Datedoboy:
Personally, I think the CBN did well but they can do better on the e-Naira because as it stands, majority of Nigerians don't see it as too special. A simple reason is that it is pegged to the ever dwindling Naira.

To me, we have been using e-Naira a long time ago since we started using e-banking because we have been transferring Naira without holding raw cash.

If the CBN can listen to these suggestions, the e- Naira might just be just the right solution we need to stabilize our currency.

1- Peg the e- Naira to a dollar and tell everyone to convert all their dollars to e-Naira. Let 1 e-Naira be equivalent to a dollar and leave the Naira as it is. What will happen is that, the demand for dollar will gradually decrease.

2-Scrap the Naira 4 dollar policy and replace it with e- Naira for Naira policy where once you save Naira, you get a tiny fraction of e- Naira as profits. This will encourage more people to save the Naira and with time, it will increase the value of the Naira because as it stands, most people do not save the Naira anymore due to steady decline in value.

3- All imports should be done with the new e- naira ( which is pegged to a dollar) and tie the e-Naira with foreign sites where people buy and sell products and services like Amazon and e- bay with the reconciliation carried out back-end by the CBN together with the banks.

These are just my suggestions as a concerned Nigerian. I believe we have bright minds in this country. Experts on this forum can contribute to what I have written and make corrections where I am wrong.

God bless you ladies and gentlemen

your I.Q consumed no liquor but it's high

AntiWailer:


If ur conclusion after reading what I wrote was "bitterness"

U need ur head checked.

I have nothing to complain about. As a Tech guy, my income increased geometricly as I increase and improve my skill set.

Mr Techno!

Slighter higher value to other people who care less or to us who use it?

Let me break it down for you.
Let’s say for instance we are able to peg e-naira to 1dollar. The value of e-naira will of course still be reflective of the current exchange rate which is abou 575 naira. In order words, the value of whatever you are buying with the new currency would still be equal that of the older currency when you do the math. I give you an example. An iPhone 12 costs $1000, 1000 e-naira and 1.140m the only difference here will be currency name. It would then be delusional to think that because you are able to convert your Naira notes to e-naira you have higher value. The value of any currency is in its purchasing power. How does the change of currency denomination give you a higher spending power is where you want to focus your energy on. A country like China with Its ambitions of world domination is never seeking to equate their currency with the dollar yet they are able to focus policy towards creating more wealth for their people. The Chinese have even been accused severally of devaluing it’s currency to give itself unfair advantage in international trade. Our problem isn’t the value of the naira bro. We don’t have anything to sell. The

GeneralDae:

Yeah but we wouldn't be the first country to have that. However, ours would be better because the enaira is also from the cbn. So many poor countries use both dollar and their local currency. But we'll be using enaira (of a slightly higher value) and naira.

Timoleon:
Is the Ghana cedi your competition? Also, back to your initial post, did the Ghanaian government try to equate the cedi to the dollar by simply pegging it?

We are not equating the Naira with the dollar. Read my post. It is d e-Naira that will be pegged to a dollar and the CBN including the banks know how to do the reconciliation back end. Note that e-naira is not physical cash so it won't be in your hands. You will only have it in ur account. CBN will collect dollar from u and give u d e-Naira which is d same equivalent as usd.
Bro it will work and heaven won't fall. Once we try it for 6 months, Naira will appreciate little by little instead of sinking like a wrecked ship

KaluwisxPRO:


It is a cryptocurrency, but a stablecoin pegged to the Naira. So long as it can settle payments on its own without a third party facilitator, it is definitely on the blockchain network.

It is not a cryptocurrency.

Timoleon:
Slighter higher value to other people who care less or to us who use it?

