dre11:

So, the same way naira is accepted that you can’t reject it, is the same way e-naira must be accepted. Anywhere in this country where e-naira is presented, it must be accepted.

So, merchants must accept e-naira as a means of payment. “The liability of the enaira money is directly on CBN which is similar to the cash you hold. The liability of the cash you hold today rests with the CBN.

So, it gives Nigerians the opportunity to bank with CBN.” The CBN Director emphasised that the e-naira comes with many benefits and would save the cost of printing more notes.

“Today the cost of producing the naira and coins is very high. It costs money to print naira in this country. Now, the minting of e-naira is electronic so it reduces cost,”

https://www.newtelegraphng.com/cbn-nigeriansll-download-e-naira-wallets-from-october-1/

Came across this on a fp topic and it largely mirrors my concerns behind CBNs rush to issue the enaira in my quoted post below....

While the concept is novel which I believe is part of the future of most currencies and I can't fault it as the seeming advantages are numerous, I really hope a good framework has been put in place...

First, the CBN should not see the ease of minting and handling digetal currencies as an excuse to mint it carelessness. Whatever is minted is same as minting a note as it's fully backed by the CBN.. The issue of inflation with excessive minting are still thesame.
It would be good to know how much the CBN is minting at a start cos if not tied to forex remittance or something tangible, it could just cause inflation.

Secondly, I really hope adequate security is in place. If there is a problem with the company issuing the enaira, the CBN will have to step in and protect those holding it as it is our legal tender. A reason like this is why the US wil rather private companies issue a dollar crypt0currency while they regulate it.

Finally, a lot of nations seem to be on the verge of doing same and are like waiting for who would go first. CBN doing this in a nation of 250mil will keep alot of nations watching. It's like being a lab specimen. If it succeeds, then the nation would benefit as being an early adopter... If it fails, it could be catastrophic.

jedisco:



Also, unlike with paper fiat where printing paper money is expensive and takes time, with crypt0, a trillion naira can be issued in a day. Can the CBN handle this adequately and not go on a printing spree??

Lots of countries such as China have been trialling out crypt0 based currencies for years and are yet to issue one publicly...but it looks like CBN came to their decision overnight... Hope they really looked into it and x-rayed all implications.. security, sustainability, impact e.t.c.... That said, though I still remain skeptical, it'd be good to see how the program goes- hopefully its a success...

Why do men hate one another? Why do we ridicle poor and unfortunate folks? Yesterday, I begged for an old phone to enable me start earning online via digital marketing. A popular member on this thread tagged me a scammer. Why I have never defrauded anyone on nairaland. I dare anyone to show evidence of scamming him/her.
COVID-19 made me lose my job & things have been rough for me ever since. When I had no job, I begged Nlanders & some generous folks helped me. Things are still tough, but I manage myself with labour job whenever it's available. Atimes, I beg for crumbs on the sportbetting thread to try my luck if I could win. All these dont mean I'm lazy or a scammer.

I'm a victim of circumstance who had it tough right from childhood. You don't know my story, so dont judge me.
Despite my level of suffering, I will never indulge in crime.

It's shameful to beg, & I'm not happy doing it. That's why I'm begging for an old phone to learn digital marketing.
I'm 30+, but it's not too late to succeed...

XshegzzyeeiX:
Why do men hate one another? Why do we ridicle poor and unfortunate folks? Yesterday, I begged for an old phone to enable me start earning online via digital marketing. A popular member on this thread tagged me a scammer. Why I have never defrauded anyone on nairaland. I dare anyone to show evidence of scamming him/her.
COVID-19 made me lose my job & things have been rough for me ever since. When I had no job, I begged Nlanders & some generous folks helped me. Things are still tough, but I manage myself with labour job whenever it's available. Atimes, I beg for crumbs on the sportbetting thread to try my luck if I could win. All these dont mean I'm lazy or a scammer.

