₦airaland Forum

emmykk:
Intern in yahoo yahoo is more sure than any of those..look at the 4 years spent in university...some yahoo bitcoin boys don't even spend that before they cashout millions

That's crime.

Think Hush Puppi and jail.

Time to turn to coal and firewood cooking.

Buhari has sent us back to our forefathers time in civilisation.

So sad.

All you need to know about the e-Naira set to be launched on October 1
Kalu Aja Kalu Aja

The Central Bank of Nigeria (CBN) is set to launch the 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 the e-Naira will enjoy.

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.


SOURCE: Nairametrics

Davash222:
How can he condemn something he's part of

*Update on Banditry*

*This is our predicament in Nigeria today*

A military unit in Gusau, Zamfara State had suffered from too many ambushes from bandits.
A new Lt. Col. deployed to the Unit announced that they were going to attack bandits at 9am the next day.
Deliberately, at 10am he left his house and on arrival at his Unit asked his men to fall in on parade ground.
He asked that they be searched and all their phones collected. He then went to stay in his office for over an hour.
When he came out of the office, he instructed the soldiers to fall in again on parade ground and brought a big table upon which he lined up all the phones.
The first phone rang, he asked who is the owner? The soldier came forward. He was commanded to answer on speaker. A bandit was calling him to find out when the Unit is coming out to the Bush and how many they were, so they can be ambushed.
The Lt.Col. asked him to drop the phone and move aside.
That's how he discovered 8 soldiers and 2 Mopol collaborators/informants of the bandits.

May God protect us.

Bonesbreaker:
you also is an unfortunate mugu man and stupid too

Thank you sir. We will soon know who is a mugu and a stupid man between me and you.

Very, very soon, you will know.

Bonesbreaker:
no language will make you understand because Northern people has blocked earlead so no need explain to you aboki

I am a proud Yoruba man.

Bonesbreaker:
hmm Yoruba no get mind if na igbos i can assure you it will surely happen them go begin kill them even before that date reach to pass a statement but u see una e go reach una finally na small thing hold this country na when East here say una kill any eastern 4 una side una go know the next level

You are typing gibberish here. What are you really trying to say? Tell us in simple language.

proeast:
"If I wake up and hear Yorubas beating drums of war, I will simply return to sleep"~~IBB 1993

And our NADECO send him packing, and ended his political ambition.

Anybody can say anything with their mouth, that does not translate to truth.

The General Overseer of the Redeemed Christian Church of God, RCCG, Pastor E.A Adeboye has revealed his conversation with his former schoolmate, when he heard that Nigeria’s total debt has jumped to N55 trillion.

Adeboye, who spoke during a sermon at an interdenominational church service held in Abuja yesterday to mark Nigeria’s 61st independence anniversary and the 45th anniversary of the Christian Association of Nigeria, CAN, said he was shocked when he heard that President Muhammadu Buhari recently requested the approval of lawmakers for more external loan.

Speaking on the necessity of thanking God always, the renowned pastor said it was good to be optimistic that all will be well again.

He said, “I have a friend that we schooled about the same time and we were also born at about the same time. He is always optimistic about everything. When we heard that Nigeria was owing N55tn, he said ‘praise the lord’, and when I looked at him with a question on my face, he quickly said those who are praying for ‘one Nigeria’ are many and that the creditors know that if the country does not survive, they won’t be able to get their money back.

“When we later heard that the interest Nigeria has to pay on debt is 98 per cent of our total income and that even the Senate has approved that we should borrow more, he said ‘glory be to God’.

“I said how would you say glory be to God? He said ‘when what you owe is more than what you can pay, the creditors have a choice. It is either they forgive you your debts or you go ahead and declare bankruptcy. They get angry and then they come and seize the most valuable thing you have.’

“He said that the most precious thing the debtors can seize in this country is the Aso Rock. When I said, what is there to thank God for in that? He said ‘have you not been listening to the news that the President said he would love to visit Daura every two weeks?

“So, he told me that if they seize Aso Rock, his (Buhari’s) request would be granted, he won’t have to be visiting Daura every two weeks. He would just move the seat of power to Daura, his home town.”

DAILY POST reports that amid outcries from Nigerians over his constant borrowing, President Buhari, a few days ago, sought the National Assembly’s approval of another $4.054bn and €710million loan.

The move triggered backlash from Nigerians, as some attacked the President, accusing him of intending to sell the country.

Recall that former President, Olusegun Obasanjo while reacting to the move for fresh loan, berated Buhari, saying that borrowing to accumulate debt for the next generation is criminal.

