Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 207. (Read 1029550 times)

I do not think the banks will be affected, e-naira can also be sent to bank account, I do not know if it is owns banks account or other people's bank accounts included, but I guess it will be both. Many Nigerians even still depend on paper naira, while many will prefer going to bank. So people can not do anything on their own until they go to bank themselves, such people can not use e-naira also. But after decades with increasing level of literacy, maybe e-naira transactions might surpass bank transactions and result to it, but I think it will not be possible as the CBN will do the appropriate regulation to let it be a win-to-win development inna way it will also favours banks.


You are right about this, commercial banks like GTBank, First Bank and the likes always charge users too much, all because they have too many customers. But many Nigerians have resorted to Kuda banking, I noticed people mostly send to me using Kuda Microfinance Bank during P2P trading, I later had to download it when I also saw your comment with certain user in the past on this thread about Kuda, no fee for 25 transactions every month, I think this should be enough for no charges for up to 25 monthly transactions.

I too will make use of e-naira to be able to know the right one to use, but also indicated that not all transactions are free while using e-naira.

I did not go much deeper into this, I was surprised to see Zimbabwean dollar not devalued up to naira, this can indicate good economy but not indicating how strong the fiat of a particular nation is, the strength is in the marketcap of the fiat, Zimbabwean dollar can not be compared to naira because more people use naira than Zimbabwean dollar while naira marketcap is much more higher than Zimbabwean dollar's marketcap while the price of both can can be controlled by the respective governments. But being higher can indicate better standard of living, better economy, higher rate of employment and import to export ratio. But does not necessarily indicate economic power, GDP, internally generated revenue and work force of a nation.

I be nor wan chook mouth for this naira (no need to use capital letter for you again) collapse matta before until I come see dis reggae wey Zimbabwe dey take us dance. So, even Zimbabwe money wey we think sey na shit and worthless money dey dust owa naira too. Na wa oh. Dis wan don pass be careful oh. N1 is less than 1 Zimbabwean dollar. And some of us dey sey Zimbabwe money na shit money 🤷

I didn't like this é-naira in the past but the fact that it would mostly be used as a payment gateway locally e make more sense to me, I don't think banks ever supported this ideal of e-naira because e go down on them really bad, the proposed e-naira payment will be more efficient, fast and convenient than our normal bank to bank transfer. But how the e-naira transfer go be like? e-naira to e-naira? Or will it be possible to transfer from e-naira app to local bank? If it's only e-naira to e-naira only e go make more sense cos banks go dey on the losing end.

Sorry, corrected!!!

It is only a matter of a week and some days that e-naira will become a legal tender and a payment option in Nigeria, I see this as a good way and alternative to naira, but naira is a depreciative asset, one of the worst fiat to hold are fiat of developing and underdeveloped nations, but this will actually be good for spending.


It is clear that naira is naira, nothing changed about e-naira, it is still naira and nothing more than a naira but a naira. Purely and totally subjected to devaluating manipulation. I hope other Nigerians can see how the CBN president want to use false information to make Nigerians to hold e-naira, thinking it is like bitcoin and other strong decentralized alternatives. E-naira is completely a depreciating asset pegged with naira.

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Bro I just tire for the country. I no even know the direction that the country dey head to but e dey look like doom to me. Everything just dey go haywire. Prices of foodstuffs and almost everything don almost do 2-3x increase from the initial price since this Buhari government come in. At least, all those people wey been vote Buhari for first and second term for some cups of rice dey follow us suffer for this country so next time them no go sell their votes for N500 or 2 cups of rice.

Naira dey on steady collapse. Oil prices continously dumping. If nothing is done soon, country go collapse.

Ghana cedi was worthless before until their government appreciated it to worth $1, I did not know much about this though but I was expecting cedi to have depreciated more than this but did not, but it actually still depreciated against US dollar. But, Ghanaian economy is truly better than Nigerian economy. Also US dollar is still depreciating but better than fiat of the developing and the underdeveloped nations, that is why bitcoin can be the safe haven and the store of value, though yet a speculative asset but if hold for long time, it will be an appropriate asset rather than fiat which are generally otherwise and depreciating in design.

That's a wrong quote, it wasn't mine.

Congratulations Charles that's was crazy, 504 is insane you get energy no be small I just dey check my own now na only like 26 reports so far lol and those were from the gambling sections for some months now I've allowed spammers to have their way, I hardly visit Altcoin discussion board na der be their capital... Keep up Man!!


