Topic: E-Naira: CBN to launches Nigeria’s digital currency (Read 591 times)

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.

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

Probably not, they are doing this because they are seeing that the price of bitcoin is increasing and the interest of their population in the cryptocurrency market has gone up massively during the last year, so they want that business for themselves and they have released this cryptocurrency to try to deceive people to go back and to use their fiat, so as you can see this is just another government trying to deceive their population and force them to avoid bitcoin and other cryptocurrencies, fortunately I do not think people are going to fall for it.

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.

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?
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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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

I doubt if any country will be launching a decentralized currency, all will be centralized so they can still have control over the finance of their citizens as that's the only way they can control them. Money rules the world, therefore if you can control people money, you control them. The government knows this which is why they're against Bitcoin in the first place.

Even the government accepting bitcoin as a legal tender are doing so in the most centralized way possible which is why they're recommending their wallet be used and even if Nigeria was to accept a decentralized project as Bitcoin, thet would be done too in the most centralized ways as possible.

I dont really see these digital currencies made out by Countries which is just basically the same with fiat in terms of functionality and a overall characteristics and thats why im aint surprised that countries would really make out  such decisions on making one.

Sooner or later then we would really see these digital currencies on every country in next years to come.Some might support decentralized one but most of them will surely
keep an eye to centralization.

Nothing surprising really!

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 with 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.

The most important thing to remember here is that the e-NGN is not supposed to replace NGN. On the other hand, the Nigerian government is hoping that it will replace Bitcoin and other cryptocurrencies. The government is definitely going to force it's imposition upon the users (if not today, then it is definitely going to happen at some time later). The governments in third world and authoritarian nations have this false thinking that if they force someone to use a particular asset, then they would do that. But what they are forgetting is that times have changed and people are not ready to accept such directives from the government.

The only way the E-naira can get adoption massively is if the nigerian government force an adoption plan on the citizens of Nigeria, If not I don't think it will be adopted, nigerian aren't fools we know how bad the leadership is, at least to the level of not trusting the potential of the E-naira for now, but an excited for one thing the government noticing nigerians are crypto-enthusiast and even after a ban we didn't become any less than we were, so I think the E-naira is the government failed attempt on controlling our enthusiasm in crypto-currency.

The best thing that could happen to the government of Nigeria is to abandon their project now and not suffer the indignity of no one using their coin for anything, even if the adoption of cryptocurrencies has grown all over the world, the majority of the ones using it are still doing so as a reaction to what is happening with the economy, they are using it specifically to avoid using the currencies the government create and issuing yet another centralized currency is not going to make people to flock to it and use it.

Crypto currency could either be Centralized or decentralized depending on the creators motive my own problem with the CBN is that the placed a ban on Bitcoin just has china did but launching their e-naira with economic crisis surrounding the nations economy is a very wrong timing. First they should establish some level of economic stability then go ahead with their launching if not in not too long the system would crash

They could have just followed the example set by El Salvador. Millions of Nigerians are working as expats abroad, and they face crippling commissions while sending remittance payments back home (5% to 15% of the total amount). If the government think that they'll just use e-NGN all of a sudden, then they're mistaken. Despite hard push by the Chinese government, the e-CNY (CBDC from China) is yet to make any progress on its goal of replacing Bitcoin. And the Nigerian government can't even afford to take the steps which are taken by the Chinese dictatorship, which dims the prospects of e-NGN even further.

To be honest Nigeria has a lot of other problems that need solving before people can trust it enough to run a competent cryptocurrency system. There is little need for yet another altcoin and it might be vulnerable to outside manipulation because it does not have the scale to thwart attacks. It would have been much better to simply focus on building a competitive crypto exchange that allowed people to store and withdraw funds, without trying to cash in on a new clone. I have a feeling that this will fade into obscurity, however the original founders will obviously cash out a portion as soon as it is available. Unfortunately the government in this country has a long way to go before it is trusted to manage such a program.

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.

I do believe that it is just a name. They could just change it to D-Naira as in digital instead of E and they would be fine. Is that taken as well? Do it I from the Internet-Naira, and there are other chances as well if you are creative enough, these were the ones that I found as alternative and I just thought about it for like 1 minute and came up with these, think of how much you can come up with if you are doing it as a job. All in all they should not be doing it if there is any problems or companies that they would have a problem with.

