₦airaland Forum

Torylanez:
Hack a block chain technology ?
Chai Nairaland de harbour so many illiterates ��

fsb:
This is one way to look at it. There are a few advantages to moving away from physical cash. The first is that you eliminate huge cost of producing and maintaining paper currency. The polymer notes cost more to maintain than the previous paper notes and they used to be imported from somewhere; not sure if they are now produced by NSPMN.

Second is financial inclusion.

Third i can think of is security. If everyone was doing e-naira, it becomes easy to trace all financial transactions especially illicit ones. You cant hide e-naira inside soak-away or under mattress

Academicwizman:
Good reasoning and analysis but let's look at it this way (point-by-point):

Point of correction: There was never digital naira in circulation.

The expense of printing/handling physical cash:

Do you know what they call interbank settlements? Let me explain. When you transfer money from let's say GTB account to First Bank account and the 'money' hits the account in a second. What actually hits your account is not really the money in the technical sense but a record that debit and credit has occured. It can take First bank a week in order to receive the physical cash equivalent to the amount that you transfer from GTB. That is inefficient and can slow down the amount of loan that First bank can grant based on their cash receipts at a particular time period. This is closely tied to the fractional reserve banking or cash reserve ratio (CRR) that CBN uses in controlling money supply in the economy.
E-naira advantage: Interbank settlements will be instant or extremely fast. With fast cash turnover, banks may grant cheaper loan.

Financial Inclusion
Yes, Fintech has broaden the financial Inclusion but do not underestimate how quick the financial Inclusion can grow with regular
government 'free e-naira' transfer to some categories of the citizens. Retirees will quickly learn how to get on the e-wallet if their monthly stipends are tied to it. Do not also forget the 'wonders' that allure of free peer-to-peer transfer without charges can do. Many Nigerians already detest the bank ripoffs through various charges.

Security
You got a point here but do not forget that holding cash also is dangerous. Besides, the e-naira is also on the Blockchain technology (which is still a very secure network). We have both permissioned and non-permissioned Blockchain. The e-naira is on permissioned block chain. It is only through CBN that the network can be messed with, and of course, if you are careless with your private key (password).

Overall: My fear is with the discipline of the Central Bank and possible high inflation due to over-minting the e-naira. If they can maintain high level of discipline (which I doubt considering the antecedent), e-naira is a very good innovation that will help the
economy.

iLoveYouToo:
Nigerians, very eager to kill their own. New apps don’t just run smoothly from the get go. Well, wetin I sabi?

micellgevity:
In my honest opinion, I have read and read over and over again, but I still can't comprehend how eNaira is different from the Naira in my bank account that I can transfer to any other bank account. This feature which seems to be the flagship of the eNaira. The CBN banned crypto currency in Nigeria, but still went ahead to introduce eNaira which they claim use blockhchain technology. I don't think they know what they want. The best the CBN could do for Nigerians is to create an eDollar wallet where everyone will have access to forex without going to bank or bureau de change. This is how I think it should work:
1. You download the eDollar wallet and register.
2. Fund your eDollar wallet with Naira from your Naira bank account. Upon funding this eDollar wallet with Naira, your Naira automatically converts to dollars based on the CBN rate, which you can use to do do international transactions.
With this, there won't be any bureau de change or Aboki Fx to speculate the dollar price. The reason being that only the CBN will have control over the rate because the eDollar wallet belongs to them. Also, they will be able to monitor every dollar that goes out of this country for international transactions. There will also be a daily limit to the amount you can transact or transfer. Terrorists can be put under watch as there should be a law banning physical dollars in the circulation. Let all dollar transactions go through CBN eDollar wallet. In my opinion, I think the bereau de change will be out of business, the commercial banks will be boycotted and won't be able to cheat customers, speculators will not have anything to speculate and there will be one common dollar price.

fsb:
This is one way to look at it. There are a few advantages to moving away from physical cash. The first is that you eliminate huge cost of producing and maintaining paper currency. The polymer notes cost more to maintain than the previous paper notes and they used to be imported from somewhere; not sure if they are now produced by NSPMN.

Second is financial inclusion.

Third i can think of is security. If everyone was doing e-naira, it becomes easy to trace all financial transactions especially illicit ones. You cant hide e-naira inside soak-away or under mattress

FabianE6789:
The whole E-Naira thing does not make sense, what is the point of reinventing the wheel.

aremuforlife:
Those that gave negative reviews thought they are harming Buhari, NO.
We are doing ourselves, a thousand miles begins with a mile. I don't see any bad in the digital wallet, it is an innovation that needs to be encouraged.

blackmantis:
National Disgrace

kereman1:
Na see finish cause am. Maybe they will ban Google play store, but unfortunately it's impossible...

Amotolongbo:
Lai Muhammad will announce the banning of google tomorrow.

