ElixExo:

Help the what? Oh, well here’s the implications; you can trade on it but you need TIN for an eNaira business account, and if you don’t pay your taxes they’ll know. So most people will avoid using it. For me however it will make a few payments easier as the eNaira is set to allow payments in foreign currencies from other platforms and apps. I was expecting they’d try something like this so I got my TIN in advance.

Okay ,thanks

Dead on arrival

Lastmankc:
Baba, you are doing well.oya,chop knuckle

Chop knuckle, I am female

Make we see the outcome (by this time next year).

If you ask me, enaira go end up to be trash *shior*

Zobah:
*eNaira*

The Central Bank of Nigeria (CBN) is set to launch thc e eNaira on October the 1st.

Let us take a closer look at the eNaira, what it means for you, and how you can position to take advantage of its launch.

What is the e-Naira?

The e-Naira will be a digit representative of the paper Naira currency issued by the Central Bank of Nigeria.

The eNaira will be a “complementary” legal tender in Nigeria, having the same exchange value as the Naira, and maintain a “parity of value” with the Naira.

The e-Naira will not earn any interest to holders.

The e-Naira is built on a blockchain open ledger technology. Creating the eNaira on the blockchain means you cannot have a duplicate or fake eNaira.

Each eNaira note will be unique.

Is the e-Naira a Stablecoin?

A stable coin is a cryptocurrency backed by reserves.

The keyword is reserves, but what kind of reserves?

Stable coins are backed by holding an equal equivalent of FIAT money like the US dollar.

FIAT means government-issued but usually not backed by any commodity, e.g., gold.

Thus a stable coin like USDT is tied to a currency, the US dollar, and maintains a stable exchange value. Note, stable, not immovable. The eNaira technically is linked to the FIAT Naira, but is the Naira stable?

Well, not exactly.

To be a stablecoin, the eNaira has to be tied to a currency like the US Dollar or Euro or even the Yuan.

How safe is the e-Naira?

Think of the e-Naira in this way; you want to send N100 to an uncle in a remote village without a bank branch.

A common practice is to buy mobile phone recharge cards of that value, load them to your phone, and text your uncle. Your uncle can then go to any phone card retailer and discount his N100 mobile phone credit for N95.

The mobile retailer can redeem the call credits and pay cash because he trusts the person doing the exchange; however, he cannot tell if the mobile numbers are real.

The eNaira is designed to solve this verification risk by assuring all holders that each eNaira is a valid token. This authenticity is achieved by building the eNaira on the blockchain.

Thus instead of buying phone credits, I will debit my bank account for N100, convert to eNaira, and transfer it to my uncle. My uncle can spend the funds directly from his phone or transfer and get cash.

Every retailer is more likely to accept the eNaira because it can’t be easily faked.

How will I get the e-Naira?

The CBN has planned a rollout in a tiered manner; first, it will issue the e-Naira, to financial institutions like banks.

Your bank will then retail the e-Naira to you.

If your transaction value is less than N50,000 a day, you don’t need a bank account to get the eNaira; you can use a NIN verified phone number to buy eNaira.

If you want to withdraw more than N50,000 but up to the daily limit of N1 million, then you will need a BVN in addition to a NIN verified phone number. The CBN has very strict ‘Know Your Customers” protocols for this process, the aim being to assure all retailers of the safety and utility of the eNaira.

Why should I use the e-Naira?

The eNaira has a low-cost advantage when compared to FIAT. The daily transfers between accounts are at no cost to the holder of the account.

Lower transaction cost is a massive incentive as traders will pay no fees for withdrawals and deposits to and from their bank account. No transaction fees reduce the cost of commerce while improving safety.

How will dollar remittance to e-Naira work?

The e-Naira will be integrated into the CBN’s forex process, and this is to make it easier to receive remittances to Nigeria. These transfers could be from the CBN crediting e-Naira directly to the International Money Transfer Organisation (IMTO).

A Nigerian abroad sending $100 to his uncle can debit his US bank account and credit $100 to an IMTO, who will buy eNaira from their corresponding Nigerian bank.

The $100 is converted to e-Naira instantly at a far lower transfer fee which is a real benefit and a significant advantage

There would be a training on the opportunities in e-naira on telegram channel c.r.y.p.t.o.n.g
Time 3:00pm
Sunday 24th, October 2021

What about inflation?

The street definition of inflation is too much cash chasing too few goods; however, not all inflation is this simple.

Coins in Nigeria are scarce; thus, most merchants round up their prices to match with available currency, usually notes.

This rounding up induces an artificial rise in prices because any cost-push does not cause the price hike but other factors, for example, selling eggs for N100 instead of N88.

With the e-Naira, it becomes possible to transfer the exact cash price in the marketplace, especially in rural areas.

This reduces the possibility of “round-up inflation.”

The e-Naira can be the ECOWAS currency

The e-Naira can be used by any two parties who can credit a Nigerian banking institution with corresponding currency.

This means a trader banking with UBA in Burkina Faso can settle his import bills from the Gambia using e-Naira.

This will be the next level of the rollout. The financial institutions and FINTECH start to build out an ecosystem with eNaira as the base product.

The e-Naira helps the financially excluded

The e-Naira will also bring in the vast majority of the unbanked Nigerians who have no bank account but have a phone into the formal financial economy.

With the e-Naira, salary payments and payments for goods and services can be concluded.