I am not saying that names are unimportant, of course they are important because of branding reasons but e-naira is not the only branding that they could find, they could definitely find something that would be proper for them as well. At the end of the day I would assume that they could do something that would be profitable and good in marketing and also wouldn't be owned by some other company all at the same time.

But the central bank is still against crypto right? So I don't see how they're going to be beneficial and popular to the crypto community there, if they're trying to make things right for E-Naira, they need to lift their restrictions or do what China did.

Well on a contrary occasion, the government also have given the conditions to lift the lingering ban placed on Twitter if 5 conditions given were meant. Twitter must meet the Nigerian government’s five conditions before the suspension of the social media platform will be lifted.

At this point in time, i think the country state of focus is unanimously jeopardize by it leadership, the proper and adequate preparation needed for implementation of any policy or step of action before publicying it to the general public isn't in place, i thought maybe there would have been a light shed upon the Cryptocurrency ban along with the proported launch oE-Nairaf and effect the lift of ban placed on Twitter rather than stating terms and conditions.

Its an independence day celebration in Nigeria while the citizens were living dependently under the authorization of the rulership government instead of leadership.

 

Well I had a feeling this wouldn't launch successfully tomorrow been the 1st of October which is also the day Nigeria got her independence. The whole concept of eNaira just came from nowhere without the government actually planning properly. Nigeria isn't ready for a government controlled digital fiat currency, we're yet have a perfect banking system and this banks are operated individual by business men/women yet we want something that'll be controlled by the government which looking at other government initiatives aren't been going great.

Well it just got postponed and no date was given meaning this could be another abandoned project and we're not new to seeing things like this in the country; CBN defers eNaira October 1 launch, gives reason

I laughed when I read the news. The country's Central Bank Governor lately has been on the news for all the wrong reasons, plunging the country's economy into recession and being out of touch with the harsh economic realities. Since the E-naira does not improve the economic standards of her citizenry and only serves as a store of value which is no different from the paper Naira, I don't recommend it. On the other hand I see it as a precursor to the unbanning and legalizing of bitcoin in no time.

I would say that the Nigerian government shouldn’t have rushed to place a ban on cryptocurrency, they should have just let it be and allow it to grow. There were already companies like Binance that were coming in there and they would have been of help to the country and helped in making some improvements in the country, because they would impact the economy in some ways.

And if they allowed the cryptocurrency market to grow there, they could as well benefited from it since exchanges will be paying taxes and all that, and they might as well regulate the market.

It isn't mere name, actually. It's strategic naming. Come to think of it, there's always something in names. Again, don't see their action as a sabotage. The guys picked up the "eNaira" tag before the FGN. If the government wants it that badly, it should rightly compensate the guys to drop it.

I don't understand your argument. How are these things you tried to yolk together here going to be possible? No country runs her conomy on sentiments. World economies are run on facts and figures. What you just did here is pure sentiment to show support to the country as against tenable facts on ground. How is Nigeria improving economically when we're badly battered in that aspect with inflation flying out of control like breeze? How is the country supporting cashless society when in the real sense the queues and stress at every bank's ATM points are excruciatingly annoying. How? Please, throw light on this.

Most of the countries that have placed restrictions against Bitcoin are those with manipulated economies. China is having a problem wit Bitcoin, because it poses a challenge to their heavily manipulated national currency (CNY). The case with Nigeria is not very different. But at the same time, countries with proper economies have tried to legalize and regulate the cryptocurrency market. Japan was perhaps the first country to do so, followed by many of the European Union countries and the United States.

I feel like this was to be the case with pretty much any place where the crypto or bitcoin is widely used, we saw that china has progressively banned bitcoin and that is to launch their own version of crypto currency and new we are seeing a place like Nigeria where the CB is trying to make their own, and i really think that this is useless because the whole idea of using crypto is to stay away from the control from the banks and governments and using these or accepting them is against that idea.

Seriously I believe this is a really nice to us in Nigeria I really commend our leader for this and I believe this will definitely boost the economy of the country. Nigeria is also improving because they are supporting cashless policy and I believe very soon bitcoin will also become a legal tender in Nigeria and will definitely help to grow the economy of the country.