Lol, guy our country don jogodo oo if nobe this place I wonder how someone of us for dey take survive for this year country, na so so borrow borrow I dey see for news daily, dem mate dey invest in Bitcoin for the future dem dey here dey borrow, na only political situation matter to dem, no more economic talk shows, everything is just complicated for every corner, na so things too dey cost anyhow


Baba Charles Ghana first us run the indepence matter ooo na since 1957, they are 3 years older than us for this matter so but we still no gets excuse sha.

Done thanks I really appreciate, am really learning from you.

You made me remember one of my people for school, his name is Charles. You dy represent us all well, you deserve that to be on that list. I go happy for you when our Oga theymos finally accept you for Merit source.
I need that awaken spirit like yours 

Wow for the very first time, person just tell me say My Nigeria people they this corner of this wonderful forum, I am seriously impressed because my people are here and I am happy to see everyone of here, I hope we learn more from each others in this particular thread. To the pioneer members that create this thread I they hail, may we all succeed in this forum and in our daily activities Amen. Once again I great you all

40 members with the highest good reports were included.

Giant of Africa losing her purchasing power with the highest GDP but with worthless value, isn't that a pity for her people. Ghana can boast any time that we had independence before them but look at their currency value compared to our own. We are paying to ghana and other currency than they do because they have that value in their currency.



I have just done that, never knew it will work like that. Many THANKS.

Any topic you want to make and you want a topic title for it, you can edit the topic 'Nigeria local board's before you begin, or after you have posted it, you can still edit it. Check the image below



So you can edit your topic title.

Check mine:
Nigeria's SEC set up fintech division to understudy crypto investments

You will see the title is not Re: Nigeria Local Board, All board discussion welcomed. {No Official Language}.

I never still get waiting you talk say make I do.

Nigerian is still the African giant, as a result of its population and its work force, it has the highest GDP in Africa, that makes it the giant of Africa despite the problem people are facing in the country as a result of poor standard of living and poor economy.

You can not only use the rate of country's fiat to dollar to optain an accurate result, the work force or the internally generated goods and services and export is used to calculate the GDP which will be used. Although, Nigeria is not a good country because the masses are suffering while also there is lack of employment. The countries you mentioned are better than Nigeria when it comes to standard of living and good economy.

I still really do not get this point, the country itself can not make the foreign reserves to decline to certain extent, that is why they manipulate the price by devaluing the naira and make its price to increase so that the foreign reserve depletion will reduce.

I do not think so, the government is not solving the probelm which is to increase the work force in Nigeria by increasing employment and become less dependent on imports and foreign services.

This is Nigeria, the same CBN president says cryptocurrency's transactions are illegitimate, nothing good he says about bitcoin and other cryptocurrencies after these decentralized currencies are providing jobs for many Nigerians citizens. We all know how the present government want Nigerians to suffer, see the ban of Twitter why not considering how it is helping many Nigerians, and many like that.

I do not think so, it has been like this right from when I have known Nigeria, it has even been like this since the creation of Nigeria after colonial masters left the country. EFCC chairman says bitcoin and cryptocurrencies will have negative impact on the world economy, the opposite of what IMF researched about. Many other reasons you will know that Nigeria can not change. Also, what about the e-naira the country want to create on October 1, why not given the project to a Nigerian organization? They gave it to a foreign organization. Nigeria is so dependent on other nations. The country can not change if they do not solve the problem from the grassroot. All of their children are even citizens of US and UK, going to school in US and UK, so how would it change if they are depending most on foreign countries.

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You can edit your topic above, after you click on edit, you will be able to edit the topic title, just change it from Nigeria Local Board, All board discussion welcomed. {No Official Language} to your own, The fall of Nigeria economy with Naira depreciation and still leave it boldly written as it is.

I been see that news and I no know why but e just bring laughter to my face. Now wey naira dey on the brick of collapsing na them just dey find people head to put the blame on instead of trying to solve underlying issues. This era of "Change" na one of the worst governance we don get in our history. Zero initiative and when they know nothing else is working,they go around blaming previous government.

Nigeria, the African giant, is a term heard from every Nigerian's lips, and I wonder whether it is truly what we represent as a nation. There was a time when Nigerians were honoured, revered, and widely known across the world when they were visited or heard in another part of West Africa's countryside, but does it still apply today? No, I don't think so.
Let's start with our country's currency valuation in comparison to other neighbouring countries. As of writing this post, the official price of NGN to dollars is around N412 which, according to the CBN, has been our rate for the past 5 months, but when compared to our neighbours like Ghana, that's equivalent to 6C, 14.76 Ryan in Kenya, and 110.27 shillings in South Africa, which begs the question, are we still the Giant of Africa as we used to claim in the past.

