Topic: Nigeria to finally launch Enaira today - page 2. (Read 239 times)
Well congratulations to Nigerians and the leaders as well, they have tried on lunching their first digital currency. I believe it's a sign that cryptocurrency will be fully legalize in Nigeria. I hope the entire Nigerian citizens use the this opportunity to make good use this digital currency.
When such decisions are made at the state level, regarding the introduction of cryptocurrencies, then I think this will have a detrimental effect on the country's economy.
How? Countries centralized digital currencies are just not different from fiat.but fiat should also exist on a par with cryptocurrency, because without fiat, there will be no such price tags for coins ...
The creation of countries digital currencies does not mean the end of fiat, both will be existing togetherImagine if fiat disappears at all, what will happen to the prices of cryptocurrencies?
The price of countries digital currencies are pegged with their fiat price, just like e-naira is pegged with naira. 
This good news coming from Africa will certainly make the African economic sector better. The digital currency E-naira is expected to increase the country's GDP and fight inflation well. The launch of E-Naira has the potential to increase Nigeria's Gross domestic product by up to $29 billion over the next decade.
The digital currency launched by Nigeria is able to drive faster and more efficient payments and is cost-effective and does not require intermediaries anymore.
Transactions can be monitored better which will curb black market transactions.
The digital currency launched by Nigeria is able to drive faster and more efficient payments and is cost-effective and does not require intermediaries anymore.
Transactions can be monitored better which will curb black market transactions.
Nigeria might have made history of becoming the first African country to launch its digital currency. Good step right there but useless one. Enaira is just an online digital currency that runs on the Internet, something similar to internet banking and nothing more. 
negative or positive
I don't imagine Nigeria, have a genius mind about digital currency, i try to see about: Same ENaira. More Possibilities, this is something great app/digital currency i've seen live included transaction app, honestly, i feel jealous of the banking government in nigeria implementing its best ideas, for the economic growth of its people.Of course, I believe the goal of launching the ENaira application/digital currency in Nigeria, will have a positive impact on the people there, with the support of the relevant officials, will add to the best in the future, success for crypto users in Nigeria.
I suggest everyone mention "Enaira" as "eNaira". That's the proper way of using it because some people might confuse it as something else. Maybe a company name or something. I'm pretty sure that I'm one of them lol.
I do hope that they manage to solve/hit the objectives on what eNaira is for.
I do hope it becomes a useful thing for everyone and could help everyone in need with this currency.
I do hope that they manage to solve/hit the objectives on what eNaira is for.
- Aid financial inclusion
- Improve payment efficiency
- Improve revenue and tax collection, targeted social interventions
- Diaspora payment
I do hope it becomes a useful thing for everyone and could help everyone in need with this currency.
When such decisions are made at the state level, regarding the introduction of cryptocurrencies, then I think this will have a detrimental effect on the country's economy. Though I have always been for, for the popularization of cryptocurrency in the world, but fiat should also exist on a par with cryptocurrency, because without fiat, there will be no such price tags for coins ... Imagine if fiat disappears at all, what will happen to the prices of cryptocurrencies?
This is suppose to reduce the pressure on fiat and make the naira easily accessible on the digital space meaning anybody from whatever planet can easily make transaction on the naira home and abroad.
What is the difference between e-naira and electronic transfer of naira using bank account in term of this? The bank electronic transfer is able to ease what you are talking about.How do you see this launch and how do you think it will impact on the Nigerian economic especially as it is going to help create easy payment platform.
It is like someone is having headache but seeking for malaria drug, that is how I see the e-naira. With the state of things in Nigeria, the economic development is retarding and the poverty rate is increasing but the government created e-naira and embezzled some money.But again, the way it is designed shows zero to no advantages over traditional digital payments, you won't pay fees but the system will have to be subsidized by the government and that money still come from your pocket.
People will even pay fees, it is said the fee will be low, I still do not know what the difference is between the traditional fiat in digital form and the so called e-naira, the governments are only fooling people. 
Somehow, I doubt nigeria's central bank e-currency will do better than venezuela launching the petro.
The petro was just a joke, a currency supposedly backed by oil or gold or whatever he last proposed to be, a simple fork of an altcoin, a failed ICO to drive value up, in short, pure garbage.
The e-naira doesn't have any of those problems, they are issued by their central bank at a fixed 1:1 rate, they have total control over it, there is no mining, no real blockchain, no nodes, just like Paypal USD, some number in an account that can be changed or erased at will.
In terms of failing there are very little chance of doing so, if the government makes this type of payment mandatory for some activities then you have no choice but to use it, same for banks, if they issue loans to each other or to the customer under this, you'll have to use it. But again, the way it is designed shows zero to no advantages over traditional digital payments, you won't pay fees but the system will have to be subsidized by the government and that money still come from your pocket.
The real problem of Naira is not to create accessibility of the currency the government should as a matter urgency come up with policy that will make Naira Strong again because this is part of the promise by the current president during his electionian campaign and not to make it accessable. The government of the day should channel their energy to the issue of Electricity, education, revamp old and new industry as that is only way Naira can be more valuable as compared to what it is now.
