₦airaland Forum

ActuaRise696969:
Try not to speak for anyone else apart from yourself. Conversion will not be based on 'USD' because there is no digital USD yet, at the moment there are 3 parallel m-cbdc bridges and China alongside UAE, Saudi and two other countries are already promoting it. And even if it is going to be based on legacy dollar, with mcbdc bridges you do not need the dollars to import from china, which is where most of our import comes from.

When we do not need dollars to import from china, the price of will fall woefully and naira value will go up. This more than a prophesy, this is a prediction. It is what is going to happen.

Rubbish. The currency swap with china did not work yet you think this rubbish buhari launched will work. So if u have e naira you just transfer to eyaun to buy stuff and China will do what with your enaira. Oga stop displaying your foolishness by typing big big grammer

ActuaRise696969:
Your level of understanding about cbdc is limited. I really hope you have the brain matter to understand more.

Don't worry though, you'd understand with time.

Mark my words, this thing will become irreverent by next year.

Theunbothered:
Mark my words, this thing will become irreverent by next year.

Words from ignorant ego generated by thoughts of a mind that has little or no data to simulate meaningful conversation based on facts of reality as it relates to emerging transition instruments for a connected world?

haha humor me more

ActuaRise696969:
Words from ignorant ego generated by thoughts of a mind that has little or no data to simulate meaningful conversation based on facts of reality as it relates to emerging transition instruments for a connected world?

haha humor me more

Fake wole soyinka in the building.

When will it be launched in Binance?

Calm ur blood my brother, same thing why Naira yuan swap failed,good analogy buy failure in practice, cos u are paying through a bridge doesn't make it significantly cheaper. The dollar is just a bench mark for equating prices not that it must be used.

ActuaRise696969:
Try not to speak for anyone else apart from yourself. Conversion will not be based on 'USD' because there is no digital USD yet, at the moment there are 3 parallel m-cbdc bridges and China alongside UAE, Saudi and two other countries are already promoting it. And even if it is going to be based on legacy dollar, with mcbdc bridges you do not need the dollars to import from china, which is where most of our import comes from.

When we do not need dollars to import from china, the price of will fall woefully and naira value will go up. This more than a prophesy, this is a prediction. It is what is going to happen.

vertueptime:
Calm ur blood my brother, same thing why Naira yuan swap failed,good analogy buy failure in practice, cos u are paying through a bridge doesn't make it significantly cheaper. The dollar is just a bench mark for equating prices not that it must be used.

Why dont you take some time and research, and you will delete what you typed there cos it sounds very stupid. And I do not think you are stupid, I think you are not even aware that you need to understand how multi-cbdc bridges work. We are taking about a real time cross-border 'miracle' built for distributed ledger systems not your useless old systems. This is faster than bitcoin or anything on the scale of the regular crypto scam projects.

Lemme check! **Central Bank of Nigeria is still under the Dullard of Daura President of Nigeria**
Dead on Arrival!

Nice explanation but What will China benefit from this exchange ? Since we are not exporting anything they can buy with our eNaira.

ActuaRise696969:
All we have to do is integrate the eNaira to China's promoted mCBDC bridge for cross border payments and every importer infact everyone will be able to send eNaira to the bridge and its automatically converts to eyuan instantly and you import machineries for production.

Two things will happen.
1. You won't need to buy dollar to import
2. You can easily buy machineries for production and so import with be reduced so dollars will be less needed.

Who ever has much dollars should sell. It's about to go cheap once a bridge for cross border payment is integrated.
I could write about how to increase the velocity of money by accelerating the technologies and building platforms to accelerate integration.

I was not excited about Nigeria until today. I can't wait to design systems for this.

PoS businesses will really help to mop up the old legacy naira into this so there is new type of merchant business kiosks will spring up and after years will die cos we won't need PoS anymore after the mop up phase. Taxing will be easy, tracking will be superb. And trading platform built around this can be monitored. There SEC must design a legit trading platform or illegal players will take over the space. Whether SEC builds it or not, they need to back builders and legalize it, and tax it. It is will bring massive prosperity to the intelligent

ActuaRise696969:
A lot.

