Morning people..

You may kindly enlighten me on this...

I have wondered and ponded on this same issue..

Of what use is this e-naira when our mobile banking system still does almost everything the e-naira offers??

Why do I need e-naira when I can simply send money seemlessly using my bank USSD?

Same money you have in your banking app is also digital as it's not physically held...

You can also make payment online with any of your Bank Card's.... (Just in case they say with e-naira you can pay for anything online.)


Infact, this days you don't need ATM card to withdraw from your bank ATM MACHINE, Cardless Does it better...


Is the e-naira design to be a coin ?? As in cryptocurrency...

Now, I have looked up the information about this e-naira and only found just two unnecessary reasons why e-naira is different from your naira in your local bank which to me it isn't..

So again I ask, why e-naira What difference does it make? What differentiate it from my money in my bank account which is also digital not until withdrawn as physical currency?

Also don't forget that the same e-naira can be cashed out, thereby also resulting into a physical naira...


Or should we just say that just like other commercial banks in the country, CBN simply want to engage it's people to bank with it directly?

Now if that's the case, why is the Federal Government taking this as an achievement??

Are they planning to abolish commercial banks mobile banking system?? And get them replaced with e-naira or what??


Kindly check the attached screenshot.


According to CBN, HERE IS WHY THE E-NAIRA IS DIFFERENT FROM YOUR OTHER BANKING SYSTEM...

"What makes eNaira different from the funds in my bank account?

eNaira is a digital currency and is a direct liability on the Central Bank of Nigeria while the money in your bank account is Naira held as deposit liabilities by the financial institution."

"What are the benefits of using the eNaira?

eNaira is a fast, affordable, secure, and reliable payment option designed to support the digital economy and aid financial inclusion in Nigeria. eNaira will, among other benefits, enhance the Nigerian payment ecosystem, increase revenue and tax collection, aid targeted social interventions, and improve diaspora remittances. Users can make contactless payments with eNaira by scanning a QR code."

They said it will increase revenue?? Like seriously?? What then does the #50 stamp duty on transactions above #3000 on your local bank do??

Aid tax collection?? Like seriously??

Improve diaspora remittance?? Like seriously??

Pls if you know more or understand better, kindly help out..

Thanks

good observations. This people think we are all brain dead like their evil minions

Redoil:
good observations. This people think we are all brain dead like their evil minions

Sir, i appreciate your input...

Need more info on this sir..

Cos I can't seems to understand why we need the e-naira..

Understandable we need BVN for banking security, then came NIN, and yes, we understood it's importance even thou we have our data flying around from one agency to the other..

But the e-naira is what I just don't understand...

KashApp:
I expected the app to have a portal for cryptocurrency thereby it will be under CBN watch (for whoever who choose to use it) and that would help in regulating it and ofcourse be able to trace any suspecious transaction. Banning cryptocurrency and lunching enaira with no use looks dumb to me. I may be wrong tho but enaira is rubbish to me.

You can't even register because many BVN is not linked to their emails now you expect people to start rushing to the bank to update their BVN over one stupid app.

Oh..

I read online too that people are facing issues registering..

Well, I didn't bother downloading the app sef..

My two Mobile banking app is okay..

Besides they said you can send money to someone via username, like seriously is this supposed to be an achievement??

We have several other third party apps that does same..

One time one Mr garba launched a similar app for an instant messaging and financial transaction app that comes with a digital wallet that helps to transfer ... Next thing we hear was that, it's been banned by app stores, and PlayStore, not too long after, we heard of e-naira.. I kinda feel he sold the idea to CBN sha.. just a feeling oo not an assertion...

Somebody shd pls help us push this to frontpage for more input and learning...

samintegrity:


Oh..

I read online too that people are facing issues registering..

Well, I didn't bother downloading the app sef..

My two Mobile banking app is okay..

Besides they said you can send money to someone via username, like seriously is this supposed to be an achievement??

We have several other third party apps that does same..

One time one Mr garba launched a similar app for an instant messaging and financial transaction app that comes with a digital wallet that helps to transfer ... Next thing we hear was that, it's been banned by app stores, and PlayStore, not too long after, we heard of e-naira.. I kinda feel he sold the idea to CBN sha.. just a feeling oo not an assertion...

I think that is exactly what they are celebrating

I once pondered on the advantage of digital currency for Nigeria before the concept of enaira came to play...
One of thee advantage of this is that, it will reduce the amount the country spend on minting Fiats currencies at the long run. Thereby, saving the country a lot of money

In the area of remitances, take for instance, 2 yrs ago; i was stucked trying to send money from nigeria to ghana and it was nearly impossible due to disparities in the official rates. This will be mitigated as you'll be able to send directly to anyone in diaspora from here and vice versa at the official rate.

The e-naira will also aid those that travel out a lot within africa as u will be able to easily convert your currency in banks over there who have a presence in Nigeria

If you are using e-naira, you are banking with CBN and not the regular commercial Banks... Since it is built on blockchain ledgers, there will be no issues of failed transfers and the likes.

These are just a few benefits asides many more... Let's be hopeful about it

dawnomike:
I once pondered on the advantage of digital currency for Nigeria before the concept of enaira came to play...
One of thee advantage of this is that, it will reduce the amount the country spend on minting Fiats currencies at the long run. Thereby, saving the country a lot of money

In the area of remitances, take for instance, 2 yrs ago; i was stucked trying to send money from nigeria to ghana and it was nearly impossible due to disparities in the official rates. This will be mitigated as you'll be able to send directly to anyone in diaspora from here and vice versa at the official rate.

The e-naira will also aid those that travel out a lot within africa as u will be able to easily convert your currency in banks over there who have a presence in Nigeria

If you are using e-naira, you are banking with CBN and not the regular commercial Banks... Since it is built on blockchain ledgers, there will be no issues of failed transfers and the likes.

These are just a few benefits asides many more... Let's be hopeful about it

Pls let's stop all this bro..

Is e-naira acceptable in Ghana?

How many African countries accept or recognize e-naira as a means of exchange?

Now sir, you said, it would reduce the cost for printing currency at the long run? Pls how??

You'd still be needing the normal naira to fund it remember?

If you don't have the normal naira in your account, you can't fund the e-naira o..

Also, how many Nigerias in the disapora can withdraw money from e-naira to their local bank currency abroad?

And finally you talked about banking directly with CBN??

Sir this is also what I Pointed out, and I asked a question afterwards, Does CBN want it's people to start banking with it just like other commercial banks??

If that's the case, then why tag the FG along?

Also, the infrastructure to run and secure the e-naira, where is it based? Nigeria or China or another country?

If in china or another country, why then should another country manage the country digital wallet for it??

I am very much here sir to learn more..