Enaira is just the digital version of naira? I think that's better rather than will make their own crypto to be used by their people.
The effect of it will depend likely to how usual their citizens use it. If there's a fee then there's going to be a boost to its economy but as long as it's accessible and affordable, I think it will do good to their people.
The effect of it will depend likely to how usual their citizens use it. If there's a fee then there's going to be a boost to its economy but as long as it's accessible and affordable, I think it will do good to their people.
Somehow, I doubt nigeria's central bank e-currency will do better than venezuela launching the petro.
I believe what Nigeria has launched is just a digital version of their fiat money which is structurally different than petro, which was a cryptocurrency. While the price of petro was decided by few external factors, that would not be the case of Digital Naira.
The closest we can compare Enaira is with Digital Yuan. From the perspective of government, it makes complete sense because it saves money and grants surveillance capabilities to thw government.
Its never been surprising that government would create out something which is really just like digital currencies and yes it had been started off already with digital Yuan which means that sooner or later we would really be seeing same step made out by different countries.
Crypto might be the new trend but of course there would be someone would really be that keen on creating these things
which are typically fiat itself on digitalized manner.
So nothing surprising or something new on here.
Somehow, I doubt nigeria's central bank e-currency will do better than venezuela launching the petro.
https://en.wikipedia.org/wiki/Petro_(cryptocurrency)
There are wealthier and more prosperous nations of the world, whose banking industries use crypto for cross border transactions and collateral. Due to it being more affordable, convenient and quick than their own native financial systems.
Governments and central banks may not be best suited for developmental work.
The US healthcare reform website for affordable care act sign ups costed close to $1 billion dollars. Despite not supporting special features or anything known for being particularly resource intensive.
This should show us the ineptitude of governments, how bad it had to be that this is probably the worst coin ever released and that is saying something when the market of altcoins is full of scams and inept developers, governments are applying the old tactic ‘if you cannot beat them join them’ they are trying to deceive people into thinking that since their digital currency is backed by them then it is better than bitcoin, it seems they are unable to understand that the whole point of bitcoin is to have a currency they cannot manipulate. https://en.wikipedia.org/wiki/Petro_(cryptocurrency)
There are wealthier and more prosperous nations of the world, whose banking industries use crypto for cross border transactions and collateral. Due to it being more affordable, convenient and quick than their own native financial systems.
Governments and central banks may not be best suited for developmental work.
The US healthcare reform website for affordable care act sign ups costed close to $1 billion dollars. Despite not supporting special features or anything known for being particularly resource intensive.
Quote
Report: Cost of HealthCare.Gov Approaching $1 Billion
https://time.com/3060276/obamacare-affordable-care-act-cost/
https://time.com/3060276/obamacare-affordable-care-act-cost/
Somehow, I doubt nigeria's central bank e-currency will do better than venezuela launching the petro.
I believe what Nigeria has launched is just a digital version of their fiat money which is structurally different than petro, which was a cryptocurrency. While the price of petro was decided by few external factors, that would not be the case of Digital Naira.
The closest we can compare Enaira is with Digital Yuan. From the perspective of government, it makes complete sense because it saves money and grants surveillance capabilities to thw government.
Somehow, I doubt nigeria's central bank e-currency will do better than venezuela launching the petro.
https://en.wikipedia.org/wiki/Petro_(cryptocurrency)
There are wealthier and more prosperous nations of the world, whose banking industries use crypto for cross border transactions and collateral. Due to it being more affordable, convenient and quick than their own native financial systems.
Governments and central banks may not be best suited for developmental work.
The US healthcare reform website for affordable care act sign ups costed close to $1 billion dollars. Despite not supporting special features or anything known for being particularly resource intensive.
https://en.wikipedia.org/wiki/Petro_(cryptocurrency)
There are wealthier and more prosperous nations of the world, whose banking industries use crypto for cross border transactions and collateral. Due to it being more affordable, convenient and quick than their own native financial systems.
Governments and central banks may not be best suited for developmental work.
The US healthcare reform website for affordable care act sign ups costed close to $1 billion dollars. Despite not supporting special features or anything known for being particularly resource intensive.
Quote
Report: Cost of HealthCare.Gov Approaching $1 Billion
https://time.com/3060276/obamacare-affordable-care-act-cost/
https://time.com/3060276/obamacare-affordable-care-act-cost/
After the delay because of 61st independence anniversary
This news of launch of the Enaira has been coming but delayed because of one logistics or another and the anniversary celebration but now it is getting to be launched by the CBN. This is suppose to reduce the pressure on fiat and make the naira easily accessible on the digital space meaning anybody from whatever planet can easily make transaction on the naira home and abroad.
How do you see this launch and how do you think it will impact on the Nigerian economic especially as it is going to help create easy payment platform.
negative or positive
This news of launch of the Enaira has been coming but delayed because of one logistics or another and the anniversary celebration but now it is getting to be launched by the CBN. This is suppose to reduce the pressure on fiat and make the naira easily accessible on the digital space meaning anybody from whatever planet can easily make transaction on the naira home and abroad.
How do you see this launch and how do you think it will impact on the Nigerian economic especially as it is going to help create easy payment platform.
negative or positive
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