All we have to do is integrate the eNaira to China's promoted mCBDC bridge for cross border payments and every importer infact everyone will be able to send eNaira to the bridge and its automatically converts to eyuan instantly and you import machineries for production.

Two things will happen.
1. You won't need to buy dollar to import
2. You can easily buy machineries for production and so import with be reduced so dollars will be less needed.

Who ever has much dollars should sell. It's about to go cheap once a bridge for cross border payment is integrated.
I could write about how to increase the velocity of money by accelerating the technologies and building platforms to accelerate integration.

I was not excited about Nigeria until today. I can't wait to design systems for this.

PoS businesses will really help to mop up the old legacy naira into this so there is new type of merchant business kiosks will spring up and after years will die cos we won't need PoS anymore after the mop up phase. Taxing will be easy, tracking will be superb. And trading platform built around this can be monitored. There SEC must design a legit trading platform or illegal players will take over the space. Whether SEC builds it or not, they need to back builders and legalize it, and tax it. It is will bring massive prosperity to the intelligent

Lol. Was this what you people sold to Meffy before he considered keying into e-Naira? Just enjoy your cash out. Send me small sha.

presidency:
The adoption of the Central Bank Digital Currency (CBDC) and its underlying technology, called block chain, can increase Nigeria’s GDP by $29billion over the next 10 years, President Muhammadu Buhari said Monday in Abuja at the official launch of the eNaira.

The President also declared that the introduction of the eNaira would enable the government to send direct payments to citizens eligible for specific welfare programmes as well as foster cross border trade.

President Buhari said that alongside digital innovations, CBDCs can foster economic growth through better economic activities, increase remittances, improve financial inclusion and make monetary policy more effective.

''Let me note that aside from the global trend to create Digital Currencies, we believe that there are Nigeria-specific benefits that cut across different sectors of, and concerns of the economy.

''The use of CBDCs can help move many more people and businesses from the informal into the formal sector, thereby increasing the tax base of the country,'' he said.

The President said with the launch of eNaira, Nigeria has become the first country in Africa, and one of the first in the world to introduce a Digital Currency to her citizens.

He commended the Governor of the Central Bank, Godwin Emefiele, his deputies and the entire team of staff who worked tirelessly to make the launch of Africa's first digital currency a reality.

The President, who assured Nigerians of the safety and scalability of the CBDC system, said the journey to create a digital currency for Nigeria began sometime in 2017.

''Work intensified over the past several months with several brainstorming exercises, deployment of technical partners and advisers, collaboration with the Ministries of Communication and Digital Economy and its sister agencies like the Nigerian Communications Commission (NCC), integration of banking software across the country and painstaking tests to ensure the robustness, safety and scalability of the CBDC System, '' he said.

The President also used the occasion of the unveiling of the eNaira to painstakingly explain to Nigerians why he approved the use of the digital currency.

''In recent times, the use of physical cash in conducting business and making payments has been on the decline. This trend has been exacerbated by the onset of the COVID-19 pandemic and the resurgence of a new Digital Economy.

''Alongside these developments, businesses, households, and other economic agents have sought for new means of making payments in the new circumstances.

''The absence of a swift and effective solution to these requirements, as well as fears that Central Banks’ actions sometimes lead to hyperinflation created the space for non-government entities to establish new forms of “private currencies” that seemed to have gained popularity and acceptance across the world, including here in Nigeria.

''In response to these developments, an overwhelming majority of Central Banks across the world have started to consider issuing digital currencies in order to cater for businesses and households seeking faster, safer, easier and cheaper means of payments.

''A handful of countries including China, Bahamas, and Cambodia have already issued their own CBDCs.

