CBN Releases Guidelines For Enaira - Business (2)

CBN Releases Guidelines For Enaira - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › CBN Releases Guidelines For Enaira (36769 Views)

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Re: CBN Releases Guidelines For Enaira by nedekid: 5:11am On Oct 26, 2021

Bola146:
I need edollar please

Me too

Re: CBN Releases Guidelines For Enaira by ohosi4real(m): 5:12am On Oct 26, 2021

Would The system make our naira equal with dollar ?

Re: CBN Releases Guidelines For Enaira by shugamummy: 5:13am On Oct 26, 2021

Explain to us how the enaira is built on Blockchain. Where can you check with the transaction hash ref?

[quote author= post=107066148]Anything to move our darling nation forward is all we want.

Many sane and hardworking Nigerians are optimistic as Africa's largest economy gears up to launch the continent's first central bank-backed digital currency, the eNaira.
Authorities hope to tap into the popularity of cryptocurrency so it can better monitor digital currency transactions, curb black market trading in the paper naira and also help integrate millions of Nigerians into banking.

It is going to make cross border payments easier and it is going to make it easier for the naira to be widely used and accepted.
So, Nigeria is gradually getting to the point where cryptocurrency is seen as an unstoppable force."

The eNaira will promote blockchain technologies like cryptocurrency, which Central Bank authorities banned in back in February, citing its volatility and investment risk for citizens.

The CBN then promised to provide a safer alternative - the eNaira.
Authorities and experts say the eNaira will ease monetary transactions and improve long-term value for Nigeria's currency, compared to its paper counterpart, which has hit its lowest value since 2003.
The CBN also says the eNaira saves on printing and distribution costs for cash.

The eNaira will also help address money laundering and corruption.
Everything built on blockchain is very safe and secure.
Another thing again is it's universal, parts of the benefits they intend to achieve with the eNaira is it will be used for both international and local trade and also it's going to be to fight corruption,.

A better Nigeria is all we want.
Nigeria will be great again in our lifetime.
God bless Nigeria.[/quote]

2 Likes

Re: CBN Releases Guidelines For Enaira by Onnasucs1(m): 5:13am On Oct 26, 2021

What's the difference between my normal bank account and the e-naira app?

7 Likes 1 Share

Re: CBN Releases Guidelines For Enaira by nedekid: 5:13am On Oct 26, 2021

Esseite:
This is a good initiative... it would reduce the request for dollar by a notch..

Can the Enaira be used for global transactions at the CBN rate?

Kindly explain how enaira will reduce the request for dollar by a notch? huh

1 Like

Re: CBN Releases Guidelines For Enaira by cochtrane(m): 5:15am On Oct 26, 2021

There isn't a lot of hope for this currency. I'd bet against it if I can. Maybe short it or something

Re: CBN Releases Guidelines For Enaira by Winters23: 5:17am On Oct 26, 2021

dheaven:
Why ban crypto and be using the same blockchain technology in eNaira?

eNaira does not run on any blockchain, its not different from kuda and other bank apps.

9 Likes

Re: CBN Releases Guidelines For Enaira by nedekid: 5:18am On Oct 26, 2021

Onnasucs1:
What's the difference between my normal bank account and the e-naira app?

Abi oh.
OK. Maybe it's just like everybody having account with just 1 bank and not the present situation where we all have account with different ones.
Guess it eliminates interbank charges or greatly reduces it. It should also make for faster transactions.
Can't think of anything else.

1 Like

Re: CBN Releases Guidelines For Enaira by Nobody: 5:19am On Oct 26, 2021

nedekid:
Kindly explain how enaira will reduce the request for dollar by a notch?

It almost replaces the use of dom accounts.. if it pegs transactions at CBN official rates, it kills the BDC markets or automatically returns unofficial rates to only two dollar difference.

1 Like

Re: CBN Releases Guidelines For Enaira by southpole: 5:30am On Oct 26, 2021

MrOON:
I have some questions.

1. What's the difference between this e-naira and the soft naira i transfer to my clients for business using ussd or bank app?

