CBN to stop circulation of Naira note - page 3.

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Quote from: Gozie51 on May 21, 2022, 07:17:59 AM

Naira notes will be out of circulation soon, says CBN official

IMO I think this is double standard for Nigerian government. What is the major difference between bitcoin and CBDC if not that governments in the world that preach hate for bitcoin only want to have control and monitor the people's transaction through their regulation.

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

It's hard to make sense of what is happening with this article, it mentions the e-Naira but doesn't seem to describe how it'll work. To me it looks more like a payment network that is more akin to the Visa/Mastercard networks rather than anything relying on blockchain technology. It sounds like a rather rushed and disorganized plan to force it upon everyone, or is it just a certain group of people like taxi workers who will be required to use it? I feel bad for anyone who struggles with accessing technology, even if Nigeria does have a fairly low age demographic. It's good they're trying to pioneer new tech, but it seems to be poorly executed or maybe the article is just missing a lot of relevant information.

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Quote from: Gozie51 on May 21, 2022, 07:17:59 AM

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

Such actions speak for themselves, it is unlikely that such things happen by accident. The goal is to impose as much financial control as possible, and on the other hand to make it harder for people to trade Bitcoin. Every government is afraid of losing control of the people, and they are doing so with the help of money that is completely under their control - and to be at least somewhat independent of that system means that you are not dependent on the government and politicians.

Most politicians consider themselves irreplaceable and have a very big opinion of themselves - you just need to listen to what they say at their political rallies. A financially independent person is a danger to them because he simply does not care about their rallies, ideas, or parliamentary/presidential elections.

Quote from: Charles-Tim on May 21, 2022, 08:55:51 AM

I think CBN officials are out of their mind.

I am not versed in who is actually pulling the strings in Nigeria (by which I mean international influence), but local politics is not always a product created in the minds of local politicians but is very often the result of external influence. Maybe someone just wants to prevent any possibility of Nigeria approaching any decentralization at all - it is much easier to do business with corrupt politicians than with honest ones.

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I also read something similar recently, the second quote pointing to the same issue:

CBN urges Delta traders to embrace e-Naira

Let me quote these:

Quote from: https://punchng.com/cbn-urges-delta-traders-to-embrace-e-naira/

The Delta State Branch Controller of CBN, Mr Godwin Okafor, stated this on Friday at the popular Ogbogonogo market during the market sensitisation on e-Naira, urged market men and women to key into CBN policy.

He said, “We are here at the market today to sensitise the market people to the use of e-Naira. It is fully backed by CBN unlike the Bitcoin that has no legal backing.”

See Delta State Branch Controller of Central Bank of Nigeria (CBN) with lies again in order for people to use their inflationary fiat. I hope Nigerians won't be foolish to the extent they will believe these leaders with misleading information.

Quote from: https://punchng.com/cbn-urges-delta-traders-to-embrace-e-naira/

“Paper currency will soon be out of circulation because CBN spent money to print money and people abuse the currency in the market, spraying at occasion, payment of okada/tricycle and others and CBN is losing.”

I think CBN officials are out of their mind. They have already reduced Naira circulation already, people are complaining about this in the country, now they do not want to print Naira again, they want to make life difficult for people. This will not go as planned by CBN if truly they are working on it, or probably Godwin Okafo is just out of his mind.

dbc23

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Making use of E-naira in Nigeria is not a good idea. I don't really know why we need a digital currency In the first place, how about those that can't operate smarts phones and those that does not have assess to it.Statically, most Nigerians can't afford a smart phones and many still leave below android version 7. I think there's a bigger plan behind this.

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Quote from: Cookdata on May 21, 2022, 08:00:22 AM

Hey man, look, It is a bull$h*t move! You and I know they wouldn't do anything about paper money.
At first, I thought they were going to withdraw some Naira denominations from circulation because inflation has rendered 5 and 10 Naira note useless in the market, but it was their branded Enaira that they are forcing on people, I have never for onetime tried to download the app on my mobile.
Less than a year before the next election, watch how they will discard all of the things that current administrations have done, it is the Nigerian government's custom to abandon everything whenever there is a change in government.

The Government dont know as much as they should on cryptocurrency neither do they have any idea on the macro economy. Such action when election is approaching is suspicious and I think it is to launder fund in the country. Lets consider the reach on internet in Nigeria and how savvy the population is. Nigeria is not in a state to accept electronic currency with the height of corruption, I dont welcome it at all. The next phase of crytocurrency is for technology at large to adopt crycurrency, this direction like every other country is what i want from them before the government make any move.

Darker45

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I highly doubt Nigeria has what it takes to go fully digital. The World Bank has it that 4 out of 10 Nigerians are living below the national poverty line. With this data, it would be next to impossible for the country to completely eradicate Naira notes and shift to the use of its digital currency. At best, this is nothing but a goal, a long-term one at that. But, for now, and for the next several decades, Nigeria has no choice but to act according to the real status of their country.

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Hey man, look, It is a bull$h*t move! You and I know they wouldn't do anything about paper money.
At first, I thought they were going to withdraw some Naira denominations from circulation because inflation has rendered 5 and 10 Naira note useless in the market, but it was their branded Enaira that they are forcing on people, I have never for onetime tried to download the app on my mobile.
Less than a year before the next election, watch how they will discard all of the things that current administrations have done, it is the Nigerian government's custom to abandon everything whenever there is a change in government.

Gozie51

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Naira notes will be out of circulation soon, says CBN official

IMO I think this is double standard for Nigerian government. What is the major difference between bitcoin and CBDC if not that governments in the world that preach hate for bitcoin only want to have control and monitor the people's transaction through their regulation.

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

Topic: CBN to stop circulation of Naira note - page 3. (Read 530 times)