Let me break it down for you.
Let’s say for instance we are able to peg e-naira to 1dollar. The value of e-naira will of course still be reflective of the current exchange rate which is abou 575 naira. In order words, the value of whatever you are buying with the new currency would still be equal that of the older currency when you do the math. I give you an example. An iPhone 12 costs $1000, 1000 e-naira and 1.140m the only difference here will be currency name. It would then be delusional to think that because you are able to convert your Naira notes to e-naira you have higher value. The value of any currency is in its purchasing power. How does the change of currency denomination give you a higher spending power is where you want to focus your energy on. A country like China with Its ambitions of world domination is never seeking to equate their currency with the dollar yet they are able to focus policy towards creating more wealth for their people. The Chinese have even been accused severally of devaluing it’s currency to give itself unfair advantage in international trade. Our problem isn’t the value of the naira bro. We don’t have anything to sell. The

That is why I used Ghana's example. Do they have more to sell than us? Yet the new Ghana cedis is stronger than the Naira
Purchasing power of the current 1cedi is greater than 1ngn
if we are waiting for us to export at the level of China or other developed countries, we are in for a long ride. My aim is not to argue with you bro. Let's just help the Naira appreciate in value. There are so many ways to kill a bird

XXXXTENTACION:
What's the diffrence between E-naira and E-payment...

What is the difference between Naira in your pocket and the one you send through someone to give your brother?

From my understanding of the financial market and Forex, I think e-Naira is a good initiative, it is to facilitate payment and business transaction in Naira which makes Naira a funding currency for more businesses, the status currently enjoying by dollar which is making the green back strong. But the whole initiative is not an end to itself, how they implement e-Naira and integrate it with more payment platforms will be key in realizing its objectives going forward. Government needs to create more platforms for e-Naira and makes it acceptable through most of the payment gateways to make it truly a success. They can start by cultivating this dynamic through the burgeoning Nigerian Fintech industry. Without this systematic integration for its usage, the e-Naira might end up being as useless as the Fiat version of itself.

So data and usage is key to the success of e-Naira, the more people (especially non-nigerians) are using it, the better

chatinent:
Even the eNaira, can you even register?

Verification code hasn't arrived since last month.

By the way, I am available for research writing services that will pass Turnitin.

Pls give me your phone number I’m interested

.

Pojaay:

Pls give me your phone number I’m interested

Email: chatinent@gmail.com

thebosstrevor1:


In what way?

What blockchain is the e-naira built on?

Olodo, eNaira wasn't created for foreign investors so where is the sense in your rubbish?


Dumb fool..

Pierocash:
Reno fail to understand that the E-Naira is not Crypto currency, it is just digital ,but not a crypto. So they don't serve same purpose.

. Enaira IS A CONFUSION CURRENCY.

You keep dragging me back sha and it’s tiring. I will ask you again is Ghana your competition?

Datedoboy:


That is why I used Ghana's example. Do they have more to sell than us? Yet the new Ghana cedis is stronger than the Naira
Purchasing power of the current 1cedi is greater than 1ngn
if we are waiting for us to export at the level of China or other developed countries, we are in for a long ride. My aim is not to argue with you bro. Let's just help the Naira appreciate in value. There are so many ways to kill a bird

Speaking of failure poor Tope must be thinking the same thing about her failed marriage and raising their kids alone in America.

SmartPolician:


You are doing a good job taking all the questions here like you are Godwin Emefiele's brother. Bravo!

However, the emboldened doesn't sit well with me. I think it is safe to keep using mimicking and imitating, but don't get the blockchain involved because that's an entirely different thing.

An app is either built on the blockchain (dApp) or not built on the blockchain; there's nothing in between.

If it was built on the blockchain, then it's cryptocurrency. Since the e-Naira wasn't developed on the blockchain, how does it work through the blockchain?

You got things mixed up. Blockchain simply put is a technology of recording information.

That an app is built on blockchain doesn't make it a cryptocurrency. Blockchain was being used before cryptocurrency and has lots of applications. The e-Naira is built on the blockchain technology. This means it has a system of recording information in a way that makes it difficult or impossible to change. Development on the blockchain can be centralized or decentralized. In the case of e-Naira, it is centralized.

Studymore123:


You got things mixed up. Blockchain simply put is a technology of recording information.

That an app is built on blockchain doesn't make it a cryptocurrency. Blockchain was being used before cryptocurrency and has lots of applications. The e-Naira is built on the blockchain technology. This means it has a system of recording information in a way that makes it difficult or impossible to change. Development on the blockchain can be centralized or decentralized. In the case of e-Naira, it is centralized.