''A 2021 survey of Central Banks around the world by the Bank for International Settlements (BIS) found that almost 90 per cent are actively researching the potential for CBDCs, 60 percent were experimenting with the technology and 14 per cent were deploying pilot projects.

''Needless to add, close monitoring and close supervision will be necessary in the early stages of implementation to study the effect of eNaira on the economy as a whole.

''It is on the basis of this that the Central Bank of Nigeria (CBN) sought and received my approval to explore issuing Nigeria’s own Central Bank Digital Currency, named the eNaira,’’ he said.

Equally, the Nigerian leader noted that his approval was also underpinned by the fact that the CBN has been a leading innovator ‘‘in the form of money they produce, and in the payment services they deploy for efficient transactions.’’

He noted that Nigeria’s apex bank has invested heavily in creating a Payment System that is ranked in the top ten in the world and certainly the best in Africa.

''This payment system now provides high‐value and time‐critical payment services to financial institutions, and ultimately serves as the backbone for every electronic payment in Nigeria.

''They have also supported several private‐sector initiatives to improve the existing payments landscape, and in turn, have created some of the world’s leading payment service providers today,’’ he said.

In his remarks, the CBN Governor explained that eNaira is Nigeria’s CBDC and it is the digital equivalent of the physical Naira.

''As the tagline simply encapsulates, the eNaira is the same Naira with far more possibilities. The eNaira – like the physical Naira – is a legal tender in Nigeria and a liability of the CBN. The eNaira and Naira will have the same value and will always be exchanged at 1 naira to 1 eNaira,'' he said.

Emefiele added that the CBN has given careful consideration to the entire payments and financial architecture and has designed the eNaira to complement and strengthen these ecosystems and has implemented secure safeguards and policies to maintain the integrity of the financial system.

He pledged that there would be strict adherence to the anti-money laundering and combating the financing of terrorism (AML/CFT) standards in order to preserve the integrity and stability of Nigeria’s payment system.

According to Emefiele, since the eNaira platform went live, there has been overwhelming interest and encouraging response from Nigerians and other parties across the world with over 2.5 million daily visits to the website.

He listed the following milestones:

''33 banks are fully integrated and live on the platform, 500 million has been successfully minted by the Bank, N200 million has been issued to financial institutions, over 2,000 customers have been onboarded and over 120 merchants have successfully registered on the eNaira platform''.

The CBN governor also used the occasion to commend President Buhari for making history, yet again, with the launch of the eNaira – the first in Africa and one of the earliest around the world.

He also dispelled fears on the nation's foreign reserves, saying the reserves are strong and getting stronger by the day.

''Mr. President, as you make ground breaking reforms, there have been continuing debate on the true value of the Naira. Rather than worry today on the direction of the exchange rate, let us take a step back and analyze how we got here in the first place.

''Please recall that since the advent of the International Monetary Fund (IMF) led Structural Adjustment Programme (SAP) in 1986, and the introduction of the Second Tier Foreign Exchange (SFEM) market, the Naira has been on a one-way free fall from parity to the US Dollar in 1984 to over N410/USD today.

''Some 35 years later, we have not been able to achieve the many promises and objectives of that programme.

''Instead, what we have seen is widespread import dependency, which has wiped out most of our production and manufacturing bases and exported all our jobs in the process.

''What has happened to the massive textile factories across our nation such that we import almost all cotton products when we are rich in cotton?

''What has happened to our vehicle assembly plants across the nation such that we import most vehicles and have become a massive dumping ground for dying second-hand vehicles?

''What has happened to our rubber plantations through which we made the best tyres and rubber products in the world? What has happened to our groundnut pyramids? What has happened to our Cocoa farms? What has happened to our palm oil mills?

''Under your leadership, Mr. President, we must stop this decline for good! We must return to massive homemade production; we must get our people working again. We must create the economic environment for massive domestic production and significant non-oil exports.

