XXXXTENTACION:
E-naira is juste a waste of recources...
they could have just print more naira notes...

This person na heavy olodo with dull brain. Enaira a waste of resources? what resources? You people will just come out to criticize any development without even understanding how it works. Everything is moving digital just like posting paper mails have gradually moved to electronic mails (email). As email makes sending of messages faster so will enaira make payment faster. don't compare enaira with epayment. enaira is the digital currency, epayment is the process via which this currency move from the payer to the receiver. Am off. Dull brains issssssshhhhh!

It’s not sustainable bro. Go and read on hyperinflation.

ethicallyright:


I was the one that praised him. I understand where he was coming from and his method is very logical and practicable.

The only problem with the method is sustainability in the long run. I believe that tough fiscal policies can make it sustainable.

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.

am surprised someone like Reno doesn't know enaira isn't crypto currency

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.

eggzactly

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.

Naira was digitalized when we started doing transfers. So what is new about eNaira as an electronic exchange medium that is different from what we already have

Na you be the Olodo and e go pay you make you logout so you no go dey type nonsense. All banks already digital platforms. Why is the federal government spending so much on something that already exists (waste of money) e-Nairaland does not create itself. Like your normal bank apps, you have to deposit your cash with an agent to create a digital value for it. So what exactly makes your enaira special?

EroticJane:
This person na heavy olodo with dull brain. Enaira a waste of resources? what resources? You people will just come out to criticize any development without even understanding how it works. Everything is moving digital just like posting paper mails have gradually moved to electronic mails (email). As email makes sending of messages faster so will enaira make payment faster. don't compare enaira with epayment. enaira is the digital currency, epayment is the process via which this currency move from the payer to the receiver. Am off. Dull brains issssssshhhhh!

crypto currency with blockchain but we can't see the blockchain or see what happens there in. Abeg is enaira ethereum or bsc or Solana based token? or it's based on its own blockchain? if so, how can we view the blockchain and contract address? ndi Ara. they just created another Kuda and opay type of Wallet. mtcheewww

AbuAeesha:

am surprised someone like Reno doesn't know enaira isn't crypto currency

lol.. Even earlier comments here suggests people aren't too conversant with blockchain teck. Someone said the fact that its blockchain makes it completely decentralised. He forgets that in blockchain, we have what is called Decentralised finance otherwise called deFi. And we also have centralised finance otherwise called ceFi. Example of centralised finance is the popular exchange called Binance. Yes binance have total control of what happens on their platform. And that's why their p2p trxn is very safe with the introduction of their excro account

XXXXTENTACION:
E-naira is juste a waste of recources...
they could have just print more naira notes...

What in the world are you smoking?

ignis:


Confused man, which purpose does the enaira serve?

you are the confused being here.

Crypto currency is a digital currency created to facilitate payment and trans boarder payment without a third party influence. it is a decentralized system .

Is your E-Naira decentralized,or can it be used without a regulatory body?


If it is not decentralized,and lacks third party influence ,then it isn't a crypto.

E-Naira is regulated by CBN,and issued by banks. Is that decentralized? You can't do anything with it if the regulatory body restricts you from using it. Crypto on the other hand isn't so. Can you mine your E-Naira?

EroticJane:
This person na heavy olodo with dull brain. Enaira a waste of resources? what resources? You people will just come out to criticize any development without even understanding how it works. Everything is moving digital just like posting paper mails have gradually moved to electronic mails (email). As email makes sending of messages faster so will enaira make payment faster. don't compare enaira with epayment. enaira is the digital currency, epayment is the process via which this currency move from the payer to the receiver. Am off. Dull brains issssssshhhhh!

You're not smart!

ethicallyright:


Damn.

I'm following you. Simply the most intelligent thing I've read on the internet this year.

Thebosstrevor1 , this guy makes sense.

Thanks bro. God bless you

valentineuwakwe:


Source:https://dailypost.ng/2021/11/01/cryptocurrency-why-foreign-investors-wont-be-interested-in-e-naira-reno-omokri/

Hmm! Ignorant me, what do i know?.

The eNaira is no different from the regular banks and Fintech companies we have. When you talk about cross border transactions, the eNaira faces far greater limitations as compared to the Fintech companies that are facilitating local and international transactions.

For anyone to send money to and from abroad with the eNaira, they must first have the eNaira wallet and funds it with the Naira using whichever means that's applicable (which is still through the bank). Why then do I need the eNaira when I can do this with my regular bank?