Pastor E.A Adeboye

https://dailytimesng.com/n55-trilion-debt-my-conversation-with-friend-over-constant-borrowing-pastor-adeboye/

end1999constitu:
... One day that's how I will visit Idi-arere in Ibadan, Oyo state....

One day that's how I will visit No 90, Moore Str, Ile Ife where I spent memorable childhood.

Mryemzyvic:
E be like say I don due for marriage

Call Teni.

Two don cut four(2/4) be dat.

Congratulation and Happy marriage in advance.

MrNipplesLover:
My friend, you're a pussy.

Your trainiers are all ass niggaz.

Your mate no dey fvck anyhow, real heavyweight champions fvck only 2 times in a year.

I watched the fight, I was just smh.

Dude couldn't land a single punch in the rounds 10, 11 and 12.

Assthony Joshuass.

At least he was on his feet through all the rounds, that the mark of a true fighter.

Other days, other fights are still coming, so don't judge him yet.

So sad.

But he can't reign forever. He has enjoyed his little time in the sunshine, let him relish the memories.

#BreakingNews �️Updates from The Republic of Guinea.

The Guinean Military leader have spoken���

We respect you as ECOWAS but we will not take your orders. Don't assume powers you don't have... Guinea is an independent nation, and not your family business where you will go around dictating.

The Army removed a dictator who changed our constitution to remain in power; the people are up to now celebrating his downfall, why do you want us to restore his Government yet people are against him, go on the streets of Conakry and talk to people and you will know their position..

Please stop dictating, don't lecture us on democracy. ECOWAS and AU are a batch of dictators with mentality of occupying and colonizing Africans. Dictators think they will rule African countries as if they are running their families.

We are closely following the events (in Uganda) and we have learnt that Museveni hasn't slept eversince we took over power. He has been calling fellow dictators to undermine our leadership.

Museveni should instead focus on his country and rebuild it since he destroyed it long ago to the extent that there is no constitutional order in Uganda. Museveni is the constitution in Uganda and he is still protected by AU, a batch of tyrants on our Continent.

Museveni family rule in Uganda, he dominates everything and Ugandans have suffered under his hands.

Dictator Museveni who is writing missives against us accusing us of being backed by western powers, but he himself is the real agent of the western powers...He was used to gather Intelligence on Omar Al Bashir, he was used by the west to spy on Gadaffi..and he is still doing more for the west..

If he, Museveni, is working for the west, he is the kind of puppet leader who doesn't know his place in history and is responsible for the death of Thomas Sankara and Patrice Lumumba, Museveni is a traitor to the new African order... If he continues his outbursts against us, we have more capabilities to undermine him on the African continent and beyond including ending his tyrannical missile in Uganda.

For Museveni and his fellow African dictators at AU, Please stop interfering in the affairs of Guinea, stop lecturing us on democracy, stop your colonial mentality, concentrate on fighting poverty in your countries, and serving our people well on this Continent, they are suffering. Museveni, you have tainted your legacy and you have destroyed all your achievements and credibility.

Good leaders must learn to serve, and retire peacefully.

Credit :NewsWire, Guinee

Funny game, Chelsea playing like a lower league club.

greggng:
Get ready to give me that phone ...Chelsea will win this

In your dreams.

And what's wrong with Man City too? Busy losing easy goal.

And where is Sterling, their magic legs?

Chelsea just waking up.

It appears Chelsea have decided to lose this game.
No single attempt at goal, while Man City is dancing twist at their goal post.

Is Lukaku on the field? Can't see him.

Us Lukaku on the field? Can't see him.

EbukaHades10:
I am here to troll anybody that loses today.

You are welcome.

Just take it easy on the potential loser, Man City.

samtee37:
Naso dem go tie Buhari when he leaves Aso rock

No be only im dem go tie, be ready to be tied too.

Na all of us owe China the money.

larryjonze:
when i read news like these i am always lost, like do things really happen sha! ofcus anything is possible in a shithole ... same police wey i go dey stop for make dem even search me or @least check my papers .... dem go ask whu asked you to stop naa wa o

But it might be due to the way he dressed.

It is a general maxim that you are always addressed the way you dress.

Food don land for the BMC sycophants on Nairaland.

osuofia2:
We love you baba Buhari

You and who?

Bmaster:
I'm weeping for the 'giant of Africa'.










Na who we offend?

Stop weeping over a sunk ship.




Swim rigorously to save yourself from sinking with it.

Ekpekus:
Says who?

Says a confirming user.

driy65:
I wrote your moniker on the notification

Sorry, I am lost here. Which notification, and where?

driy65:
thanks...help your fellow nairalander share to your friends..I actually developed it

Developed by you, a Nigerian? Difficult to believe.