2. Is E-NAIRA mineable like some other cryptos?

3. Is this the ~~1 dollar~~ 1 e-naira = 1 naira, APC promised Nigerians?

enaira is not a crypto currency it is only a digital currency. enaira is not mineable.

Re: CBN Releases Guidelines For Enaira by Nobody: 5:32am On Oct 26, 2021

what's the value of the eNaira to dollar, I hope it won't be valued same value with the fiat naira...

Re: CBN Releases Guidelines For Enaira by Nobody: 5:33am On Oct 26, 2021

southpole:
enaira is not a crypto currency it is only a digital currency. enaira is not mineable.

what?
you're just confused.

Re: CBN Releases Guidelines For Enaira by obembet(f): 5:34am On Oct 26, 2021

nedekid:
Abi oh.
OK. Maybe it's just like everybody having account with just 1 bank and not the present situation where we all have account with different ones.
Guess it eliminates interbank charges or greatly reduces it. It should also make for faster transactions.
Can't think of anything else.

Then this will affect banking business in Nigeria

1 Like

Re: CBN Releases Guidelines For Enaira by nedekid: 5:35am On Oct 26, 2021

Esseite:
It almost replaces the use of dom accounts.. if it pegs transactions at CBN official rates, it kills the BDC markets or automatically returns unofficial rates to only two dollar difference.

Hmm. Don't you think it will just revert back to the status quo? There is scarcity of usd. Laws of demand and supply takes over. It simply means you provide more enaira for paper usd, same as it is applicable with the current normal paper naira.
Anyway, guess I don't understand yet.

Re: CBN Releases Guidelines For Enaira by Baba40(f): 5:35am On Oct 26, 2021

Righthussle:
Where can I have the app

At computer village...

5 Likes

Re: CBN Releases Guidelines For Enaira by nedekid: 5:37am On Oct 26, 2021

obembet:
Then this will affect banking business in Nigeria

Exactly what I think. Some sectors of the banking industry will shot down.

Re: CBN Releases Guidelines For Enaira by JeffreyJames(m): 5:37am On Oct 26, 2021

Lmao this is a Joke.....What's the difference between E-Naira and the figures we have on our bank apps?

1 Like

Re: CBN Releases Guidelines For Enaira by redcliff: 5:37am On Oct 26, 2021

Esseite:
This is a good initiative... it would reduce the request for dollar by a notch..

Can the Enaira be used for global transactions at the CBN rate?

please explain your statement to us. thanks.

Re: CBN Releases Guidelines For Enaira by Nobody: 5:38am On Oct 26, 2021

Onnasucs1:
What's the difference between my normal bank account and the e-naira app?

lemme state the difference to my knowledge, with eNaira, you can initiate transactions to other eNaira users in the world, maybe your brother in US who uses eNaira wants to transfer money to you, you don't have to have domiciliary account before he can send directly to you.

you can operate the app between users globally without bank hassles

7 Likes

Re: CBN Releases Guidelines For Enaira by redcliff: 5:39am On Oct 26, 2021

Winters23:
eNaira does not run on any blockchain, its not different from kuda and other bank apps.

my brother make you help me tell them lol.

Re: CBN Releases Guidelines For Enaira by Nobody: 5:41am On Oct 26, 2021

obembet:
Then this will affect banking business in Nigeria

it may/may not, what if you can't convert eNaira into paper money directly?, you will still have to send your eNaira to commercial banks before you can cash it out as paper money, that way, it won't affect commercial banks.

1 Like

Re: CBN Releases Guidelines For Enaira by redcliff: 5:43am On Oct 26, 2021

Olayetan:
lemme state the difference to my knowledge, with eNaira, you can initiate transactions to other eNaira users in the world, maybe your brother in US who uses eNaira wants to transfer money to you, you don't have to have domiciliary account before he can send directly to you.

you can operate the app between users globally without bank hassles

can that brother load his account from anywhere in the world without having it pass through a nigerian bank account to his enaira wallet? una dey make me laugh.