What's the name of the blockchain?

thebosstrevor1:


E naira works through the blockchain and it is 100% online. It also can be used for payment by Nigerians anywhere in the world, as long as they have e naira in their wallet they can send it to anyone that has the wallet, literally the e naira facilitates faster and cheaper transactions without the need to pay a gateway system that works with your bank app.

The bank apps is also electronic money, does not work in the blockchain, is mostly converted to paper fiat currency and transactions are limited, does not permit for international transactions between Nigerians except with the help of a third party. Its expensive for banks and also customers and mainly used for offline payments. Infact with the e naira, removes the need for a visa or Mastercard naira debit cards encouraged by the commercial banks.


E naira could eliminate payment gateway systems, or companies like opay and pos companies because it is a threat to their business.

Young Man e-Naira is not on any blockchain stop confusing yourself

Pierocash:
Reno fail to understand that the E-Naira is not Crypto currency, it is just digital ,but not a crypto. So they don't serve same purpose.

Do you also know that the eNaira is run on blockchain?

thebosstrevor1:
E naira is just imitating the paper naira we have, it doesn't need investors to function.

It is not an asset or a cryto currency but an electronic version of naira.

Enaira is similar to crypto, the only difference is that it's issued by the cbn whereas crypto is developed and issued by private groups. Enaira is now an asset that can be bought and sold on the blockchain just like crypto. And that's how the government hope that the value of Enaira might pump

Check out M.y.c.r.y.p.t.o.n.g on telegram

Can someone please educate me on this e-Naira, what is the difference between it and crypto currency. I'm very confused now

SmartPolician:



What's the name of the blockchain?

Nice. If it's not public it means it's private. It could be a simple private configuration of the Ethereum blockchain network. CBDC used blockchain and DLT but the data is not public. It is a permissioned system.

Blockchains such as Ethereum are permissionless that's why they allow public participation and full transaction viewability.

Timoleon:
You keep dragging me back sha and it’s tiring. I will ask you again is Ghana your competition?

No sir Ghana is not. I only used Ghana as a reference point but let us start from somewhere.
Ok let me ask you sir. Who is our competition with the way Naira is falling. Zimbabwe right?

Am not bothered anyway if NGN likes it should be usd2k it will even favour me. I'm just thinking of other people

ERAKAMUS:
Young Man e-Naira is not on any blockchain stop confusing yourself

E naira is using Hyperledger Fabric blockchain

Jeffrizzy01:


What blockchain is the e-naira built on?

Hyperledger Fabric blockchain.

SmartPolician:



What's the name of the blockchain?

Hyperledger Fabric blockchain

thebosstrevor1:
E naira is just imitating the paper naira we have, it doesn't need investors to function.

It is not an asset or a cryto currency but an electronic version of naira.

It sounds senseless to me cos the online banking is similar to it so what really is the difference?

Honestly you are not thinking of anybody. You merely grabbing at straws without addressing your initial submission despite the fact that I had answered you that You cannot discourage demand for the dollar with an import dependent economy. It’s that simple. The main currency for international trade is the dollar. If we as Nigerians want to bring anything in which we always do, we have to convert to dollar to buy and import. If we were a major exporting country we could leverage on that to encourage people to buy the naira so as to trade with us thereby increasing the value of the naira through demand.

Datedoboy:


No sir Ghana is not. I only used Ghana as a reference point but let us start from somewhere.
Ok let me ask you sir. Who is our competition with the way Naira is falling. Zimbabwe right?

Am not bothered anyway if NGN likes it should be usd2k it will even favour me. I'm just thinking of other people

Timoleon:
Honestly you are not thinking of anybody. You merely grabbing at straws without addressing your initial submission despite the fact that I had answered you that You cannot discourage demand for the dollar with an import dependent economy. It’s that simple. The main currency for international trade is the dollar. If we as Nigerians want to bring anything in which we always do, we have to convert to dollar to buy and import. If we were a major exporting country we could leverage on that to encourage people to buy the naira so as to trade with us thereby increasing the value of the naira through demand.

His point is that Ghana is not really exporting that much but heaven did not fall when they did what they did. You haven't really addressed that part. You just keep asking the same question.. "is Ghana your competition".