Right now they are asking nicely, basically they are just offering their own option and promote it as better than bitcoin because it is backed by them, not understanding that we want to get away from them and that is why we are using something they cannot control, now I really think that as the economy gets worse we may see more forceful attempts to get people into those digital currencies and I think we may even see attempts of confiscating our coins.

Wow, this news seems surprising to me. I thought Nigeria was wary of the whole crypto industry and intended to work out everything to the minor details in their regulations before moving forward. Then again, I see now that there was this article in June about Nigeria possibly launching its own currency to the end of the year, so I must have just missed the news. I really hope that the plan isn't to ban all cryptos and encourage the usage of their centralized currency instead. I'm sure this strategy will not work in a country that often makes it to the top placed on the lists by crypto trading volume.

This will follow the same route as Venezuela... where they declared Bitcoin as legal tender and then the World Bank threatened that they will hold back loans, if they do this. The first world countries get a hold over 3rd world countries with these loans, because this gives them leverage to negotiate for the natural resources in these countries.

E-Naira will be the hype for a few years and then it will slowly go away, as pressure intensifies from 1st world Banks. I am actually surprised that M-PESA still survived after all of these years. 

eNaira is best and perfect name for it imo, but could be a means of extending the date it will be created just as CryptopreneurBrainboss commented. Be it or not, I totally agree with your comment.

Not 100% free, but we will know more when it is launched.

Are you for real? Is this the legacy you wish to bring your children into? This government have tried effortlessly to make Nigeria great again and you are saying this? Let me reserve my comments. After all, this is your opinion and it's a free world. Enjoy!

It's wise not to take these false points from governments too seriously, we all know that government will hate anything that tend to give real freedom back to the people, they always want to be in control of everything and everyone so don't expect the government to say something nice about crypto currency, now we have e-naira but I'm sure the service won't be 100% free,  Nigeria government are just trying to milk out from everyone in every possible ways

Let's look at this scenario objectively. Firstly, what is the purpose of the government using the name Enaira? Secondly, why sue the government for using part of your name and not your full name?
From my findings, ENAIRA PAYMENT SOLUTIONS LIMITED (RC 508500)” has been incorporated since 7th April 2004 registered in class 36 and class 42.  . This is different from the phrase Enaira . So if I incorporate a name called DANGOTE GROUP OF COMPANIES, another person cannot use the word GROUP again? That's not fair. NAIRA IS A TRADEMARK FOR NIGERIA. But ENAIRA is not a trademark for ENAIRA PAYMENT SOLUTIONS LIMITED (RC 508500). Please note. Enaira is used by the government simply bcoz of the simplicity and with the name.

The second answer would be as a result of greed and sabotage!

Or why didn't the government carryout proper research before chosing the same name they have previously license out. The government are the ones not been fair here and not the citizens that owned the business name. I have very strong feeling, If this isn't some planned stunt then the government will be winning the case in court and the business owner might lose his name and be forced to choose another business name thereby losing his brand and popularity.

In regards to your second statement, that's unlikely to happen unless Bitcoin was to fail which is also unlikely to happen. There's no difference between Naira and eNaira. It's still been controlled by the same corrupt individuals and the country isn't getting any better soon that you'll think the development coming could help out with the country's economy to strengthen the local currency.

How? Fiat are deflationary, subjected to devaluation. Naira has been depreciating right from when it was created. Also no privacy which can be offered with the use bitcoin, bitcoin is not centralized but decentralized and not restricted to the currency of a nation but to all. Never dream of what could not happen.


Yet, US dollar was devalued too, but naira was more and more devalued. Naira is eNaira only that naira is fiat while eNaira is CBDC, but of the same price.

This is not fair. Why should Nigerians do things that will sabotage the development of the country. It is a mere name. Enaira could be better than bitcoin in future. Its only a matter of time.

As expected, there has been some twist, the government are getting sues and this might delay the launching of the e-naira on October 1st which is just few days ahead. This recent development got me wondering whether the government didn't do their due diligence before choosing the name eNaira or all this was just a plan to delay the project when it's about launching. Why is the lawsuit coming now and not earlier, could this be some excuse technique to not launch the project.

Some people were panic at the time while only few knew that CBN can not do more than making direct bank-crypto transactions to be illegal,  CBN have no power to ban cryptocurrencies in a nation, the legislative arm are the ones that is capable while some people do not know how this is. The CBN president had to later have to take to media that people can use cryptocurrencies that only direct bank transactions from crypto companies were banned.