''As custodians of your national reserves, let me first assure you that there is no cause for alarm. Our FX reserves are strong and indeed getting stronger by the day, crossing the 40 billion USD mark, and is one of the highest in Africa - and growing.

''But we cannot fritter our reserves away on cheap imports and currency speculators. We must return to an employment-led growth anchored on productivity and rewarding producers of local goods, services, innovation and new technologies.

''If you consume cheap imports and export our jobs, we will make you pay dearly; but if you produce locally - with little or no foreign inputs beyond machinery, we will support you, and the markets will reward you abundantly,'' he said.

In addition to all policies and actions of the CBN to support the economy especially through the trying times of COVID-19, Emefiele announced a new financial instrument titled “The 100 for 100 PPP - Policy on Production and Productivity”, which will be anchored in the Development Finance Department under his direct supervision.

He explained that under this policy the CBN would advertise, screen, scrutinize and financially support 100 targeted private sector companies in 100 days, beginning from 01 November 2021, and rolling over every 100 days with new set of 100 companies, whose names will be published in National Dailies for Nigerians to verify and confirm.

Femi Adesina

Special Adviser to the President

(Media & Publicity)

October 25, 2021

Beautiful nonsense

ActuaRise696969:
Thanks buddy. Anyone who knows how money works will understand that what we have just witnessed is a revolution for prosperity. It's over for the old legacy system at the long run that floats our finances for profiteering on the marginal differences.

The advantages are immense.

Stop obfuscation of variables without empirical evidence of what works and in what environment its implementation is relied upon.

A system that lack trust and is operated under uncertainty will always have unfavourable outlook.

Stop using jargon to confuse the gullible in electronic and financial technologies.

Trust is not a rhetorical gymnastics

I don’t think this man understand what he’s talking about? He only says what was written down for him. Naija don enter deepest one chance

ActuaRise696969:
Words from ignorant ego generated by thoughts of a mind that has little or no data to simulate meaningful conversation based on facts of reality as it relates to emerging transition instruments for a connected world?

haha humor me more

CBDCs are speculative nonsense, they don't provide any advantages over the regular online bank transactions we already make and no serious country is making them the forefront of their monetary policy.

It would have made sense if it was connected to an international digital currency exchange but it's not.

It's just another way for the government to manipulate the already weakened naira.

My illiterate president knows nothing

Theunbothered:
CBDCs are speculative nonsense, they don't provide any advantages over the regular online bank transactions we already make and no serious country is making them the forefront of their monetary policy.

It would have made sense if it was connected to an international digital currency exchange but it's not.

It's just another way for the government to manipulate the already weakened naira.

What should bother smart thinkers in the country is not the paucity of intelligence gathering capacity of nairalanders who are basically, nothing more than typical nairalanders who have constantly think that they re smarter than they truly are, is the opague nature of the Equity positions behind the Board of Directors and Governors of Central bank.

What I am saying is that there is need for disclosure the real HuMan individual behind the names and title and numbers that are clever compositions of the CBN private ownership under the smokescreen of public owners. Now that we are going digital we must be transparent as a nation. There is no secrecy in any planet that has developed the cyber space and run parallel realities.

With regards to your post, I think you should spend more than 30 minutes to read about the cross border bridges and the technologies behind the distributed ledger system and also try to know the Humans and corporations behind Bitt that hosts and run the servers that the eNaira is running on.

Outside that, there is no tea on the armor plate, just storm in teacups.

I miss being human sometimes.

You could have just come out to say I'm stupid cos u dnt relate to my perspectives which obviously is what you ment cos I'm not stupid not to understand that, for what you are il have to decline commenting or replying people who think only their ideas matter cos they are all knowing, I would have said worse but I won't stoop to your level

ActuaRise696969:
Why dont you take some time and research, and you will delete what you typed there cos it sounds very stupid. And I do not think you are stupid, I think you are not even aware that you need to understand how multi-cbdc bridges work. We are taking about a real time cross-border 'miracle' built for distributed ledger systems not your useless old systems. This is faster than bitcoin or anything on the scale of the regular crypto scam projects.

