Topic: CBN to stop circulation of Naira note (Read 530 times)

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.

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.

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.

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"

"Naira notes going out of circulation", am I getting this right or am not just following up on the point that was the intent here. They tend to talk about abuse, when the president ticket costs as much as $167,657, the equivalent of BTC5.7 with current market price in the ruling party and there you have them in few weeks politicians rushing to pick forms and make there declarations. In a nation where the students are left at home to roam the street due to the on going strike of the governing body of universities ASUU for over 4months already and counting. This is hardly the problem of Nigeria at the moment.

How do they expect those in the rural area to be familiar and make use of the e-Naira when they haven't been familiar with the basic devices for this not to think of owning one. It's unheard of what is going on and about happening in Nigeria. The fiat currency is hardly the problem of this country but, the status people whole have stolen away our democracy to operate an autocracy form of government where an out going leader gets to instole a predecessor using the same voting procedure for a shill.

Where a president can act as a minister while occupying the highest office in the country. They award contacts for themselves and live it partly finished with a budget that accommodated surplus. There is no abuse on the currency and the CBN shouldn't complain on what they spend on printing notes. Rather they should beacon on agencies responsible to put corruption in check to carry out there duties judiciously while ensuring that capital intensive projects are duly completed. This would aid the economy more than they looking for a way to reserve more money to be siphoned by some dirty public office holder.

Every nation has a lot of trouble with their politicians, that is the nature of politics. I mean if you are interested in politics and want to be a politician, then there is a good chance that you will end up with a problem, no regular person would want to be a politician and succeed if they are normal, only the ones who are corrupt will get high.

So, Nigeria is facing this issue, the people at the top could be corrupted, I do not know but I know politicians and almost all of them are corrupted, and this crypto deal and how they are approaching towards Naira could be because of this, if they are not making anything, why let it happen.

They are just hear nor there and taking the people for the ride. Now the important things are neglected because they want to conduct election and re-elect themselves back in while the schools are shut down because of payment of fees and whatnot. This is a painful situation in Nigeria that has the resources to make the people happy. They are particular about bringing the youth to a standstill. Jobs are not there after you have graduated from high institution, the youth can't contribute to national development yet the slogan is the youths are the leaders of tomorrow.

African banks can be so tiring and a big problem, should they think of how to reduce the poverty rate killing her citizens, rather than imposing more hectic stuff's, basic requirements are not provided the least Africa barely have access to a good phone not to talk about a good internet access and electrical power. I bid to the people of Nigeria not too fall for that cheap move, money laundering done are not been tackled yet they claim to impose shit.

I think that this is a "political declaration" i.e. lying/FUD.
I think that they just want to scare off the ones involved in crypto and those using paper money for evading taxes.

In most countries paper money is so vital it's not allowed by constitution (directly or indirectly) get phased out. And you know why? Because if they phase it out they will deny access to money to a vast segment of population (just because you cannot expect everybody have internet and electronic means of payment). I guess that's the same in Nigeria too.
So no, paper money will not go out of circulation that soon. Not so easy.

And about the double standards... as usual, I'll just say that it's a pity that you guys don't know better, it's a pity that you still have expectations from politicians to be fair. Get real!

I would guess nigerians might adopt a barter system in the event of paper money no longer being in circulation. Or perhaps a push for a cashless society could incentivize more nigerians to adopt cryptocurrency?

What is interesting to me is the lack of incentivizing options for anyone to use the CBDC. Nigerians gain nothing by using it. There are no advantages. No carrot. Only a stick. Will there be a public backlash? Or will they simply conform to CBDC demands.

What happens to businesses and jobs who can't afford to deploy CBDC infrastructure. The cash based industry in nigeria must be huge as it is in other countries.