Yes, exactly like what happened in India, just like you explained. There are organizations that are openly declearing that they accept cryptocurrencies in Nigeria while some even are advertising it on TV channels in Nigeria.

I think it's going to affect bitcoin, didn't China made an example already, they've banned crypto mining and transactions already so they can make way for their own cryptocurrency or should I say digital currency. They can force people adoption, China has done this with electric cars, they're making it difficult for other people that don't have electric cars to register theirs compared to someone with an electric car that only takes a day or two to be registered.

CBN is run by the government. So what is the difference? From what I understood, there was a banking ban imposed by the CBN. Bank accounts can't be used to buy or sell cryptocurrency (which was removed later). The possession of cryptocurrency, or trading it for physical cash or some other crypto was never made illegal in Nigeria. The situation is similar to what we had in India from 2018 to 2020. Back then the central bank, Reserve Bank of India (RBI) had imposed a banking ban on cryptocurrency transactions. It was struck down by the supreme court in 2020.

CBN did

Nigeria did not ban cryptocurrencies, CBN did. CBN also created e-naira, so likely the reason.

Yes, but a CBDC, not decentralized, highly centralized and require KYC.

I have heard how Nigeria started to put a ban on crypto currency transactions. Didn't they start to block all bank accounts of users that had dealt or has a transaction associated with crypto currencies? And is this why Nigeria started to ban bitcoin transactions? Just like what China is doing. Bring their own currency. Start banning their competitors.
Sad to see that to be honest. Is E-Naira actually going to be a crypto currency?

Lol, this has been happening across the world for quite some time now.

Every single government is trying to/going to be try to push their own crypto whilst rejecting the decentralized alternative.

Is that going to affect BTC and other cryptos in any way? No. There is no way that they can "force" individuals to adopt the CBDC over the decentralized alternative.

That can be seen in the next coming months or years. Hard to speculate this early as you have no idea about their citizens' approach on this matter. Will it be easy on them in accepting this digital currency? The adoption may take time but we will see if there will be an impact maybe at least after 6 months of implementation. The world is going digital these days, so this may help them in adopting a digital market.

In a bid to mark the Independence day with the lauch of the E-Naira digital currency eNaira website goes live, displays CBN digital currency features With all indications, the E-Naira talk is becoming a reality, but the question in place still remains "will E-Naira launch be a game changer to the country's economy system".

Aren't the citizens been forced not to buy foreign currency already, don't underestimate the length the government will go to make their little project a success. All their decision of recent has been something we couldn't have taught the government could do. As an enthusiast I'm not wishing bad for the cryptocurency industry in the country but not been optimistic as well because the words of the governments can't be held accountable. They can just switch off especially if the e-naira fails.



I hope to be wrong as well because what I foresee coming will be a disaster, Nigerian isn't china but we can turn to one in the nearest future if things aren't corrected now. We already have alliances, who knows what they're teaching our government not forgetting we're in debt to them. We banned importation of some goods last year, they added restrictions on social media and also crackdown on foreign currency, who knows what next...

People like the CBN president and EFCC chairman are painting bitcoin bad because of the e-naira pilot which is set to be on Oct 1, but I do not think it will get to the extent people will be forced not to use bitcoin and other decentralized currencies like in China.

Many bodies including governmental bodies in Nigeria want cryptocurrencies to be regulated even including the SEC unlike the CBN. If cryptocurrencies will be regulated, the government will support it including the Central Bank of Nigeria. This remains to the legislative arm of government in the country. Nigeria is not like China to some extent, China do not like decentralization and what are coming from outside of their country. What I see is either the CBN will continue to mislead Nigeria in a way the government will not be able benefit the benefit it should be enjoying from Nigeria crypto users, or cryptocurrencies will later be regulated in Nigeria. I can be wrong, but just based on what I have been reading from news and what I think would likely happen.

I was hoping on that as well because our manual banking system has yet to be perfected and now the government want to go digital when the local digital banks transactions are always experiencing some discomfort. Irrespective of all the reason why this initiative of theirs won't work, seems the government are convince it will work because they're seriously preparing;


You speak as if you're not from this region and don't know how things are done here. We're yet to decide who'll lead us as the election aren't always fair and yet you think the government will give you such choice. They're already developing a plans to force everyone into using their fake Bitcoin and painting Bitcoin bad will be a part of their plans.