6 Likes

Re: CBN Releases Guidelines For Enaira by Kokaine(m): 5:48am On Oct 26, 2021

Good.
As long as its not forced on us.
Don't start by crying up its reputation with fictitious figures and then later spelling out refractions for civil servants who have not started using it. Or pay salaries through it. Keep discussing it on vanguard newspapers. I don't read newspapers so I can avoid enaira.

Re: CBN Releases Guidelines For Enaira by redcliff: 5:48am On Oct 26, 2021

china wey sophisticate pass us by generations sef just only pilot phased their digital Yuan in a few cities. this project of theirs has been in the works since 2014. and you can make transactions without internet or phone service. just with nfc so that people in rural areas can use the service without internet. Nigeria just wakeup one morning decide to launch "crypto" and tell us say e don dey ready. what exchanges can i buy this enaira? how do i fund my wallet from outside the country without going through a nigeria bank account?

Nigeria is a badly told joke. lmao!!!

18 Likes 1 Share

Re: CBN Releases Guidelines For Enaira by ROYH(m): 5:49am On Oct 26, 2021

chatinent:
You can't even register peacefully.

Sir, I've been trying to send you a pm buh I ain't receiving any response from you yet, hence this..check your mail

Re: CBN Releases Guidelines For Enaira by Nobody: 5:49am On Oct 26, 2021

redcliff:
can that brother load his account from anywhere in the world without having it pass through a nigerian bank account to his enaira wallet? una dey make me laugh.

he would be able to load his account directly from either cash app, Zelle and other digital platforms then send the money to another eNaira user while the user can easily send to commercial banks to be able to convert to paper money...

this is just my mere assumption tho

2 Likes

Re: CBN Releases Guidelines For Enaira by paddyDIGITAL(m): 5:50am On Oct 26, 2021

A welcome development

Re: CBN Releases Guidelines For Enaira by johnkey: 5:51am On Oct 26, 2021

[quote author= post=107066148]Anything to move our darling nation forward is all we want.

Many sane and hardworking Nigerians are optimistic as Africa's largest economy gears up to launch the continent's first central bank-backed digital currency, the eNaira.
Authorities hope to tap into the popularity of cryptocurrency so it can better monitor digital currency transactions, curb black market trading in the paper naira and also help integrate millions of Nigerians into banking.

It is going to make cross border payments easier and it is going to make it easier for the naira to be widely used and accepted.
So, Nigeria is gradually getting to the point where cryptocurrency is seen as an unstoppable force."

The eNaira will promote blockchain technologies like cryptocurrency, which Central Bank authorities banned in back in February, citing its volatility and investment risk for citizens.

The CBN then promised to provide a safer alternative - the eNaira.
Authorities and experts say the eNaira will ease monetary transactions and improve long-term value for Nigeria's currency, compared to its paper counterpart, which has hit its lowest value since 2003.
The CBN also says the eNaira saves on printing and distribution costs for cash.

The eNaira will also help address money laundering and corruption.
Everything built on blockchain is very safe and secure.
Another thing again is it's universal, parts of the benefits they intend to achieve with the eNaira is it will be used for both international and local trade and also it's going to be to fight corruption,.

A better Nigeria is all we want.
Nigeria will be great again in our lifetime.
God bless Nigeria.[/quote]oponu ayirada

3 Likes

Re: CBN Releases Guidelines For Enaira by JustforMen: 5:53am On Oct 26, 2021

Esseite:
It almost replaces the use of dom accounts.. if it pegs transactions at CBN official rates, it kills the BDC markets or automatically returns unofficial rates to only two dollar difference.

IF...and only IF

Re: CBN Releases Guidelines For Enaira by Bola146(f): 6:07am On Oct 26, 2021

nedekid:
Me too

God bless us cheesy

3 Likes

Re: CBN Releases Guidelines For Enaira by od501: 6:07am On Oct 26, 2021

dheaven:
Why ban crypto and be using the same blockchain technology in eNaira?

Not really, this one has a central database, it is not decentralized like the usual cryptocurrency you know,that's why some people might not even go for it, cos there is something sinister going on there.

Re: CBN Releases Guidelines For Enaira by jericco1(m): 6:10am On Oct 26, 2021

Can I link it to my PayPal account undecided

1 2 3 4 5 6 Reply

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