₦airaland Forum

thebosstrevor1:
How is it a lie? ,enaira is CBDC...CBDC works through the blockchain.

A blockchain company was given contract for the job.

Seems you need to read up a little bit on what blockchain technology is all about. It can not be base on blockchain if it's been micro managed by the cbn

XXXXTENTACION:
In a simple sentence please explain how the government can use e-naira to reduce inflation....

With e naira, government can know the actually naira in circulation, they can track the data easily, when you have that info you can reduce inflation rate.

One of the causes of inflation in Nigeria that nobody wants to talk about is FAKE NAIRA in circulation, this is what government does not have control over with physical cash but with e naira, they can know the actual amount of naira in circulation, this is very good for planning

HisSexcellency:
Seems you need to read up a little bit on what blockchain technology is all about. It can not be base on blockchain if it's been micro managed by the cbn

Really, just because the idea of blockchain is decentralized does not mean a centralized system can't make use of blockchain.

E.g Binance smart chain uses blockchain technology but it is controlled by a centralized figure called BINANCE

Pierocash:
Reno fail to understand that the E-Naira is not Crypto currency, it is just digital ,but not a crypto. So they don't serve same purpose.

dont mind the fool.

XXXXTENTACION:
E-naira is juste a waste of recources...
they could have just print more naira notes...

Don't you think printing money is a waste of resources when you can do same electronically?

Investors are not interested in Nigeria till 2023, they know the dunce who think he knows it all is incompetent and lacks vision. Infact is even late to talk about investors.

Pierocash:
Reno fail to understand that the E-Naira is not Crypto currency, it is just digital ,but not a crypto. So they don't serve same purpose.

Confused man, which purpose does the enaira serve?

It’s like people don’t understand e naira is not a crypto currency
Like the mumu that commented above me
It’s just an electronic/digital money

Personally, I think the CBN did well but they can do better on the e-Naira because as it stands, majority of Nigerians don't see it as too special. A simple reason is that it is pegged to the ever dwindling Naira.

To me, we have been using e-Naira a long time ago since we started using e-banking because we have been transferring Naira without holding raw cash.

If the CBN can listen to these suggestions, the e- Naira might just be just the right solution we need to stabilize our currency.

1- Peg the e- Naira to a dollar and tell everyone to convert all their dollars to e-Naira. Let 1 e-Naira be equivalent to a dollar and leave the Naira as it is. What will happen is that, the demand for dollar will gradually decrease.

2-Scrap the Naira 4 dollar policy and replace it with e- Naira for Naira policy where once you save Naira, you get a tiny fraction of e- Naira as profits. This will encourage more people to save the Naira and with time, it will increase the value of the Naira because as it stands, most people do not save the Naira anymore due to steady decline in value.

3- All imports should be done with the new e- naira ( which is pegged to a dollar) and tie the e-Naira with foreign sites where people buy and sell products and services like Amazon and e- bay with the reconciliation carried out back-end by the CBN together with the banks.

These are just my suggestions as a concerned Nigerian. I believe we have bright minds in this country. Experts on this forum can contribute to what I have written and make corrections where I am wrong.

God bless you ladies and gentlemen

thebosstrevor1:
E naira is just imitating the paper naira we have, it doesn't need investors to function.

It is not an asset or a cryto currency but an electronic version of naira.

Unfortunately reno just made a f00l of himself by not understanding this simple fact.

thebosstrevor1:
E naira is just imitating the paper naira we have, it doesn't need investors to function.

It is not an asset or a cryto currency but an electronic version of naira.

so in essence, it's useless.

I listened to a top accountant tried hopelessly to explain the benefits. I must say, I want to hear the central bank governor explain it. Has absolutely no benefit.

thebosstrevor1:
E naira is the instrument that will be used in the epayment system.

E naira is a medium of exchange while electronic payment is the system that facilitates the payment of e naira.

Is e e-naira similar to skrill

e-naira does not add values or interest no taking

Reactor.

The f00l and his foolish followers pruned.

ENaira is not a crypto currency, it is a central bank digital currency.

Nigeria's Central Bank is not the first to implement same.

We don't need any stupid investor to make eNaira a success.

It will simply be recognized as a form of legal tender with disbursement happening inside it as much as possible.

I love the way he was writing Buhari this, Buhari that as if Buhari is the current CBN Governor.

If they advise and Buhari did not listen this same 1diot will be the first to talk about Buhari being an autocratic dictator.

It is a win win for the likes of Reno and his brainless followers.

It will always be one form of rubbish to another end the "it is true" crew go see rubbish to type.

This guy will just be talking rubbish just because he wants to hear his own voice

XXXXTENTACION:
What's the value of E-naira when compared to dollar...

Zero...

e-naira does not add values or interest no staking

Tissue paper get value pass Buhari naira

thebosstrevor1:
E naira works through the blockchain and it is 100% online. It also can be used for payment by Nigerians anywhere in the world, as long as they have e naira in their wallet they can send it to anyone that has the wallet, literally the e naira facilitates faster and cheaper transactions without the need to pay a gateway system that works with your bank app.

The bank apps is also electronic money, does not work in the blockchain, is mostly converted to paper fiat currency and transactions are limited, does not permit for international transactions between Nigerians except with the help of a third party. Its expensive for banks and also customers and mainly used for offline payments. Infact with the e naira, removes the need for a visa or Mastercard naira debit cards encouraged by the commercial banks.


