

[Oluwa-btc]

I find this already irksome my lenses hurt badly not too talk of how I had migraine seeing such a shitty hell stuff's. It's laughable you know
Go behind them houses and see how they store huge bucks of paper currency at their store and homes. I have seen with my own eye's how can someone store bunch of racks in a pit latrine ? If I get such funds, my third generation would never experience turbulence.

A country that has internal issues with power supply, a country that fights he/ her citizens for holding and having smartphones, indirectly tagging everyone as a scammer. Imagine a thief funding EFCC so they would stay clear of he's stolen Wealth! Next year Gon be the presidential election let's watch and see how they abuse the paper fiat buy vote's.

Old fvcknn fvckers.... Lmfao  Do well to understand Nigeria, how they operate and you're good to go. Every country has its own issues but Nigeria ? Abeg make ornah catch Cruse else 9ja go kill us before out time. ( Pigin ) In conclusion, all they've said are totally crap, they can't I repeat can't stop it.

[Adbitco]

I don't think it would have any effects for CBN to enforce businessmen and  women go into eNaira. First what was their plans?
Is the Naira devaluation the cause of all the problems for not growing? No.
Nigeria should move from consumption country to a productive country this will help to foster the development. The Government always try's to implement what could give them more avenue to loot from the poor masses, which is the greatest problem every country would like face if not elect sound and educated leaders into power.

Lastly I think the ruling party and leaders those in power are old enough to be retired to give a young vibrant youths to seat to know the best structure the country needs and wants.

[Mate2237]

I don't think it would have any effects for CBN to enforce businessmen and  women go into eNaira. First what was their plans?
Is the Naira devaluation the cause of all the problems for not growing? No.
Nigeria should move from consumption country to a productive country this will help to foster the development. The Government always try's to implement what could give them more avenue to loot from the poor masses, which is the greatest problem every country would like face if not elect sound and educated leaders into power.

Lastly I think the ruling party and leaders those in power are old enough to be retired to give a young vibrant youths to seat to know the best structure the country needs and wants.

Did all the businessmen and women know how to use the enaira? Most of them can not use ecurrency because they are computer illiteracy. CBN devalues the nairra to boost the country's economy but ironically the Americans were more wiser than the Nigerian Government. The world order says, Nigeria should consume while the developed countries should produce.