I'm a victim of circumstance who had it tough right from childhood. You don't know my story, so dont judge me.
Despite my level of suffering, I will never indulge in crime.

It's shameful to beg, & I'm not happy doing it. That's why I'm begging for an old phone to learn digital marketing.
I'm 30+, but it's not too late to succeed...

Go to family section or Phone section to beg.
This thread is not for begging.
Don't distract people here.

dobnina:

Go to family section or Phone section to beg.
This thread is not for begging.
Don't distract people here.

Thanks. I did but trolls invaded the thread to insult and cast aspersions on the little dignity I have left. Go through my posts, you'll see how I'm been bullied, trolled and insulted. It's well. God won't shame me. I will overcome this phase of my life. I'm optimistic of that.

HOLDS TODAY!!!!

Have you been wondering why you are not optimizing your portfolio?

Do you want to know the best way to define your portfolio objective?

If you have answered yes to the following questions, then join our webinar series as our Team Lead Research, Adebimpe Ogundalu alongside Chief Consultant, Investdata, Ambrose Omordion will be analyzing the differences between Trading and Investing and also how to make more money from your Investment Portfolio.

When: Today, September 23rd, 2021.
Time: 3pm WAT.

Register in advance for this webinar by clicking the link below �

https:///3nEwjXG

After registering, you will receive a confirmation email containing information about joining the webinar.
We ask that you take advantage of this webinar as there is a lot to benefit from it.

wwwtortoise:


Your submissions are pure facts.
It only takes vital economic policies here and there to revive the country.

First principles I'd say which stand true whether a nation is developed or not. Worse case scenario, we could copy what developed nations did and jumpstart our economy....

That's why it irks me when those looting the nation turn around and blame the victims of their wickedness for being looted... It just leaves theever impoverished masses blaming themselves..... Like I said before, it's like setting someones house on fire and telling him the reason his house is on fire is because his neighbour uses a heater...

jedisco:


Came across this on a fp topic and it largely mirrors my concerns behind CBNs rush to issue the enaira in my quoted post below....

While the concept is novel which I believe is part of the future of most currencies and I can't fault it as the seeming advantages are numerous, I really hope a good framework has been put in place...

First, the CBN should not see the ease of minting and handling digetal currencies as an excuse to mint it carelessness. Whatever is minted is same as minting a note as it's fully backed by the CBN.. The issue of inflation with excessive minting are still thesame.
It would be good to know how much the CBN is minting at a start cos if not tied to forex remittance or something tangible, it could just cause inflation.

Secondly, I really hope adequate security is in place. If there is a problem with the company issuing the enaira, the CBN will have to step in and protect those holding it as it is our legal tender. A reason like this is why the US wil rather private companies issue a dollar crypt0currency while they regulate it.

Finally, a lot of nations seem to be on the verge of doing same and are like waiting for who would go first. CBN doing this in a nation of 250mil will keep alot of nations watching. It's like being a lab specimen. If it succeeds, then the nation would benefit as being an early adopter... If it fails, it could be catastrophic.

Few weeks ago CBN demonized and banned all digital currency trading from the Nigeria banking space which made lots of wise Nigerians to activate a Binance account for cryptocurrency trading .

When they saw their mission of caging wse investors fund has failed same CBN shamelessly want to quickly introduced their version of digital currency and you think such worthless eNaira currency will fly

I might not like the incompetent & corrupt administration but I still love Nigeria & d naira. Honestly, I want things to work in dis country.

The naira falling does not make me happy at all.

megamart247:


Few weeks ago CBN demonized and banned all digital currency trading from the Nigeria banking space which made lots of wise Nigerians to activate a Binance account for cryptocurrency trading .

When they saw their mission of caging wse investors fund has failed same CBN shamelessly want to quickly introduced their version of digital currency and you think such worthless eNaira currency will fly

Oga thr is going to be nothing special in enaira.It is not going to be like your other digital currency you speculate on.It is just going to be a wallet like you have in opay.It is another way of introducing cashless transactions and reduce the cost of printing physical cash.In other words advanced ATM

Who is game

Tobex4realTobex234:
Who is game

Iam more than game.

