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.
Topic: E-Naira: CBN to launches Nigeria’s digital currency (Read 582 times)
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
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
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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. 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 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!
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.
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. 
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
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!
https://www.premiumtimesng.com/promoted/489523-the-cbn-godwin-emefiele-enaira-and-bitt-inc-by-onyema-dike.html
Quote
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.
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!
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.
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.
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.
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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.
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.
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.
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.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.
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.
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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.
~
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. 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.
You know that the Nigerian government does not believe in democracy or the rule of law; The cryptocurrency trading ban and the use of Twitter are an example of this. The Nigerian system is part of those systems that are not yet ripe for crypto. This is not the government's priority at this point but to try and fix the economy. And Nigeria will remain selfish with its policies. I see day by day how Nigeria is moving further and further away from its dealings. electronic currency translation. They don't want themselves or their people to get too involved in crypto activity.
The government may not be ready but their population seems to be as we have seen a very sharp increase in the activity related to cryptocurrencies coming from that country, now some people get scared when they hear the government not approving bitcoin but bitcoin was created with this in mind, we do not really need the approval of the government, what we need is the support coming from the population, and once we have it then getting approval coming from the government just becomes a matter of time.
You know that the Nigerian government does not believe in democracy or the rule of law; The cryptocurrency trading ban and the use of Twitter are an example of this. The Nigerian system is part of those systems that are not yet ripe for crypto. This is not the government's priority at this point but to try and fix the economy. And Nigeria will remain selfish with its policies. I see day by day how Nigeria is moving further and further away from its dealings. electronic currency translation. They don't want themselves or their people to get too involved in crypto activity.
Adopting this central bank distributed currency is not going to be making any sense at all. Digital currencies that are issued by central banks are going to be paired to the Fiat currency. So that means you are basically still buying the same Fiat that you have been running from. And another thing is that since they are going to be distributed by the central bank, then it’s going to be centralized and the central bank will have control over it.
Just like banks are doing these days they can decide to close your wallets and restrict you from having access to it for as long as they want, so all these central bank digital currencies are not worth making use of. It is better to just continue making use of the normal Fiat, because it’s still the same thing. But, cryptocurrency gives you complete freedom to be in control of your wealth.
Just like banks are doing these days they can decide to close your wallets and restrict you from having access to it for as long as they want, so all these central bank digital currencies are not worth making use of. It is better to just continue making use of the normal Fiat, because it’s still the same thing. But, cryptocurrency gives you complete freedom to be in control of your wealth.
Correct, however even before that private companies had the right to mint their own coins as long as they were made of gold or silver and anyone could use them to buy whatever they wanted, however with the excuse that some of those businesses were scamming their customers by minting coins with less gold and silver content the governments took control of the minting process, which eventually lead to us to fiat currencies.
Well.. this is strange. As far as I know, only the government had the right to mint coins (even if it was made of gold and silver). Private entities could create gold or silver coins/bars, but they were never used as legal tender. An exception would be the case of colonial trading companies like the East India Company, Danish East India Company and the Companhia do Commércio da Índia (Portuguese East India Company), which were allowed to mint currency in the areas where they were trading. But these coins were never used ether in Britain or Portugal.
This comes from a complete lack of historical understanding of how currency gets adopted, gold and silver became the mains forms of money for thousands of years not because someone imposed them to the population, they did do because the population realized they were the best forms of money they had available, however the government then monopolized the minting process and then scammed people wit fiat currencies, however we are once again seeing the same process taking place now, and people will choose what benefits them and not the government and they will keep using bitcoin even if they ban it if they obtain benefits out of it.
Until the early 20th century, we actually had the gold standard (silver standard in some of the smaller countries). So the usage of gold/silver continued all the way up to that. This was removed in mid-20th century, as the governments started complaining about deflation. But what actually happened is that it enabled the governments to print unlimited amount of money, without any control and this resulted in massive inflation. And with every passing year, this issue seems to be getting worse.
While the world's central bank is exploring the possibility of a digital currency issue nigeria cannot lag behind. The system will expand digital inclusion make it easier to send remittances from expatriates and smooth the way for Nigerians to shop internationally. For Nigerian traders who want to speed up the process of receiving money from customers abroad through the introduction of digital currency. The platform is also being used to facilitate secure and secure peer-to-peer transactions. An international P2P digital currency marketplace that facilitates quick and easy money transactions.
If the Nigerian government is thinking that expats would use e-NGN fo remittance payments, then I have to say that it is not going to be as easy as they think. Take the example of someone sending remittance payment from the United Kingdom to Nigeria. This individual can use Bitcoin, because there is a well established market for Bitcoin in the United Kingdom, as well as in Nigeria. So he can just convert his GBP to BTC, and then convert back to NGN from BTC once the payment reaches Nigeria. The case is not the same with e-NGN. It will not be easy to convert GBP to e-NGN in the United Kingdom, because forex transactions attract additional charges and formalities.
While the world's central bank is exploring the possibility of a digital currency issue nigeria cannot lag behind. The system will expand digital inclusion make it easier to send remittances from expatriates and smooth the way for Nigerians to shop internationally. For Nigerian traders who want to speed up the process of receiving money from customers abroad through the introduction of digital currency. The platform is also being used to facilitate secure and secure peer-to-peer transactions. An international P2P digital currency marketplace that facilitates quick and easy money transactions.
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