We should be expecting strong crackdown on Bitcoin and cryptocurency activities general in the near future because it's coming. The did it with banning twitter you think others will be any challenge.

The Nigerian Economic situation is somehow not stable, lunching E Naira might give legalization and proper trading partern to Nigerian citizens. The presence of E Naira might make things easy for Nigerians that are really interested in cryptocurrencies to feel a bit free as the government restriction over cryptocurrency might have less pressure and there will legalization of cryptocurrency.

The Central Bank of Nigeria (CBN) announced that it will introduce the country's official digital currency. More than a month later, the apex bank has released an update on e- recently sent a presentation to a Nigerian bank on the e-Naira project, revealing more details about its design and operational modules. The presentation explains how the new currency will be designed and operated.

They don't need to. They will just outsource the job to someone who is more competent. For the governments around the world, CBDC represents an unique opportunity to print money out of thin air. And the best part is that there are no expenses involved with this step. If they want to print fiat currency, then there are costs involved, in the form of printing. But here, all they need to do is to write a few lines of code. I am OK with all this, as long as they don't force us to abandon cryptocurrency. But in case the Nigerian government follow what China did (banning crypto, in order to promote the e-CNY), then it is going to be bad.

It's all a lie. They put a stop to Bitcoin and other crypto transactions back in February basically because they realized lot of  people had deviated from keeping their hard earned money in the banks,so they don't get to make money from customers saved money like they used to.



The E-naira is just a pro version to Naira (Fiat Currency). I can bet they got no idea on how the blockchain works.

My thoughts about it also is that as a nigerian I have come to never believe in the politics of government, especially that of my country, so about the CBN and their digital asset all this are politics and I don't care about politicians playing their dirty games, a country that has an issue with crypto-currency now trying to create a digital asset is a bold political game, when their first attack on Crypto-currency with a ban didn't do much now they want to infiltrate the crypto-currency world, but it's to bad crypto-currency is not a game for politicians.

It may seem ironic but it is not, they are making use of the proverb, ‘if you cannot beat them join them’ however instead of accepting bitcoin and other cryptocurrencies as the proverb would imply what they are going is to try to deceive people into accepting their useless cryptocurrency, do I think that some people will fall for this? Yes, but I do not think the majority will as they know that bitcoin is not controlled by any state and that is exactly what they are looking for.

We already have "electronic version of the fiat money" in the form of PayPal and other online payment mediums. So what is the need for CBDC? Fiat already exist in digital/electronic form (although not in crypto format). I don't see any advantage for the CBDCs over already existing digital forms of fiat currency. And even the potential userbase is likely to make up of those who are using electronic fiat formats like PayPal. The governments are hoping that CBDCs will replace cryptocurrencies, but we all know that it is never going to happen.

The electronic versions of Fiat money are useful to banking providers as they can afford to reduce their service costs for ATM transfers etc. Digital money also makes it simpler to track transactions by the middle class. Its a non-brainer that the entry barrier to anything digital is quite high as it needs a certain degree of comfort with technology, which everybody may not have. This is why it always surprises me when countries actively try to push CBDCs.

They are utterly useless for a developing country with huge population like Nigeria. A lot of times these are pet projects of politicians/ officials who want to appear as tech-savvy and doing something "digital". One thing that may happen is that exchanges like Binance can start supporting this electronic version. It'd be straight forward for the governments to then keep a tab on the people trading through these exchanges. Every government has a structure similar to IRS which wants to maximize tax returns. These officials can use the information to actually pin-point users who are into cryptocurrencies.

Centrally issued currencies, whether these come from a stable and democratic government or from other type, are not what we really understand as crypto, but rather a digital currency that has more or less the same properties as cash, with a bit of faster and more convenient payments. Just imagine if any government promised on a credible manner that they will not issue more money as per their political convenience... that would be crypto.

There are two opposing approaches being made to cryptocurrency by the global governments. Countries like El Salvador are encouraging its usage and are benefitting from it (if not now, then in the future). On the other hand we have authoritarian regimes such as those in China, India and Nigeria, who think that they can prohibit ordinary people from using Bitcoin. Now I don't know which camp will emerge successful in the end. The stance from those who are in between matters a lot (i.e United States, Japan.etc).

