| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Nobody: 12:43pm On Nov 01, 2021 |
ethicallyright:
Damn.
I'm following you. Simply the most intelligent thing I've read on the internet this year.
Thebosstrevor1 , this guy makes sense. 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 5 Likes |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by HabaHaba: 12:44pm On Nov 01, 2021 |
XXXXTENTACION:
What's the diffrence between E-naira and E-payment...  Abeg ask dem o |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by emae009(m): 12:44pm On Nov 01, 2021 |
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
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 2 Likes 1 Share |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Timoleon(m): 12:46pm On Nov 01, 2021 |
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:
Damn.
I'm following you. Simply the most intelligent thing I've read on the internet this year.
Thebosstrevor1 , this guy makes sense. 1 Like |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by KaluwisxPRO: 12:47pm On Nov 01, 2021 |
sapientia:
Reno is as confused as Buhari
E-naira is not a cryptocurrency
Just a Paypal or cashapp meme
Stop spreading lies Mr I-too-know, then on what medium does it settle payments? |
|
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Skillsnigeria: 12:49pm On Nov 01, 2021 |
Hmmm |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by SmartPolician: 12:50pm On Nov 01, 2021 |
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. You are doing a good job taking all the questions here like you are Godwin Emefiele's brother. Bravo! However, the emboldened doesn't sit well with me. I think it is safe to keep using mimicking and imitating, but don't get the blockchain involved because that's an entirely different thing. An app is either built on the blockchain (dApp) or not built on the blockchain; there's nothing in between. If it was built on the blockchain, then it's cryptocurrency. Since the e-Naira wasn't developed on the blockchain, how does it work through the blockchain? |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by XXXXTENTACION: 12:50pm On Nov 01, 2021 |
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 In simple terms you are saying the government is so inefficient that they can't track the amount of naira notes they produce in a year.... 1 Like |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Okonjo123(m): 12:51pm On Nov 01, 2021 |
Btruth the thing is so messed up mean 1 Like |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by hermesprogidy(m): 12:52pm On Nov 01, 2021 |
thebosstrevor1:
How is it a lie? ,enaira is CBDC...CBDC works through the blockchain.
A blockchain company was given contract for the job. You are correct. But the hypocrisy of government is the move to frustrate cryptocurrencies. E-naira is dead on arrival. |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Academicwizman(m): 12:53pm On Nov 01, 2021 |
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 Well, you may actually be the one to read more about Blockchain. There are two types of Blockchain. There are permissioned and permissionedless Blockchain. For example, Bitcoin is on permissionless Blockchain while the e-naira is in permissioned Blockchain. |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by dettolgel: 12:55pm On Nov 01, 2021 |
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.
So the e naira is just like having an account with CBN. This is the equivalent of RTGs that banks use to process naira payment with CBN. |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Nobody: 12:56pm On Nov 01, 2021 |
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 I understand his proposition. His submission is that the E-naira shouldn't have been an electronic version of Naira in the first place. He argues that E-naira should have been worth more than Naira. He suggests that it should be the equivalent of dollars. He also states how to make it popular if it is given the exchange rate of dollars. Read his number 2 and 3 point again. I guess you're aware of what happened in Ghana few years ago. Their Government created a New Ghana Cedis with an exchange rate of 1:10000 when exchanged with the obsolete cedis. That's what the writer is trying to say. Like 1 E-naira : 410 naira (same with official dollar rates). The methods he suggested is to lure Nigerians to use the E-naira for small scale foreign transactions by entering into agreement with the foreign companies to include E-naira payment gateway on their platforms while the CBN remits the dollars equivalent to the foreign companies behind the scenes. Timoleon 2 Likes |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by derecho(m): 12:57pm On Nov 01, 2021 |
Very beautiful submission But looking at your no.1 suggestion, how practicable is that? Just peg 1 e-naira to 1 dollar? To a layman, is that not still saying naira will be controlled by dollar? If you want 1 e-naira, it means you want 1 Dollar. 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
|
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by hermesprogidy(m): 12:58pm On Nov 01, 2021 |
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 |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Nobody: 1:04pm On Nov 01, 2021 |
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! 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. |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by BeardedMeat(m): 1:04pm On Nov 01, 2021 |
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. You are so bitter. Did you think this was going to be easy? Prior the arrival of the slowpoke in aso rock, you were wailing endlesslessly about the drunk fisherman. Today the tables have turned. And your own is worse because the one you defend is a shocked mannequin, the worst in the world  |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by vickydevoka(m): 1:06pm On Nov 01, 2021 |
|
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Nobody: 1:07pm On Nov 01, 2021 |
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! LMAO I won't say his IQ is low. it's either he's not smart or simply does not understand elementary macro economics. I read the epistle the guy wrote and was just laughing. You can't just peg a currency to dollar lol!!! Just because you can write and make unrealistic assumptions doesn't make you intelligent. |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Timoleon(m): 1:17pm On Nov 01, 2021 |
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. 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. |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Nobody: 1:21pm On Nov 01, 2021 |
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. 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 run. I believe that tough fiscal policies can make it sustainable. |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Soffyh(m): 1:21pm On Nov 01, 2021 |
Excertly what they are planning,they want e-Naira to serve as delta ,by using all bank wallets to receive money from convenience same wallet and all receiving funds to gather into e-Naira,ther won’t be complaining of Gtb charges o,access cut o,sterling cut o 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.
|
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Nobody: 1:24pm On Nov 01, 2021 |
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
You tried!!! But in elementary economics or should I say in a real world, you can't just peg a currency to another currency not to talk of the US dollars which is the official world currency. What are we exporting? what do we have as backup. Our net export is negative. With imports outweighing exports. Zero backups Crude oil prices crashing daily. Do you know how much is a barrel today? And that's our biggest asset. Agriculture non existent. Daily power failure. The government is borrowing and spending with reckless abandon. Household borrowing is bad but government borrowing is far worse. When all is said and done, Nigeria will need more than eNaira to survive the future economic downturn that will surely hit harder than what we're currently witnessing. I'll conclude that eNaira is nothing but a frivolous project!!! |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Leverage2021: 1:25pm On Nov 01, 2021 |
XXXXTENTACION:
What's the diffrence between E-naira and E-payment... was thinking same |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Qatar2022: 1:29pm On Nov 01, 2021 |
Kabongo1:
What purpose does it serve? Please ask him |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by adslipps: 1:29pm On Nov 01, 2021 |
What's the difference between this e-naira wallet and my paga wallet? |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by SavageResponse(m): 1:32pm On Nov 01, 2021 |
ethicallyright:
Damn.
I'm following you. Simply the most intelligent thing I've read on the internet this year.
Thebosstrevor1 , this guy makes sense. What the guy said is complete nonsense! |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Nobody: 1:34pm On Nov 01, 2021 |
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. 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"  |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by SavageResponse(m): 1:34pm On Nov 01, 2021 |
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
If you do not understand economic principles it's best for you to just keep quiet cos what you typed is complete rubbish! |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Nobody: 1:37pm On Nov 01, 2021 |
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" . Okay, he wrote trash. I misinterpreted what he wrote. |
| Re: Foreign Investors Won’t Be Interested In eNaira – Reno Omokri by Timoleon(m): 1:41pm On Nov 01, 2021 |
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. Any form of unrealistic fix of exchange (too low from free market or too high from free market)the economy will end up with hyperinflation. To think that a country will just up and peg its currency to the dollar is utopian and definitely unsustainable especially when it obviously lacks the infrastructure to defend such a position. |