Tobex4realTobex234:
Who is game

58 years from now ?

Tobex4realTobex234:
Who is game

Hian, Like seriously, 3000Naira daily contribution till 2079 and collect 23.2billion Naira , wetin person no go read for nairaland.com, una go kill person with laugh for nairaland.com,

China’s central bank says all cryptocurrency-related activities are illegal, vows harsh crackdown
PUBLISHED FRI, SEP 24 20215:36 AM EDT UPDATED 11 MIN AGO

-The People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are strictly prohibited.

-Overseas cryptocurrency exchanges providing services in mainland China are also illegal, the PBOC said.

-It’s not the first time China has gotten tough on cryptocurrencies. Earlier this year, Beijing announced a crackdown on crypto mining.

https://www.cnbc.com/2021/09/24/china-central-bank-vows-harsh-crackdown-on-cryptocurrency-industry.html

Bitcoin and ethereum sink as China intensifies crackdown on cryptocurrencies
PUBLISHED FRI, SEP 24 20216:36 AM EDT UPDATED 17 MIN AGO

- The price of bitcoin fell 6% to $42,081, according to Coin Metrics data.

- Ethereum, the second-largest digital currency, fell 10% to $2,834.

- It comes after the People’s Bank of China said all crypto-related activities are illegal.

https://www.cnbc.com/2021/09/24/bitcoin-ethereum-sink-as-china-intensifies-crypto-crackdown.html

skydiver01:
China’s central bank says all cryptocurrency-related activities are illegal, vows harsh crackdown
PUBLISHED FRI, SEP 24 20215:36 AM EDT UPDATED 11 MIN AGO

-The People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are strictly prohibited.

-Overseas cryptocurrency exchanges providing services in mainland China are also illegal, the PBOC said.

-It’s not the first time China has gotten tough on cryptocurrencies. Earlier this year, Beijing announced a crackdown on crypto mining.

https://www.cnbc.com/2021/09/24/china-central-bank-vows-harsh-crackdown-on-cryptocurrency-industry.html

Why are you posting this?You forgot Nigeria CBN governor is clueless and dumb.He is the reason naira is failing because all this his ban

Biafran4life:
Why are you posting this?You forgot Nigeria CBN governor is clueless and dumb.He is the reason naira is failing because all this his ban

Elsueno:
I might not like the incompetent & corrupt administration but I still love Nigeria & d naira. Honestly, I want things to work in dis country.

The naira falling does not make me happy at all.

Co-signed.

Pls what is the name of the dumbass handling the affairs of Bank of china.How can he come out with such policy for a country of over a billion people,with over 3 trillion dollars reserve and when everything is pointing towards digital currency.He needs to be sacked

Now you are going too far. Don't compare Nigeria to China!!!

Biafran4life:
Pls what is the name of the dumbass handling the affairs of Bank of china.How can he come out with such policy for a country of over a billion people,with over 3 trillion dollars reserve and when everything is pointing towards digital currency.He needs to be sacked

megamart247:


Few weeks ago CBN demonized and banned all digital currency trading from the Nigeria banking space which made lots of wise Nigerians to activate a Binance account for crypt0currency trading .

When they saw their mission of caging wse investors fund has failed same CBN shamelessly want to quickly introduced their version of digital currency and you think such worthless eNaira currency will fly

There's definitely a place for the enaira.
The enaira will join other crypt0 coins pegged to fiat currencies called stable coins. I remember stating here some months back how such non-volatile coins have changed the dynamics of crypt0currency trading with huge prospects going forward. Then, some folks said I was writing huge essays. Good enough, their country is planning to issue one today.