E naira could eliminate payment gateway systems, or companies like opay and pos companies because it is a threat to their business.

Well understood. They are trying to see if it will help the naira value. Bcus all this aboki fx n de rest cna kill de value of naira. Thanks
It's just a wat of cutting off middle men in de game that receives commission for transaction

Commentor:
Don't you think printing money is a waste of resources when you can do same electronically?

Good question

Datedoboy:
Personally, I think the CBN did well but they can do better on the e-Naira because as it stands, majority of Nigerians don't see it as too special. A simple reason is that it is pegged to the ever dwindling Naira.

To me, we have been using e-Naira a long time ago since we started using e-banking because we have been transferring Naira without holding raw cash.

If the CBN can listen to these suggestions, the e- Naira might just be just the right solution we need to stabilize our currency.

1- Peg the e- Naira to a dollar and tell everyone to convert all their dollars to e-Naira. Let 1 e-Naira be equivalent to a dollar and leave the Naira as it is. What will happen is that, the demand for dollar will gradually decrease.

2-Scrap the Naira 4 dollar policy and replace it with e- Naira for Naira policy where once you save Naira, you get a tiny fraction of e- Naira as profits. This will encourage more people to save the Naira and with time, it will increase the value of the Naira because as it stands, most people do not save the Naira anymore due to steady decline in value.

3- All imports should be done with the new e- naira ( which is pegged to a dollar) and tie the e-Naira with foreign sites where people buy and sell products and services like Amazon and e- bay with the reconciliation carried out back-end by the CBN together with the banks.

These are just my suggestions as a concerned Nigerian. I believe we have bright minds in this country. Experts on this forum can contribute to what I have written and make corrections where I am wrong.

God bless you ladies and gentlemen

Damn.

I'm following you. Simply the most intelligent thing I've read on the internet this year.

Thebosstrevor1 , this guy makes sense.

vickydevoka:
Is e e-naira similar to skrill

No.

e-naira is not cryptocurrency in the sense that Reno is referring it to. It's a CBDC meaning it's not decentralized which defeats the whole essence of it being cryptocurrency

HisSexcellency:
Seems you need to read up a little bit on what blockchain technology is all about. It can not be base on blockchain if it's been micro managed by the cbn

eNaira was built on blockchain technology. Its just digital Naira minted by CBN in an electronic form.The fact that its on blockchain does not mean its devoid on central control. But the keyword here is that since its on blockchain, u can't have a fake eNaira on the blockchain because the hashing algorithm will not allow it.

Pierocash:
Reno fail to understand that the E-Naira is not Crypto currency, it is just digital ,but not a crypto. So they don't serve same purpose.

Both crypto and digital currencies are built on similar technology, the differentiating factor being the control of the CBN over transactions with digital.

USDT is a digital currency and a replica of the USD and generally acceptable because the US allows a plain level ground for other forms of digitals and crypto.

Nigeria on the other wants to eat her cake and have it, it doesn't work that way.

If the status quo remains with the ban, eNaira will go into extinct just like the Nigerian coins

Pierocash:
Reno fail to understand that the E-Naira is not Crypto currency, it is just digital ,but not a crypto. So they don't serve same purpose.

Oga can you differentiate it
Bla bla blah

Datedoboy:
Personally, I think the CBN did well but they can do better on the e-Naira because as it stands, majority of Nigerians don't see it as too special. A simple reason is that it is pegged to the ever dwindling Naira.

To me, we have been using e-Naira a long time ago since we started using e-banking because we have been transferring Naira without holding raw cash.

If the CBN can listen to these suggestions, the e- Naira might just be just the right solution we need to stabilize our currency.

1- Peg the e- Naira to a dollar and tell everyone to convert all their dollars to e-Naira. Let 1 e-Naira be equivalent to a dollar and leave the Naira as it is. What will happen is that, the demand for dollar will gradually decrease.

2-Scrap the Naira 4 dollar policy and replace it with e- Naira for Naira policy where once you save Naira, you get a tiny fraction of e- Naira as profits. This will encourage more people to save the Naira and with time, it will increase the value of the Naira because as it stands, most people do not save the Naira anymore due to steady decline in value.

3- All imports should be done with the new e- naira ( which is pegged to a dollar) and tie the e-Naira with foreign sites where people buy and sell products and services like Amazon and e- bay with the reconciliation carried out back-end by the CBN together with the banks.

These are just my suggestions as a concerned Nigerian. I believe we have bright minds in this country. Experts on this forum can contribute to what I have written and make corrections where I am wrong.

God bless you ladies and gentlemen

Pegging the e naira to the dollar can not happen because your e naira is just imitation of your physical naira.

E naira is not a new currency.

Pierocash:
Reno fail to understand that the E-Naira is not Crypto currency, it is just digital ,but not a crypto. So they don't serve same purpose.

It is a cryptocurrency, but a stablecoin pegged to the Naira. So long as it can settle payments on its own without a third party facilitator, it is definitely on the blockchain network.

HisSexcellency:
Seems you need to read up a little bit on what blockchain technology is all about. It can not be base on blockchain if it's been micro managed by the cbn

Blockchain technology is not synonymous with decentralization.

Centralized platforms can be created with blockchain technology to prevent imitation of tokens.

chatinent:
Even the eNaira, can you even register?

Verification code hasn't arrived since last month.

the thing is so messed up.