A plumber can accept payments on his phone, store them in his wallet, and make transactions with any vendor.

What are the risks?

Data security.

The e-Naira is online, the BVN and NIN information is also online, the risk of malicious actors attempting to hack or gain access to the data is very low.

The process of minting and burning eNaira tokens by the CBN has to be top-notch.

Overall, it’s a plus to the Nigerian economy, and it’s a positive progression towards a cashless society, with lower costs, and higher productivity.

Join us on Telegram channel C.R.Y.P.T.O.N.G as teach the opportunities in e-naira
Sunday, October 24th, 2021
Time: 15:00pm

Khaysee:
How can I buy it

It's on binance already

Inflation loading

Buhari wants to finish naija

What a ridiculed adventure ??

TarOrfeeek:


Just Look at this Custard brain.

Instead of introducing monetary policy to cut down Inflation and currency devaluation.

You're still stuck with dragging Fx with crypto currency trying to win back the remittances you lost with your idiotic Dollar policies.

Classic sticking your finger inside your arse and smelling it. Rather than do the tough work.

Who will tell him that... The same people, that concocted this mess and smiled when he approved it.

See, he is just a face for the atrocities committed in this country.

He is an executive, to execute whatever nonsense that is available on the table. The legislative is the real mess, trust me!

Tetrahedron:
I thought the previous owner of the site domain “enaira” sued them to court already?
So what are they launching?

CBN compensated them

To unveil what he doesn't understand

Hmm

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doggedfighter:


Chop knuckle, I am female

Hmmmm,so you be babe?

Nigerians have to wake up. Have you ask what the Turkey president came to do in Nigeria?

Nigeria now is on page #3 of Obadiah Mailafia's exposition about Fulani agenda. Page #4 will start in December 2021, and they will invade SW and Abuja, start killing prominent people and politicians. They are already in SE, but ESN will prevail them. They will also start sending mercenaries to kill and burn down churches starting from Lagos, Asaba, and Port Harcourt

Buhari will never proscribe Bandits because he brought them in to assist the armies carry out the killing that is getting ready to start. To put fear on the Christian southerners. By page #5 they will tell you that if you want to live you must convert to Islam.

The only way to stop Buhari's Agenda is by the Igbos declearing Biafra and Oduduwa the same, if not million will die or convert to Sharia Islam. United Nation will tell you to stop the violence and make peace with them.

Before Buhari leave office he will ban America and Europe from Nigeria. Only China, Russia, and Islamic nations shall be allowed.

Funny enough Nigerians don't know what the time is.

Very nonsense man

NwekeUG:
President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja, IgbereTV reports.

A letter from the Central Bank of Nigeria, signed by its Director, Corporate Communications, Osita Nwanisobi, stated that the digital currency will be launched with the theme, “Same Naira, more possibilities” and is aimed at "advancing the boundaries of payments in order to make transactions easy and seamless for every strata of the society."



https://m.facebook.com/story.php?story_fbid=4999528223408108&id=100000529389569

Illiterate wey become president. Rotten piece of vegetable wan unveil enaira . This man sha

Crowwejihadist:
Bound to fail,
More avenue to loot this country dry, by digitalizing the currency so it won't have any trace.

Invest at your own peril

I just don’t understand what’s its going to achieve unless we are saying it’s going to act just like fiat naira to reduce the no of notes we print and circulate.

Perhaps another step closer to real cashless policy.

It will definitely have a trail tied to ur Ewallet or account.

Sadly it won’t improve the economy or naira value. At best reduce printing costs.

Misplaced priority and cluelessness.

GUES WHAT E NAIRA IS GOING TO CRASH BEFORE 2023 NO BE BUBU AND HIS INCOMPETENT MINISTERS YOU JUST WATCH

Please can someone tell me the gain for the e naira

Crowwejihadist:
Bound to fail,
More avenue to loot this country dry, by digitalizing the currency so it won't have any trace.

Invest at your own peril

So digital currencies cannot be traced?

Must you comment?

Nigerians are rude disrespectfull and arrogant to leadership. Rather than say now that Jonathan did well. They say buhari is more stupid than him..meaning both are stupid.


It's this kind of arrogance that will keep them station that even when good leaders come they insult them away. This youth are childishly arrogant.

Lol. You don't mean it...

Fahdiga:
If he like let him unveil B naira. Anything under the lifeless is a failure

Okay

NwekeUG:
President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja, IgbereTV reports.

A letter from the Central Bank of Nigeria, signed by its Director, Corporate Communications, Osita Nwanisobi, stated that the digital currency will be launched with the theme, “Same Naira, more possibilities” and is aimed at "advancing the boundaries of payments in order to make transactions easy and seamless for every strata of the society."



https://m.facebook.com/story.php?story_fbid=4999528223408108&id=100000529389569

doggedfighter:
On that day watch him start saying rubbish

and rambling about one naira.


He doesn't know the difference.

A man that is barely aware of his existence to launch eNaira?

Crowwejihadist:
Bound to fail,
More avenue to loot this country dry, by digitalizing the currency so it won't have any trace.

Invest at your own peril

So you have no faith/belief/confidence in your country Nigeria ? Those who built America ,China, Japan ,Singapore into world powerhouses had lots of "can do attitude" in their own nation's destiny.

He should first of all return the value of the Naira to where he met it in 2015.
Clueless government.