In the last thread I created titled "Why CBN Cashless Policy Is Bad For Nigeria" I listed 7 reasons why CBN's cash withdrawal limits and cashless policy is bad for Nigeria. You can open the link open link to learn more.

https://www.nairaland.com/7474034/why-cbn-cashless-policy-bad

In this thread I will share a video that analyses the implications of CBN's digital currency eNaira using UK's new CBDC (Central Bank Digital Currency) as a case study.

I've stated in previous threads that the deliberate effort by CBN (Central Bank Of Nigeria) under the leadership of Emefiele to gradually remove cash and force electronic payment is ploy to further centralize government control and create what many people call a beast system where people will have little or no right to criticize or influence evil government policies (A Financial Prison like China's social credit score system but worse)

It is unfortunate that many Nigerians are still sleeping or unaware of the evil digital control grid that Buhari's government is gradually implementing with the recent launch of the eNaira CBDC (Central Bank Digital Currency) see https://enaira.gov.ng

Don't be carried away by media propaganda that there is no plan to replace naira with the new CBN controlled eNaira as that is the plan. In order to understand the implications of CBDC, watch the video below.


https://www.youtube.com/watch?v=kazsyWAeiUk

We can't ignore the many benefits that come with electronic payments. You see, the main issue here is choice. People should be allowed to choose between cash and electronic means of payment. There should be no deliberate government policies to kill cash as a means of payment (But Emefiele continues to roll out evil anti-cash policies). Both cash and electronic means of payment have disadvantages so one can't replace the other.

The gradually removal of cash and enforcement of electronic payment by CBN is bad and if nothing is done by Nigerians or the national assembly to stop it, will eventually create a totalitarian state in Nigeria were we will lose our privacy and rights to criticize or hold the evil government accountable. We must reject and reverse these policies now if we are to maintain a free society in future.

This is not just happening in Nigeria. Australia may become a cashless country in 2025 see https://amp.9news.com.au/article/29a6febb-f8ab-49cf-9462-56fd20a22a33

It’s deliberate…you think they don’t have professionals that have looked into it and tell them how it won’t work
Lol too many signs

EastAlchemist:
It’s deliberate…you think they don’t have professionals that have looked into it and tell them how it won’t work
Lol too many signs

They are testing the masses to see what they can get away with. Remember some countries like Australia are planning on going cashless soon so it seem to be working in some countries and this is partly because of media propaganda and people been susceptible to the convenience of electronic payment systems.

I think the main issue with electronic payment system is reliability and security of funds. It shouldn't be an issue to track what you are doing with money if it's legal.


You see 90% of cash my movement is illegal. £50 transactions are not the target. Also, the cost of maintaining cash is huge on government so it just make logic sense to cut back.

THIS IS END TIME ARMAGEDDON. PLEASE STOP THE SMART PHONE SYSTEM NOW.

tunwumi:
I think the main issue with electronic payment system is reliability and security of funds. It shouldn't be an issue to track what you are doing with money if it's legal.

You see 90% of cash my movement is illegal. £50 transactions are not the target. Also, the cost of maintaining cash is huge on government so it just make logic sense to cut back.

You said "It shouldn't be an issue to track what you are doing with money if it's legal." Yes that's why I said it should be left to the individual to choose and not by government mandates, people who want to use electronic payments are fully aware that transactions are logged so that's not an issue.

You said "You see 90% of cash movement is illegal." If I choose to withdraw all my savings in the bank in cash does that make it illegal? I think it is wrong to generalize that 90% of cash movement is illegal as people have different spending habits and not many like to use electronic payment systems. Cash enables you to spend without any middle man which is good for privacy and control. I am guessing you made this assertion due to the high rate of insecurity in Nigeria as terrorists, kidnappers demand ransom in cash. I understand your sentiment, I will maintain that Nigeria's security challenges is mainly as a result of our bad unproductive economy and unemployment. Making polices that will limit cash or scrap cash as means to fight insecurity is like putting lipstick on a pig. There are still genuine reasons why law abiding citizens use cash as opposed to electronic payment. Cash is not just for criminals, anyone proposing cash as been part of the problem for high rate of insecurity in Nigeria is only been naïve. Before the advent of debit/credit card payments, we used mainly cash in the 1970s/80s/90s and you can attest to the fact that Nigeria had less security challenges back then.

You said "....the cost of maintaining cash is huge on government so it just make logic sense to cut back" I believe you're saying this because you prefer electronic payments and you're used to it. Government policies are not always based on logic as human beings are not computers or robots, good monetary policies are not made based on cost but wide consultation of all stakeholders including rural dwellers, businesses, traders and market women (Especially those that use cash for business transactions)

orisa37:
THIS IS END TIME ARMAGEDDON. PLEASE STOP THE SMART PHONE SYSTEM NOW.