CBN acted cautiously which is understandable for a central bank. I'd argue that by being one of the first to issue a cbdc, they're more liberal than most other central banks... Where they failed at was understanding the dynamics of crypt0 trading in Nigeria. Before the ban, we saw here how the daily naira volume on bitc0in alone traded on just one exchange was rivalling the naira volume traded on the NSE. Of course, such volumes would bring the attention of regulatory agencies.
Take a specific crypt0 asset such as bitc0in for example, Then trading was this way: naira>> Bitc0in>> naira
After the ban, folks continued to trade but had to buy a crypt0 stable coin with their naira first and with the devaluation, people were not converting their us stable coin back to naira... So it became: naira>>usdt>>bitc0in>>usdt...
What the enaira will do for crypt0 traders is take that ratio back to what it was initially... enaira>>bitc0in>>enaira..

The enaira is a novel project and I believe it has its place... Of course, as with anything new, there'd be teething problems. My main concern is regarding adequate security around issuance.

The enaira will serve a different role from volatile crypt0 assets and also regular fiat... first, it provides a platform for other crypt0 related offerings e.g crypt0 loans, staking (similar to fixed interest) e.t.c which rival traditional bank offerings to build on.
Regarding remittance, I believe this is where it'd excell..Currently, remittance to Nigeria is soo broken due to CBN interventions.... Alot of tech firms are already getting into this. Twitter has just made it possible to send funds instantly via crypt0 to users worldwide... Soon enough, the likes of WhatsApp and Telegram could make this an option too- i.e send funds to fellow users worldwide or even pay for stuff on WhatsApp business profiles online. It'd be a game changer.

With the enaira, things like tranfer fees, stamp duty e.t.c can easily be regulated from source by the CBN.... Also, the enaira opens a door for regulrity clarity regarding other crypt0 assets in Nigeria. With regulatory clarity, bigger players can come in.

What I'm keen on seeing is if they're going to tie its release to forex and what rate it'd be

Biafran4life:
Pls what is the name of the dumbass handling the affairs of Bank of china.How can he come out with such policy for a country of over a billion people,with over 3 trillion dollars reserve and when everything is pointing towards digital currency.He needs to be sacked

these are just signs of the cold war going on between 2 world powers.....we will see where this leads

jedisco:


There's definitely a place for the enaira.
The enaira will join other crypt0 coins pegged to fiat currencies called stable coins. I remember stating here some months back how such non-volatile coins have changed the dynamics of crypt0currency trading with huge prospects going forward. Then, some folks said I was writing huge essays. Good enough, their country is planning to issue one today.

CBN acted cautiously which is understandable for a central bank. I'd argue that by being one of the first to issue a cbdc, they're more liberal than most other central banks... Where they failed at was understanding the dynamics of crypt0 trading in Nigeria. Before the ban, we saw here how the daily naira volume on bitc0in alone traded on just one exchange was rivalling the naira volume traded on the NSE. Of course, such volumes would bring the attention of regulatory agencies.
Take a specific crypt0 asset such as bitc0in for example, Then trading was this way: naira>> Bitc0in>> naira
After the ban, folks continued to trade but had to buy a crypt0 stable coin with their naira first and with the devaluation, people were not converting their us stable coin back to naira... So it became: naira>>usdt>>bitc0in>>usdt...
What the enaira will do for crypt0 traders is take that ratio back to what it was initially... enaira>>bitc0in>>enaira..

The enaira is a novel project and I believe it has its place... Of course, as with anything new, there'd be teething problems. My main concern is regarding adequate security around issuance.

The enaira will serve a different role from volatile crypt0 assets and also regular fiat... first, it provides a platform for other crypt0 related offerings e.g crypt0 loans, staking (similar to fixed interest) e.t.c which rival traditional bank offerings to build on.
Regarding remittance, I believe this is where it'd excell..Currently, remittance to Nigeria is soo broken due to CBN interventions.... Alot of tech firms are already getting into this. Twitter has just made it possible to send funds instantly via crypt0 to users worldwide... Soon enough, the likes of WhatsApp and Telegram could make this an option too- i.e send funds to fellow users worldwide or even pay for stuff on WhatsApp business profiles online. It'd be a game changer.