If the Nigerian government included bitcoin and cryptocurrencies it would be a good endorsement. In this case we know that the e-naira is the absolute control in Nigeria by the power of its rulers. But I can see it positive on the one hand because I know how people suffer, for example, when making a payment, sending money, etc. It is in an infrastructure that does not work and the worst in a country where there is exclusion.

I live in Venezuela and we sometimes suffer from many problems when making payments and sending money because there are failures in the state bank where the majority of Venezuelans use it, there is a power failure and internet sometimes which causes delays and waste of time.

Very funny, same Nigerian government that banned cryptocurrency and called it a scam are now trying to create their own digital currency? It would be best for the citizens not to ever accept that crap they are about to dish out, because that digital currency will be useless. If these governments had any good reasoning at all, they would focus more on fixing the economy of the country and reducing the rate of poverty in the country.

This is not a time for them to be talking about digital currency, having a digital currency is not going to bring a solution to the problems in the country, rather it will be another avenue for the corrupt leaders of the country to even launder more money. And moreover the Nigerian government has shown that they have no clue on how to run a digital currency by having no understanding of what cryptocurrency is all about. So Nigerians should say no to this E-Naira the same way that their government said no to Bitcoin.

They have selected a company for this so they will have a full new product delivered, besides it would make no sense for CDBC to have any mining or distribution involved, nor it would require open nodes and any kind of delay between blocks since there will be completely centralized, no orphan blocks, no Cybill attacks no 51%, in some ways it will be afar more simple currency than any known crypto.

Venezuela, that as a joke and a way to grab some funds from the people who believed they were really investing in something.


Those are problems every cryptocurrency would face, even bitcoin, but that is a hurdle that can be easily overcome within a decade.

Are you referring to the same government that ban crypto currency and warning her citizens not to have anything to do with crypto currency? I believe what they are saying is just a political talk as it doesn't hold water and at the same time, they don't even have the capacity to implement what they are clamoring for at the end of the day.

Interesting, because as you mentioned, referring to the countryside in this Nigerian country may indeed be quite difficult to evenly distribute. Difficult access and limited internet systems can also prevent E-Naira from being mass adopted on a significant scale. I think this obstacle is quite difficult to overcome in a short time.

Interesting. I will keep an eye on how events unfold and what our fellow Nigerians on the forum say, there are some who are very active. This can be a guide for us to see what may happen when other currencies like the digital euro and dollar are launched. What seems clear is that Bitcoin and cryptos have no way back. From the moment people start using a similar currency issued by their government, they will no longer see Bitcoin as something so strange, linked to frauds etc.

OK.. so now CBDCs represent another option for the government to create unlimited amounts of fiat currency out of thin air. And do you know the best part about them? They don't even need to spend money on paper and ink. This is like the ideal situation for governments all around the world. And then next step will be the prohibition of proper cryptocurrencies, similar to the way China did. If real cryptocurrencies are in circulation, then obviously these CBDC shitcoins won't be able to compete against them.

What I see in all this e-naira thing is that it's just another baptismal name for "online banking", nothing else. I ain't even thinking twice about that option at all because contemplating using it is contemplating crossing a railway track blindfolded with moving trains crisscrossing. If the Nigerian government wants Nigerians to trust the module, it should let it run on the blockchain for transparency sake.

It is obvious that anyone that has adopted cryptocurrencies for reasons other than hype will never adopt one of those digital currencies that their governments are emitting, what is the point? We are holding bitcoin precisely because they cannot stop their printing machines and keep introducing more and more of that worthless fiat, why would we want to go back to it and use a digital currency that is even more draconian than regular fiat? They really must believe we are not that smart.

If nigeria's central bank succeeded in launching their CBDC on schedule with the promised features.

I might assume they *borrowed* open source code from a successful cryptocurrency project and forked it to suit their needs. It would be a fork of litecoin or another existing alt coin and not a true CBDC at all. There's a chance there will be no launch of a nigerian CBDC at all as venezuela did with their promised CBDC the petro.

The planned october 2021 nigeria CBDC launch date is the month when rumors claim crypto ETFs in the USA could be approved. There's a chance that we could see a flurry of activity in october 2021. If it is true that the taproot expansion to bitcoin core is a type of "game changer".