Nigerian youths, hope you haven’t deleted your VPN?

micellgevity:
In my honest opinion, I have read and read over and over again, but I still can't comprehend how eNaira is different from the Naira in my bank account that I can transfer to any other bank account. This feature which seems to be the flagship of the eNaira. The CBN banned crypto currency in Nigeria, but still went ahead to introduce eNaira which they claim use blockhchain technology. I don't think they know what they want. The best the CBN could do for Nigerians is to create an eDollar wallet where everyone will have access to forex without going to bank or bureau de change. This is how I think it should work:
1. You download the eDollar wallet and register.
2. Fund your eDollar wallet with Naira from your Naira bank account. Upon funding this eDollar wallet with Naira, your Naira automatically converts to dollars based on the CBN rate, which you can use to do do international transactions.
With this, there won't be any bureau de change or Aboki Fx to speculate the dollar price. The reason being that only the CBN will have control over the rate because the eDollar wallet belongs to them. Also, they will be able to monitor every dollar that goes out of this country for international transactions. There will also be a daily limit to the amount you can transact or transfer. Terrorists can be put under watch as there should be a law banning physical dollars in the circulation. Let all dollar transactions go through CBN eDollar wallet. In my opinion, I think the bereau de change will be out of business, the commercial banks will be boycotted and won't be able to cheat customers, speculators will not have anything to speculate and there will be one common dollar price.

aremuforlife:
You keep shut and learn.
They have already analysis the difference between eNaira and crypto. They are different things entirely, your eNaira is the same as your physical currency.

micellgevity:
This is how I think it should work:
1. You download the eDollar wallet and register.
2. Fund your eDollar wallet with Naira from your Naira bank account. Upon funding this eDollar wallet with Naira, your Naira automatically converts to dollars based on the CBN rate.

SmartPolician:
Be calming down.

Find out what is called beta in software testing. You don't just launch software. It goes through stages.

I don't understand the yeye company FG hired to do this shitty job for them.

aremuforlife:
Those that gave negative reviews thought they are harming Buhari, NO.
We are doing ourselves, a thousand miles begins with a mile. I don't see any bad in the digital wallet, it is an innovation that needs to be encouraged.

Fejoku:
LMAO. What else is there to disgrace in this shithole called Nigeria? Abdulmutallab is a good ambassador of the shithole same as the criminal super con-cop Abba Kyari. He's in hiding now. Hahahah.. That's your type good ambassadors of the Nigerian shithole.

Abfinest007:
Why did they allow buhari to launch it now buhari has pass his bad luck to the app

Techguy96:
Ermm I don't think enaira is a Blockchain technology, it's not decentralized and it's been control by the fg.

Simdyofficial:
Hahahahah.. Cow app ,now e-bubu app..

Buhari will be addressing the nation tomoro-- To ban Google play store with immediate effect

No kind of pussy wey Mohammed Neva fvck

Qpid5:
look, let's assume you had only your dad's contact on your phone, then you installed whatsapp and unfortunately, ur dad isn't on whatsapp.. So tell me, of what use is the whatsapp to you and would you rate it high when you ain't using it?
what i mean here is that, e-naira was lunched just some days bad, it should be giving enough time so it could used by many and that's the only way it will yield result

xelly:
Even yours?

Academicwizman:
Good reasoning and analysis but let's look at it this way (point-by-point):

Point of correction: There was never digital naira in circulation.

The expense of printing/handling physical cash:

Do you know what they call interbank settlements? Let me explain. When you transfer money from let's say GTB account to First Bank account and the 'money' hits the account in a second. What actually hits your account is not really the money in the technical sense but a record that debit and credit has occured. It can take First bank a week in order to receive the physical cash equivalent to the amount that you transfer from GTB. That is inefficient and can slow down the amount of loan that First bank can grant based on their cash receipts at a particular time period. This is closely tied to the fractional reserve banking or cash reserve ratio (CRR) that CBN uses in controlling money supply in the economy.
E-naira advantage: Interbank settlements will be instant or extremely fast. With fast cash turnover, banks may grant cheaper loan.

Financial Inclusion
Yes, Fintech has broaden the financial Inclusion but do not underestimate how quick the financial Inclusion can grow with regular
government 'free e-naira' transfer to some categories of the citizens. Retirees will quickly learn how to get on the e-wallet if their monthly stipends are tied to it. Do not also forget the 'wonders' that allure of free peer-to-peer transfer without charges can do. Many Nigerians already detest the bank ripoffs through various charges.

Security
You got a point here but do not forget that holding cash also is dangerous. Besides, the e-naira is also on the Blockchain technology (which is still a very secure network). We have both permissioned and non-permissioned Blockchain. The e-naira is on permissioned block chain. It is only through CBN that the network can be messed with, and of course, if you are careless with your private key (password).

Overall: My fear is with the discipline of the Central Bank and possible high inflation due to over-minting the e-naira. If they can maintain high level of discipline (which I doubt considering the antecedent), e-naira is a very good innovation that will help the economy.

Techguy96:
Ermm I don't think enaira is a Blockchain technology, it's not decentralized and it's been control by the fg.