With the enaira, things like tranfer fees, stamp duty e.t.c can easily be regulated from source by the CBN.... Also, the enaira opens a door for regulrity clarity regarding other crypt0 assets in Nigeria. With regulatory clarity, bigger players can come in.

What I'm keen on seeing is if they're going to tie its release to forex and what rate it'd be

As with every thing Nigerian... wait till the nigerian factor enters and see us turn this shit up side down........ The e-naira would just end up like public school education or pension scheme..............

The e-naira smells like a tool for control and subjugation................... In due time we would know who this is targeted at .........

Plus I assume you are aware China already has its own digital Yuan (digital currency) eCNY

Biafran4life:
Pls what is the name of the dumbass handling the affairs of Bank of china.How can he come out with such policy for a country of over a billion people,with over 3 trillion dollars reserve and when everything is pointing towards digital currency.He needs to be sacked

freeman67:


Yes you will have to look for how the money will be transferred to you then you will transfer to them.

Thanks... Ive successfully subscribed. Please, how often does the interest show up on the dashboard? Is it daily or monthly?

Allboiz:


Thanks... Ive successfully subscribed. Please, how often does the interest show up on the dashboard? Is it daily or monthly?

It will always be there on the dashboard. However, it is only given to you or reinvested once in a year(early July). Also with United Capital what you will see is just change in the amount you invested as the unit price of the fund increases. Depending on how much you subscribed, if the amount is already showing on your dashboard. Start checking from Monday you will see addition of some cents or dollar depending on the amount you invested.

The increase is daily on weekdays except for public Holiday.

So how were you able to get the transfer done?

maishai:


As with every thing Nigerian... wait till the nigerian factor enters and see us turn this shit up side down........ The e-naira would just end up like public school education or pension scheme..............

The e-naira smells like a tool for control and subjugation................... In due time we would know who this is targeted at .........

The good thing about Crypt0 is that it's permisionless... Thesame wallet that can be used to hold the enaira can also be used to wallet a stable coin pegged to the dollar, gbp, euro e.t.c... If they mess it up, they might just end up dollarising the economy...

I don't see it as a tool for control perse, they're aiming towards certain things e.g remittance. By very design, it's difficult to control crypt0 as CBN must have seen. It'd sure give them direct control over some parts of the currency as should be, but they lose control over a variety of other things they'd have with regular fiat...

A key difference between crypt0 and fiat is that when I transfer a crypt0 asset, it's the actual coin that's transferred not just a tickbox on the banks system. So if I put the enaira on a physical wallet (usually the size of a usb stick), I can carry unlimited amounts of funds on my person and even the CBN cannot access that without the required passwords...

In summary, just like most things new... One can only wait and see how it goes... If it solves a problem in a novel way, then it'd catch up quite quickly...if it gets the basics wrong, it'd be obliterated quickly too.

freeman67:


It will always be there on the dashboard. However, it is only given to you or reinvested once in a year(early July). Also with United Capital what you will see is just change in the amount you invested as the unit price of the fund increases. Depending on how much you subscribed, if the amount is already showing on your dashboard. Start checking from Monday you will see addition of some cents or dollar depending on the amount you invested.

The increase is daily on weekdays except for public Holiday.

So how were you able to get the transfer done?

Thanks.

I went to another fcmb branch. It seems the staff in the former branch don't treat such transaction. So, they don't know how to process it; thus, suggesting the withdraw and deposit method.

Allboiz:


Thanks.

I went to another fcmb branch. It seems the staff in the former branch don't treat such transaction. So, they don't know how to process it; thus, suggesting the withdraw and deposit method.

Ok.

You can check this out to see if you will be interested.

Is not readable.