The cbn has rolled out its much touted e naira programme. And though you could dismiss it as another Nigerian white elephant project, I counsel you to look well before that leap.

First, context is everything.

This roll-out is not happening in a vacuum. Notably, the Chinese recently started their own e-yuan project test run and that is what should get your attention.

The Chinese have not been shy of saying they're trying to bypass US money monopoly by this digital thing . With their e-yuan, peer to peer international payments can be made without passing through the dollar denominated SWIFT international money transfer system.
That means US financial sanctions lose their teeth. That means the dollar loses its strangle hold on nations like Iran, Venezuela, Cuba and ....quite honestly everyone ultimately.

If this happens, the demand for dollar would plunge and its value would follow suit.

Is it a coincidence that the Chinese are trying to open banks in nigeria at the same time that the cbn is starting e-naira? I think not.

The Chinese will apply all their pressure to co-opt nations into their digital payment system. Nigerias imports from China will be traded in e- yuan and the dollar will depreciate against the naira.

Let's be clear, I lose if that happens, having a significant dollar stash. So I'm not like wishing for it, but this is what my gut tells me. Otherwise why has the naira suddenly appreciated in the past 2 days and is now at 568 as against 575 to the dollar ?


I would appreciate better minds commenting on this , let's know if finally the naira is turning the corner and we should all sell off our dollars.

The dominance of US dollar as the currency for global trade is more politically driven and sustained than fiscally.

Nigerians killing their currency.

When it will fall, many will loose

KratosCorp:
The dominance of US dollar as the currency for global trade is more politically driven and sustained than fiscally.

Agreed. Question is , will they just sit back and allow China upend their dominance??

Acjohn:
Nigerians killing their currency.

When it will fall, many will loose

The currency is rather killing Nigerians

beautiful topic. me sef need answers

It will be a welcome development if we can exchange Naira with Yuan directly.

lwisee:
It will be a welcome development if we can exchange Naira with Yuan directly.

Looks like what they're cooking up, without telling us.

lwisee:
It will be a welcome development if we can exchange Naira with Yuan directly.

newbornmacho:


Agreed. Question is , will they just sit back and allow China upend their dominance??

wetin amelika wan do....??

go to war with china....??
and you think chinese are not aware of that and armin theirselves to the teeth....??

chinese know the past how western nations start wars when you upend their dominance,and are still doing it today in many african nations....

nigeria should learn from china and build up the nigerian army rapidly....
dont demand respect from western nations,make them fear you instead....

they are scared of iran,china....ask yourself why....

tsdarkside:


wetin amelika wan do....??

go to war with china....??
and you think chinese are not aware of that and armin theirselves to the teeth....??

I just feel the greatest nation in history should have an answer to this very obviously serious threat.

Though I know the lily livered Democrats and China Joe Biden will let China walk all over the USA

On the contrary if we are able to exchange Naira with Yuan directly,nobody will buy our local produce anymore,we will all prefer imported products from China even if we have it locally made in Nigeria.
Companies like Innosson will just fold up.

newbornmacho:


I just feel the greatest nation in history should have an answer to this very obviously serious threat.

Though I know the lily livered Democrats and China Joe Biden will let China walk all over the USA

look....you should have free choice to make business with anybody without needin to go through somebody....
this is what whites actualy did....they organised everything,that anything you do must pass through them....

and they can print themselves into oblivion....

20trillion dollars debt....what type of nonesense is that....??
when are they going to get finish payin all that back....

From all indication, the $ in your poccession, you don't have any need for them.
Your primary mission Is to create scarcity and sell them at black market.

You are definitely one of the problems in the society.

Afamed:
From all indication, the $ in your poccession, you don't have any need for them.
Your primary mission Is to create scarcity and sell them at black market.

You are definitely one of the problems in the society.

i dont think their is a law against hoardin dollars....

lwisee:
On the contrary if we are able to exchange Naira with Yuan directly,nobody will buy our local produce anymore,we will all prefer imported products from China even if we have it locally made in Nigeria.
Companies like Innosson will just fold up.

Nice perspective. But China must still buy things from us nah...plus government can step in with policies to prevent that

Afamed:
From all indication, the $ in your poccession, you don't have any need for them.
Your primary mission Is to create scarcity and sell them at black market.

You are definitely one of the problems in the society.

Or maybe I'm protecting my money from Nigeria's runaway inflation and bottomless naira devaluation

Afamed:
From all indication, the $ in your poccession, you don't have any need for them.
Your primary mission Is to create scarcity and sell them at black market.

You are definitely one of the problems in the society.