A friend from the UK just sent money to his mother in the village using his banking app with a Nigerian bank (in Nigeria) which he had someone sent money into. This is exactly the case with eNaira.

On the part of the Fintech, with Barter from flutterwave, I can receive money from anyone in the world who doesn't have any affiliations with Nigeria. All they need is to use their national or acceptable KYC documents to be onboarded, and they can fund their accounts using credit or debit card.

You don't need to have BVN or any bank account in Nigeria. This is true facilitation of payment and not what the CBN is doing with eNaira. The wallet that cannot even hold plenty money... Ishs

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.

thebosstrevor1:


With e naira, government can know the actually naira in circulation, they can track the data easily, when you have that info you can reduce inflation rate.

One of the causes of inflation in Nigeria that nobody wants to talk about is FAKE NAIRA in circulation, this is what government does not have control over with physical cash but with e naira, they can know the actual amount of naira in circulation, this is very good for planning

I'm actually surprised you are this educated, judging by your occasional biased posts.

Anyway, here's my 2cents, the Nigerian government messed up on this enaira. It's a cryptocurrency without a tokenomics, rendering it as useless as a wallet created by any shopping site just that this wallet was created by the CBN.

This thing is really not hard... Few things that will turn enaira around:
1. A coin with an infinite supply would need external factors to appreciate (which Nigeria lacks, judging by the physical naira's performance). Let there be a defined number of mintable coins. Even if they peg the total supply at 22trillion, e go finish. The lesser the supply, the higher the value of the coin. Common sense

2. Staking a.k.a fixed deposit, let them create a fixed deposit system, that's the only way to successfully encourage people not to spend their enaira.

3. Let people be able to raise bank instruments in any currency from their staked enaira balance or send payments in any currency to anywhere

4. Ease of sign-up, will an investor from Malaysia or Australia need a BVN and an otp to invest ? Checkout other wallets, with a password phrase and maybe a pin, you're good to go. Email can be added for security reasons but all these verification bla bla bla needs to stop

5. Let the government forget about trying to know who owns what... When they link their wallet to their bank account, you'll know who they are. But a millionaire from South Africa definitely doesn't want anyone snooping around his identity...

6. Let's have something like a bscscan where every transaction can be tracked so we know where our tokens vanished to if something funny happens.

I bet it, naira will appreciate tremendously if this happens...

Note: e-naira is a cryptocurrency built on the Hyperledger Fabric Blockchain which is an open source block chain targeting financial houses and governments.

ethicallyright:


I understand his proposition.

His submission is that the E-naira shouldn't have been an electronic version of Naira in the first place.

He argues that E-naira should have been worth more than Naira. He suggests that it should be the equivalent of dollars.

He also states how to make it popular if it is given the exchange rate of dollars. Read his number 2 and 3 point again.

I guess you're aware of what happened in Ghana few years ago. Their Government created a New Ghana Cedis with an exchange rate of 1:10000 when exchanged with the obsolete cedis.

That's what the writer is trying to say. Like 1 E-naira : 410 naira (same with official dollar rates).

The methods he suggested is to lure Nigerians to use the E-naira for small scale foreign transactions by entering into agreement with the foreign companies to include E-naira payment gateway on their platforms while the CBN remits the dollars equivalent to the foreign companies behind the scenes.

Timoleon

Thanks bro I was about saying the same thing.
People saying it won't work. How did Ghana solve their currency issue. What does Ghana export? The major export in Ghana is Gold and Cocoa. Even recently, the government stopped export of cocoa to Switzerland. So we export more than Ghana but why is the new cedis stronger than Naira? Nigerians keep running to Ghana and South Africa to set up shops. Maybe until wen the Naira hit 1k b4 we will be satisfied

emae009:


you can't just peg a currency to the dollar out of thin air, if that was possible, every struggling economy will just introduce new currency and peg it to the dollar.
Your currency must be backed by something tangible that can swallow the liquidity of that currency without going into debt. The dollar itself is backed by an imaginary insane amount of Gold plus a strong economy. If you're pegging the e-naira to dollars, what'll back the e-naira to stay afloat in case of liquidity?
I know you heard about Tether and think it's that easy. The truth is that deep ⬇ Tether is now in a niche sense a fraud currency but the Internet has given it so much value that eliminates the need for it to be wholly backed. Just like how the market value of Telsa and Apple doesn't reflect their true value, same thing with Tether..
It can't happen with e-naira just out of the blue