ActuaRise696969:
What should bother smart thinkers in the country is not the paucity of intelligence gathering capacity of nairalanders who are basically, nothing more than typical nairalanders who have constantly think that they re smarter than they truly are, is the opague nature of the Equity positions behind the Board of Directors and Governors of Central bank.

What I am saying is that there is need for disclosure the real HuMan individual behind the names and title and numbers that are clever compositions of the CBN private ownership under the smokescreen of public owners. Now that we are going digital we must be transparent as a nation. There is no secrecy in any planet that has developed the cyber space and run parallel realities.

With regards to your post, I think you should spend more than 30 minutes to read about the cross border bridges and the technologies behind the distributed ledger system and also try to know the Humans and corporations behind Bitt that hosts and run the servers that the eNaira is running on.

Outside that, there is no tea on the armor plate, just storm in teacups.

I miss being human sometimes.

Are you on drugs?

Stanchem029:
Stay away from that cursed scamm@r, he is here to defraud and destroy.

Like serious?

Theunbothered:
Are you on drugs?

Yes. Drugs for creating synaptic neural-network connectivity with sound current using higher bandwidth compute actuation on data available for the mind machine from ether.

I encourage you to take my kind of drugs.

Bmaster:
Like serious?

The crimin@l just created another moniker now yined

Yined:
How work?

More tears

Yined:
How work?

See my signature for more tears.

No developer section, not an open source haha

Anyway you can join the eNairaTalk forum here https://enairatalk.org/index.php

Use geechy

All this hogwash about enaira and 1naira -1enaira PPP.. Even if it works won't take long before it topples down, give it 1year. Buhari and his bull,not ready to invest in the long term to revive dormant institutions

What happens to ajaokuta steel
What about the road networks, see how tankers and peoples money are wasting on the roads, power, agriculture etc these are projects that will revive economy and get things working again.....there's never an easy way around it. You have to be committed to do the work for the people

No be me tell you to go talk say 1dollar will be equal to 1naira wen you are president... President hara hara wuru wuru.. Una generation get special place in hell

this idiot was voted into power for instant change or atleast a change from the norms. but here we are with bubu promising us the change we want will visualize in 10 yrs time that he is most likely to be dead by den

kudos

Outlandish bullshit. $29billion like it will have any effect on the falling Naira value or the economy short term or even longterm.

Southerners still do not get it. There's no single policy or idea that will ever be done by the fulani controlled federal government for your good. Isn't it the same man in Asorock who told the World Bank to focus her programmes in the north? Isn't it the same government who has been sharing free money mostly in the north to the exclusion of the South? Is it not the same government building a rail line to Niger republic while the regions that produce the main stay of Nigeria have no operation trains? The point is that the enaira they just brought isn't done for you good in anyway. In fact, they hope to use it to rob you of your hard earned money. Who do you think is the targeted audience for this idea? Is it the illiterate hordes of the sahelian plains? Of course it isn't them. It Is specifically targeted at the millions of southern youths whose education has enabled them to amass wealth through the numerous opportunities on the internet. These are the people they hope to use in keeping the dead Nigerian economy on a live support. It is the same class of youth that they murdered at Lekki for demanding their rights. My anger is that these same bastards will waste no time to kill the educated youths of the South and deny us our rights but turn around to seek the use of our ingenuity to keep the comatose contraption alive. Why will any sane southern youth want to support the existence of such an aberration of a disjointed entity going on? Our goal should be to use all we've got to bring the comatose contraption down. We can build a better nation from the scratch when the locusts of the sahel have yanked off.
Do not yield or promote the useless enaira policy. Let it die a natural death.

Yet its difficult to receive money directly to one's account from overseas without changing it to naira? We need to know who are the partners in this e currency stuff? Policies made by these present crop of politicians always have a hidden thing attached to it.