₦airaland Forum

ethicallyright:
Damn.

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

Thebosstrevor1 , this guy makes sense.

XXXXTENTACION:
What's the diffrence between E-naira and E-payment...

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

ethicallyright:
Damn.

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

Thebosstrevor1 , this guy makes sense.

sapientia:
Reno is as confused as Buhari

E-naira is not a cryptocurrency

Just a Paypal or cashapp meme



Stop spreading lies

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.

thebosstrevor1:
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

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

A blockchain company was given contract for the job.

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

thebosstrevor1:
You don't need to transfer any equivalent naira amount into it....it works just like your bank account.

People can transfer naira into your wallet. if you create a service, you can put the price in naira and give out your wallet address and people will pay into it.


Your e naira wallet is just like your bank account
Your wallet address is just like your bank account number.

This is what i guess will happen.

Every bank account holder in Nigeria will be assigned an e naira wallet that will be linked to your bank account. You can use anyone you are comfortable with

You can transfer cash from your bank account to your e naira wallet account, if you want physical naira, you can transfer from your e naira wallet to your bank account and cash it out through the atm.

thebosstrevor1:
The mistake he is making is thinking the e naira is a new form of currency when it is just an imitation of physical naira currency.

You cant pegged 1 naira to be 1 dollars, when physical fiat is not pegged like that

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

emae009:
US dollar is not backed by gold. The U.S just prints dollars out of thin air. It's called quantitative easing, the US is one of the most indebted nations in the world. What is backing the US dollar is its strong military and economy.

you can't just peg a currency to the dollar out of thin air, if that was possible, every struggling economy will just introduce new currency and peg it to the dollar.
Your currency must be backed by something tangible that can swallow the liquidity of that currency without going into debt. The dollar itself is backed by an imaginary insane amount of Gold plus a strong economy. If you're pegging the e-naira to dollars, what'll back the e-naira to stay afloat in case of liquidity?
I know you heard about Tether and think it's that easy. The truth is that deep ⬇ Tether is now in a niche sense a fraud currency but the Internet has given it so much value that eliminates the need for it to be wholly backed. Just like how the market value of Telsa and Apple doesn't reflect their true value, same thing with Tether..
It can't happen with e-naira just out of the blue

Timoleon:
Really? Your IQ go low gan o. If you think any import dependent country can increase demand for its currency and reduce demand for dollar. I feel sad for you gan!

AntiWailer:
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.

thebosstrevor1:
No.

Timoleon:
Really? Your IQ go low gan o. If you think any import dependent country can increase demand for its currency and reduce demand for dollar. I feel sad for you gan!

ethicallyright:
If citizens of the country buy a dollar at 575 naira at the black market to import, they will be happy if they can make same quantity of import with an alternative that is sold at 410 naira. That would be an E-NAIRA that is pegged to the dollars.

The problem is not that the method is not logical or concise. The problem would be how sustainable the method will be - for how long will the method last?

There was no need for the argumentum ad-hominem though.

Timoleon:
I am sorry for attacking his person. I was just pained. These are the simpler things in macro economics really. That someone would come out and herald that hogwash as the most intelligent thing he’s read this year was so shocking.

thebosstrevor1:
You don't need to transfer any equivalent naira amount into it....it works just like your bank account.

People can transfer naira into your wallet. if you create a service, you can put the price in naira and give out your wallet address and people will pay into it.


Your e naira wallet is just like your bank account
Your wallet address is just like your bank account number.

This is what i guess will happen.

Every bank account holder in Nigeria will be assigned an e naira wallet that will be linked to your bank account. You can use anyone you are comfortable with

You can transfer cash from your bank account to your e naira wallet account, if you want physical naira, you can transfer from your e naira wallet to your bank account and cash it out through the atm.

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

XXXXTENTACION:
What's the diffrence between E-naira and E-payment...

Kabongo1:
What purpose does it serve?

ethicallyright:
Damn.

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

Thebosstrevor1 , this guy makes sense.

ethicallyright:
I was the one that praised him. I understand where he was coming from and his method is very logical and practicable.

The only problem with the method is sustainability in the long wrong. I believe that tough fiscal policies can make it sustainable.

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

BoomBucks:
You "sound" intelligent and well conditioned. i like the way you apply courtesy to all your replies and because of that, I won't be attacking you.

However, I laughed when you said it's the most intelligent thing you've read Lol.

He shot himself and I kinda wanted to stop reading when he talked about pegging naira to dollars lol. Does not work that way.

But for some reasons, I read till the end that's why I replied him and said "you tried"

ethicallyright:
If citizens of the country buy a dollar at 575 naira at the black market to import, they will be happy if they can make same quantity of import with an alternative that is sold at 410 naira. That would be an E-NAIRA that is pegged to the dollars.

The problem is not that the method is not logical or concise. The problem would be how sustainable the method will be - for how long will the method last?

There was no need for the argumentum ad-hominem though.