Bro pls find out how Ghana strengthened their currency. The new cedis as we speak is more valuable than the Naira that is why Nigerians go there to set up shops. Ghana does not export more than what we export. I use to have this mindset that your economy must be strong but as I grew up I conducted a research and I discovered we were lied to. Naira was devalued for no just reason. What we experience that made us devalue the Naira, some countries that experienced same with lesser exports did not devalue their currency

valentineuwakwe:


Source:https://dailypost.ng/2021/11/01/cryptocurrency-why-foreign-investors-wont-be-interested-in-e-naira-reno-omokri/

Olodo wetin concern Enaira with crypto? 70 year old man ooooh, you are a mumu man

BeardedMeat:
You are so bitter.

Did you think this was going to be easy?

Prior the arrival of the slowpoke in aso rock, you were wailing endlesslessly about the drunk fisherman.

Today the tables have turned. And your own is worse because the one you defend is a shocked mannequin, the worst in the world

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.

Datedoboy:

Thanks bro I was about saying the same thing.
People saying it won't work. How did Ghana solve their currency issue. What does Ghana export? The major export in Ghana is Gold and Cocoa. Even recently, the government stopped export of cocoa to Switzerland. So we export more than Ghana but why is the new cedis stronger than Naira? Nigerians keep running to Ghana and South Africa to set up shops. Maybe until wen the Naira hit 1k b4 we will be satisfied

What Ghana did to its currency is redenominate it. They did not and cannot make it equal to the dollar without having equal sphere of influence that the dollar has. Go and read bro.

Timoleon:
What Ghana did to its currency is redenominate it. They did not and cannot make it equal to the dollar without having equal sphere of influence that the dollar has. Go and read bro.

But now it is stronger than the naira and every now and then Nigerians compare Ghana to Nigeria on YouTube and they praise Ghana for having a stronger currency. The truth is to investors and foreigners, Ghana truly have a stronger currency.

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?

GeneralDae:

But now it is stronger than the naira and every now and then Nigerians compare Ghana to Nigeria on YouTube and they praise Ghana for having a stronger currency. The truth is to investors and foreigners, Ghana truly have a stronger currency.

Timoleon:
Is the Ghana cedi your competition?

Not at all, but is it not possible to remove just one zero from the naira? What would be the economic implications if that happened?

GeneralDae:

Not at all, but is it not possible to remove just one zero from the naira? What would be the economic implications if that happened?

hyperinflation.

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?

Ghana removed three zeros but forget about equating it to the dollar for now. Just redoniminating the naira to a lower value, what are the implications?

We’ll have a different currency with the same Nigeria.

GeneralDae:

Ghana removed three zeros but forget about equating it to the dollar for now. Just redoniminating the naira to a lower value, what are the implications?

Timoleon:
We’ll have a different currency with the same Nigeria.

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.

This is as a result of talking too much, Reno Omokri is now saying nonsense.

slowpoke, crypto is not banned in nigeria, if it was then why is Patricia advertising on BBN?

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 digital currency that uses blockchain technology, just like other cryptocurrencies, I think that eNaira uses Ethrerum or Solana platform

Bitt has built its DCMS to integrate with leading blockchain networks.
https://www.bitt.com/product/dcms/central-banks

Timoleon:
What Ghana did to its currency is redenominate it. They did not and cannot make it equal to the dollar without having equal sphere of influence that the dollar has. Go and read bro.

That is what I am saying. We should do same with the e-naira let's redenominate it and leave the Naira as it is.
People will convert their dollar to e-naira but the banks will remit usd to those foreign sites. The CBN will have dollars and the populace will have the equivalent in e-naira.

E- naira will be our dollar here and d value in usd of that e-naira will be with the banks and CBN.
This will stop dollar hoarding.
Read my 2nd and third points bro. The Naira for dollar policy is also making the Naira weak and we have intellectuals in this country o.

Now ask urself do people value what they get for free? I see Naira for dollar policy as subtle devaluation of the Naira.

If it were to be in this country, many people will say redenomination won't work but it worked with the new cedis. I weep for coming generations bro as I see 1 dollar at 1k naira very soon if drastic steps are not taken

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.

Confused people.