There's really no need to stress much about these kind of news about Nigeria, our country is not mature enough to handle something as the "E-naira". Some people in the rural areas and some urban areas are still struggling to come to terms with the regular USSD mobile code, talk less of the "E-naira" which will definitely be operational through an application. Regular Banking network and systems are not even 100% yet, somedays the whole banking system is very disappointing.

I hope they have plans on how to make this E-naira sustainable, because i don't think it will survive.

Still with the same case that Nigeria will remain selfish with its policies. We notice day by day how Nigeria is getting further and further away from cryptocurrency transactions. Well E-Naira is staying up late and forced to be liked by the people. Like it or not, they clearly have no other choice but to follow the policy, because even if they refuse, sanctions are already in sight. There is no freedom for crypto users in Nigeria to have a proper place.

IMO the Nigerian system is part of those that is not ripe for E-currency. This should not be priority for the government at this time but to try and fix the economy. There is high level of poverty in the land that is caused by the government. The government should embark on massive capital intensive project of building factories and industry which will engage the youth and this will grow the country's GDP. Sometimes one wonders the ability of the people in governance and because they are not genuinely elected by the people, they will dance to the lyrics of the installers. E- naira is not the need of the masses at the moment.

just a glance and this seems like a hasty decision from the Nigerian authorities to suppress outside currencies in an effort to keep the money flow inside their borders and eventually, well, ya know, fill their own pockets. I mean, I am not a Nigerian myself, but this is something that smells fishy and goes against the ideals of cryptcurencies and I hope people don't fall for it.

If you are a Nigerian, you would also know that the Nigerian government does not believe in democracy or rule of law; the ban on cryptocurrency transactions and the use of Twitter is an example of this.

Digital currencies are decentralized and puts the power in the hands of the holder, fiat on the other hand can be more easily controlled and manipulated, an E-naira would be much more manipulated as transactions would all be regulated and controlled.
With fiat, you can hold cash and transact if your bank is blocked, but an electronic form would not have physical notes and is 100% controlled.

There is no need to pay attention to what this government says about crypto because it is clear what their intentions are, they are trying so hard to discredit btc - crypto in general and at the same time introduce their digital currency to the people, I guess the future will determine which digital currency the people will accept and which to ignore as long as the didn't result to forcing it on their citizens.

Central Bank of Nigeria banned crypto direct bank transactions
The CBN governor says most cryptocurrency transactions are illegitimate
One of the wrong statements about bitcoin again but from Nigerian EFCC Chairman

Especially, the CBN president, all his moves is to make Nigerians not to believe in decentralized currencies like bitcoin all because of the e-naira which is nothing but also naira that is subjected to significant devaluation.

I hope Nigerians will not be misled by someone that banned direct crypto transactions in the country in order to launch e-naira so that Nigerians will prefer e-naira.

E-naira can be good for spending but not for holding, bitcoin is best for holding because naira is highly depreciative

The fall of Nigeria economy with Naira depreciation

Hold bitcoin, e-naira is just naira and it is just best for spending and nothing more, it is completely centralized and privacy-depriving.

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.

Also the government should have work on setting the economy to stability and put in place strategies to alleviate hunger and poverty which could be one of the means to lessen social vises, much is expected to come along with the launch of the E-Naira as part of the Independence day celebration.






All these are fictions not base on fact, Cryptocurrency had reasonable answers to them all:
1. Cryptocurrency isn't a scam or fraudulent scheme of digital currency, it has reliable exchanges that operate and more secured than Fiat banks

2. Talking about digital Fiat currency, it involve a third party transactions and the charges are much unregulated, while crypto is lesser on transaction fee, faster and it's only a peer to peer exchange with no third party, example is when you go the market and made purchase, you don't need a third party to intermediate between you and the seller, you buy directly.

3. The word regulated in this context is been misinterpreted for tax and exuberant charges, any third party transaction is incomparable to a peer to peer one, a decentralized market has more adge then the government control system of Fiat, where you get to the bank for KYÇ related issues, time delay with excessive charges on transaction operations and services rendered while you can do these all by yourself in Cryptocurrency.

To me I will employ the government to consider adopting Cryptocurrency first along side with the launch of it digital currency (E-Naira) and the citizens will decide the best and convinient choice, the teaming youths where in perplex towards the new launch but it would have been so good if Cryptocurrency adoption goes along with it.