Nigeria has been in a state of emergency since the first day the naira was formally proclaimed as our nation's currency, it has been depreciating day by day, monthly and yearly, and I am concerned about the future of my beloved country. CBN is battling various businesses, from banning Bureau De Change to Aboki Fx, while knowing full well that those components were part of the problem, but importantly, they are small in the grand scheme of dollar depreciation.
We are fighting insignificant problems that generate little or no value in our dear currency, the CBN is fully aware of this; however, you know how an office man tries to pursue a chip political ambition when they try so hard to get things right and it doesn't work, they do things that will get the public's attention to give them that unwarranted applaud for retards' work done.

There are numerous factors that have contributed to the naira's depreciation; the country is aware of this, ranging from the political Godfather, the federal Parliament, down to local government, who are fully aware of the problems but would rather close their eyes and turn a blind eye than address them, despite statistical analysis and reports that are published on a daily basis. We have failed to confront this issue because many people are frightened, but I will emphasize it regardless of the outcome and we need to solve the issues if the future is to be brighter.

Inflation is a worldwide issue, but it doesn't imply Nigeria was created by the British to suffer at the hands of the government. Every week, data metrics reveals that Nigeria's purchasing power is deteriorating, leaving you to wonder about the country's future.
Nigeria's inflation has never been as lower as the minimum, owing to our reliance on oil, and when the price of oil falls, we face the consequences, which are disastrous for the country. It is extremely dangerous for a country to rely solely on one source of revenue, oil has been our only hope, and if the international oil market falls, we suffer as a result.



According to statistics obtained from nairametrics.com, there is a 1% monthly increase in Nigerian inflation, which began as a result of the economy being shut down during the Covid 19 lockdown. There were many factors that contribute to this, such as a lack of food supply, government economic policy, and increases in wages and salaries, but has the salary ever been able to solve an average Nigerian meal? The last time I checked, it was still less than $100, which is incredibly cheap for a citizen. The momentum never ceased until last month August, when Nigeria celebrated a 1% drop in inflation. Is this worth celebrating in the media and on national television?



Nigeria experienced deflation for the first time as a result of an economic correction that lasted only a year, between 1999 and 2000, when we had the first democratic election, and the moment he resumed the office of the presidency, the inflation resumed, and it has never gone below the minimum in Nigerian history, indicating that something has gone very wrong because we lost to the system.



What happens when a country eliminates its sole supply of dollars, knowing that its citizens are so reliant on imports and that there is a significant lack of dollars in its foreign exchange?
Of course, they will look for alternatives, which is exactly what every citizen is doing, and this has resulted in the devaluation of the Nigerian naira, forcing everyone to buy dollars at a 39% premium, they have been wailing instead of working, they have stopped bureau de change and confiscated so many accounts and halts previously registered accounts, is this the way forward for this country?

It's sort of weird when I was listening to the CBN accusing Aboki Fx of naira manipulation while the creator was in London benefiting from the data made public, but is it even true?
The last time I checked, Aboki Fx merely collected data from several exchanges and calculated the average purchase value of the naira on the parallel market; they don't give an avenue for trading or anything like that, but they were labelled for the naira's depreciation. They had to take down the website data and examine further because the central bank was threatening them, but I have not noticed an increase in the value of the naira since they updated it on their websites, so the Central Bank has to focus on the real issue and stop chasing clout.


Will the naira's depreciation end soon? Hopefully, if circumstances improve, the naira will gain in value, but it's just difficult to forecast. I was trying to obtain a future view of the image of the dollar to naira by using the model below, but since it's not a static analysis like bitcoin, it could be any of the ways. We may end up by 700/$ in 2022 and 1k/$ by 2023 when we have a change in the government. This I have seen  



The country is becoming hard for an average man, may God we protect the nation ourselves.


Una Happy Sunday my People.

It baffles me seeing the way our govt take the economy mata with levity hand, where on Earth is the abokifx the determinant to our naira value depreciating, that means they would have also blame Cryptocurrency as the major cause due to our active participation in it, what a coconut head thinkers are the people representing us.

I like what the abokifx responded in this regards, they also have learnt how to play along



See blasting... I don't know if someone can see the last sentence below same as I dey see am, they remind the govt of the price dollar was to naira at their inception in 2014 which has keep on getting worse before and after abokifx was created.  In this regards can we say our government lack jurisdiction to economy management and policy from the begining or we the Nigerians are yet to identify what and who we needed to govern us right.

[Source- Abokifxtwitterpage]

As FG say na Abokifx wey just dey publish exchange rate be their problem and na im make our naira dey yeye more more, I like the response they have given back to the government.

But why our government dey think like plant sef? Wetin me just observe for the matter na say dem just dey find who to blame normally, government matter for this out country dey be me like film.