So those buying gold, or platinum they intend to sell for a profit are also troubling the society...upside down logic sir

Modernizer:



So those buying gold, or platinum they intend to sell for a profit are also troubling the society...upside down logic sir

Nice one

newbornmacho:



Or maybe I'm protecting my money from Nigeria's runaway inflation and bottomless naira devaluation

You protect your money by investing in business ventures or buying shares/stocks from thriving industries. You hoard another country's currency and call that investment.
That means you think lile those politicians that would steal our resources and export hard currency to switzerland instead of using such funds to develop our economy.
Its Nigerians that are killing Nigeria not the west.

Guys, I found this on the eNaira design paper on the eNaira website (enaira.gov.ng).
Can someone give a better explanation

HarunaWest:

You protect your money by investing in business ventures or buying shares/stocks from thriving industries. You hoard another country's currency and call that investment.
That means you think lile those politicians that would steal our resources and export hard currency to switzerland instead of using such funds to develop our economy.
Its Nigerians that are killing Nigeria not the west.

Currencies are also traded as commodities , so what the f are you saying?

lwisee:
Guys, I found this on the eNaira design paper on the eNaira website (enaira.gov.ng).
Can someone give a better explanation

theyre likely playing with the chinese playbook as well

lwisee:
Guys, I found this on the eNaira design paper on the eNaira website (enaira.gov.ng).
Can someone give a better explanation

My hunch was right. They're thinking along the same lines the Chinese. They want to upend the dollar and only China can be giving them that advice

newbornmacho:



Or maybe I'm protecting my money from Nigeria's runaway inflation and bottomless naira devaluation

Your mission is not about protecting your Naira against devaluation but primarily about hoarding the $ and selling at higher exchange rate

When tomorrow, you genuinely need the $ and someone sells for you at high rate, you will still be the same to criticize Govt

Afamed:

Your mission is not about protecting your Naira against devaluation but primarily about holding the $ and selling at higher exchange rate

When tomorrow, you genuinely need the $ and someone sells for you at high rate, you will still be the same to criticize Govt

So it's now wrong to trade in commodities, is this not forex trading, and why are you against forex trading?

Afamed:

Your mission is not about protecting your Naira against devaluation but primarily about hoarding the $ and selling at higher exchange rate

When tomorrow, you genuinely need the $ and someone sells for you at high rate, you will still be the same to criticize Govt

Is he doing anything illegal?

newbornmacho:


So it's now wrong to trade in commodities, is this not forex trading, and why are you against forex trading?

It's simple you are one of those creating artificial scarcity thereby creating creating unnecessary high exchange rate. It's called hoarding for commodity you don't need

Modernizer:



Is he doing anything illegal?

Do you still need to ask? Why hoarding a product you don't need thereby creating unnecessary hardship for those who genuinely need it

newbornmacho:
The cbn has rolled out its much touted e naira programme. And though you could dismiss it as another Nigerian white elephant project, I counsel you to look well before that leap.

First, context is everything.

This roll-out is not happening in a vacuum. Notably, the Chinese recently started their own e-yuan project test run and that is what should get your attention.

The Chinese have not been shy of saying they're trying to bypass US money monopoly by this digital thing . With their e-yuan, peer to peer international payments can be made without passing through the dollar denominated SWIFT international money transfer system.
That means US financial sanctions lose their teeth. That means the dollar loses its strangle hold on nations like Iran, Venezuela, Cuba and ....quite honestly everyone ultimately.

If this happens, the demand for dollar would plunge and its value would follow suit.

Is it a coincidence that the Chinese are trying to open banks in nigeria at the same time that the cbn is starting e-naira? I think not.

The Chinese will apply all their pressure to co-opt nations into their digital payment system. Nigerias imports from China will be traded in e- yuan and the dollar will depreciate against the naira.

Let's be clear, I lose if that happens, having a significant dollar stash. So I'm not like wishing for it, but this is what my gut tells me. Otherwise why has the naira suddenly appreciated in the past 2 days and is now at 568 as against 575 to the dollar ?


I would appreciate better minds commenting on this , let's know if finally the naira is turning the corner and we should all sell off our dollars.

As long as US is centre of international trade, dollar will be in force till another world war is fought. If US and his team win the war, dollar remains aa world major currency.

Afamed:

It's simple you are one of those creating artificial scarcity thereby creating creating unnecessary high exchange rate. It's called hoarding for commodity you don't need

Oga...forex trading is not illegal

joyandfaith:


As long as US is centre of international trade, dollar will be in force till another world war is fought. If US and his team win the war, dollar remains aa world major currency.

That was seems to have started in cold War format