Technology is not bad, in my opinion it is only a tool just like a knife, you can use it to cut food or stab someone, it depends on the creator or user's intention. I don't think we need to throw away communication technology but make better communication technology that is in harmony with nature, values human privacy, freedom, truly decentralized, built with genuine love for humanity and the world. What we create is a reflection of who we are.

Let me correct a fundamental mistake, money belongs to government not individual they assigned a value you hold. (You have no privacy of what is not your property)


Also, cash cost is bore by the government not individual. (Printing, logistics and security)

Bebigiby:


You said "It shouldn't be an issue to track what you are doing with money if it's legal." Yes that's why I said it should be left to the individual to choose and not by government mandates, people who want to use electronic payments are fully aware that transactions are logged so that's not an issue.

You said "You see 90% of cash movement is illegal." If I choose to withdraw all my savings in the bank in cash does that make it illegal? I think it is wrong to generalize that 90% of cash movement is illegal as people have different spending habits and not many like to use electronic payment systems. Cash enables you to spend without any middle man which is good for privacy and control. I am guessing you made this assertion due to the high rate of insecurity in Nigeria as terrorists, kidnappers demand ransom in cash. I understand your sentiment, I will maintain that Nigeria's security challenges is mainly as a result of our bad unproductive economy and unemployment. Making polices that will limit cash or scrap cash as means to fight insecurity is like putting lipstick on a pig. There are still genuine reasons why law abiding citizens use cash as opposed to electronic payment. Cash is not just for criminals, anyone proposing cash as been part of the problem for high rate of insecurity in Nigeria is only been naïve. Before the advent of debit/credit card payments, we used mainly cash in the 1970s/80s/90s and you can attest to the fact that Nigeria had less security challenges back then.

You said "....the cost of maintaining cash is huge on government so it just make logic sense to cut back" I believe you're saying this because you prefer electronic payments and you're used to it. Government policies are not always based on logic as human beings are not computers or robots, good monetary policies are not made based on cost but wide consultation of all stakeholders including rural dwellers, businesses, traders and market women (Especially those that use cash for business transactions)

tunwumi:

Let me correct a fundamental mistake, money belongs to government not individual they assigned a value you hold. (You have no privacy of what is not your property)

Also, cash cost is bore by the government not individual. (Printing, logistics and security)

Literarily government owns the physical currency and coinage in your pocket but you own the value of the money in your pocket, you're technically wrong when you say government assign value to currency as the currency derives it value from trade and other economic activities of the people. Without people's faith in naira it becomes a worthless piece of paper.

CBN has the power to make monetary policies, devalue the currency, recall cash and issue replacements of the same value. Also, CBN do take in damaged bills from banks and destroy it, issuing new bills to replace it.

This could also happen if CBN were to redesign currency and then recognize a flaw, requiring additional changes.

You said "You have no privacy of what is not your property..." wow that's an interesting statement, Nigeria constitution supersedes all government policies as the right to privacy is one of the fundamental human rights entrenched in the Nigerian Constitution. See https://streetlawyernaija.com/section-37-38-right-to-privacy-freedom/

You said "Also, cash cost is bore by the government not individual." Well it is tax payers that fund government so it is the people that bear the cost of printing naira currency.

You fail to see the bigger picture regarding CBN cashless policy and eNaira CBDC which is bad for Nigeria and need to be scrapped.

Bebigiby:


Technology is not bad, in my opinion it is only a tool just like a knife, you can use it to cut food or stab someone, it depends on the creator or user's intention. I don't think we need to throw away communication technology but make better communication technology that is in harmony with nature, values human privacy, freedom, truly decentralized, built with genuine love for humanity and the world. What we create is a reflection of who we are.

COOOOOORECT!!!

The cash withdrawal limit is anti-people.
It is a ploy to control the finances of everybody, and was probably suggested by a foreign or international organization.
It is a potentially dangerous situation. It should not be implemented.

THE CBN, A STATUTORY BODY IN THE HANDS OF EMEFIELE, WANTS TO COMPLETELY DOMINATE BANKING BUSINESSES AND BANKS WHICH ARE CAC, CORPORATE AFFAIRS COMMISSION AUTHORITIES AND RESPONSIBILITIES.
EMEFIELE IS A FRAUD AND A TERRORIST.
LET EMEFIELE TAKE HIS HANDS AWAY FROM OTHER BANKS WHICH ARE CAC WHOLE AFFAIRS.
BANKING IS A CONTRACT BETWEEN BANKS AND THEIR CUSTOMERS. THE DUTIES OF CBN END WITH SUPPLYING NEW NOTES IN EXCHANGE FOR EQUIVALENT OLD NOTES. OTHER BANKS RESERVE THE RIGHT TO OBEY FULLY THE CONTRACTS THEY HAVE WITH THEIR CUSTOMERS.