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Nairaland Forum / Nairaland / General / Business / Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? (6261 Views)
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Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Blue3k(m): 4:39am On Feb 04, 2022 |
In 2003, shortly after the launch of the euro, leaders of the fifteen-member Economic Community of West African States (ECOWAS) proposed that the region also had its single currency – the eco. Seven currencies are currently in use in West Africa, with eight Francophone countries using CFA francs. The other countries own individual currencies, none of which is freely convertible. Among other potential benefits, the proposed eco should reduce barriers to trade across the region and improve lives in general. But since then, ECOWAS has postponed the launch of this currency four times: in 2005, 2010, 2014, and 2020. Now it has set the launch date for 2027. So, for now, West Africa’s eco is still a pipe dream. Source: https://venturesafrica.com/does-the-eco-have-a-place-in-the-future-of-money/ Front page: Lalasticlala Mynd44 14 Likes 6 Shares
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Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Blue3k(m): 5:08am On Feb 04, 2022 |
Lol I remember idiots said the Eco failed to launch because of French subversion. How is it France's fault none of the ECOWAS nations met their own criteria for launching the currency the past 20 years? This project won't materialize especially when the biggest economies in the region can't get their acts together to make it happen. Implementing the eco needs member countries to meet a few criteria: 12 Likes |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by KiNg0G: 5:59am On Feb 04, 2022 |
life na small, always remember that 3 Likes |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Jerryherd: 6:00am On Feb 04, 2022 |
![]() If we sign and fully comply to the Africa free trade zone agreement then ECO would fly But for now African free trade zone would finish Nigerian enterprenuers like Innnosun and Peace Air If Toyota assembly plant in Ghana now has access to Nigerian market through free trade arrangements and payment are done through ECO .. many Nigerians would patronise Toyota and dump IVM . 3 Likes 1 Share |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by FreeStuffsNG: 6:00am On Feb 04, 2022 |
Is our problem really with digital payment? Are we not exaggerating the importance of digital payment and pushing resources that can help us better in HDI in the face of our deficits in most of the parameters used for Human Development Index? 1 Like |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Jerryherd: 6:02am On Feb 04, 2022 |
FreeStuffsNG: If you know how much CBN spends annually to mint Naira notes, then you might think digital 12 Likes 2 Shares |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Latidoh1: 6:05am On Feb 04, 2022 |
Jerryherd:What is the cost of the digital? Can you do a little analysis and comparison for us? So other countries that still use paper does it mean they have not seen the light? 3 Likes 1 Share |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Blue3k(m): 6:05am On Feb 04, 2022 |
Besides, there is the option of cryptocurrencies, which Africans already use for cross-border transactions. I've yet to try this but it would be probably be cheaper than using banks or some other financial services. I'm not interested in the E-Naira to say the least. I'd rather buy Eth or btc. 2 Likes 1 Share |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by iscom(m): 6:06am On Feb 04, 2022 |
OK |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by FreeStuffsNG: 6:07am On Feb 04, 2022 |
Jerryherd:Why mint so so much when cash payment does not necessarily have to be in cash? I just don't like how others set agenda for us to compete on the level of their own priorities. We can achieve better outcome if we use such huge money spent on digital payment hype on just winning the war on overpopulation thst keeps pushing our population growth rate over our GDP growth rate year on year. To get more people to embrace family planning and supporting the delivery of 24-hour family planning line and intervention costs far far less yet can help bring our growth rate at parenting or lesser than out GDP . This digital payment is not really our priorities and I am not suggesting it's not without its merits. 8 Likes 1 Share |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by inoki247: 6:07am On Feb 04, 2022 |
Please I no wan hear abt that failure call E Naira... 2 Likes 1 Share |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Mko123(m): 6:07am On Feb 04, 2022 |
if u ask me, na who I go ask? |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Jerryherd: 6:09am On Feb 04, 2022 |
Latidoh1: Most countries have gone cashless since mobile banking and cards have taking over most transaction.. its only Nigeria trying to play catch-up For Digital currency, all you need is an active public server maintained by the public.. something like blockchain and cost of transaction would cover cost of individuals running the decentralised servers 3 Likes 1 Share |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Latidoh1: 6:13am On Feb 04, 2022 |
Jerryherd:We are talking digital currency not cashless. 1 Like |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Nobody: 6:20am On Feb 04, 2022 |
There is nothing to talk about, E-Naira is a huge failure with no purpose! It’s that simple, and nothing is going to change that. 1 Like |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Jerryherd: 6:22am On Feb 04, 2022 |
Latidoh1: But Digital currency is also cashless, paperless currency so we are saying the same thing E-Naira is a digital currency by CBN holding value for your wealth in your wallet on CBN server, same way your Account balance is being held by Nigerian Interbank Server and CBN servers and you only get cash equivalents when you make withdrawal So to answer you straight forward Digital currency would cost us less than 1% of all transactions to maintain, and the money would go to server owners . 3 Likes |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by inoki247: 6:22am On Feb 04, 2022 |
Blue3k: Lol if you try sending through Cryptoo u don look the charges unless you're sending from the same platform buh sending to an external wallet comes with alot of charges or you make use of USDT stable coin that one comes with a lesser sending out fee... |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Blue3k(m): 6:24am On Feb 04, 2022 |
inoki247: Thanks for the tip. |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Myer(m): 6:24am On Feb 04, 2022 |
Blue3k: The problem is countries like Nigeria will never let it work. Cos our corrupt politicians thrive off devaluing our currency for their greedy gains which they won't be able to do with a single pan-African currency. |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by iHart(m): 6:25am On Feb 04, 2022 |
Latidoh1:digital currency is still geared towards cashless... |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by iHart(m): 6:26am On Feb 04, 2022 |
If i can use bank mobile app, Internet banking and USSD to make payments, what then is the use of e-naira? I think we should channel the e-naira energy to fortifying electronic bank transactions, making easy to track fraudulent transfer and be able to apprehend fraudsters. 2 Likes 1 Share |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Jerryherd: 6:28am On Feb 04, 2022 |
FreeStuffsNG: The reason why priority is given to Digital currency is that it is a faster proven quick fix to our problems, while population control is a very long term approach If I want to buy a tractor or manufacturing machine from China or US and I contact the buyer.. with Digital currency I can make payment within 30 mins and have shipment in two weeks Same transaction done in bank would take me 2 days to get proforma invoice tendered to request forex into my domiciliary account and my account would be funded in another day or two, making it 4 days already, before having a wire transfr that would take 3 business working days to reflect . 4 Likes |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Awoleesu(m): 6:35am On Feb 04, 2022 |
Very sound article! Educating and revealing... To my mind sha, not even Emefiele believed in that digital contraption he launched! All other things being equal, the extremely low comparative advantage in productivity index between Africa to the rest of the world not only makes it near impossible to have a favourable intra-continental balance of trade but also means Africa will throng behind other continents for a long time to come. Check out some factors determining this: 1. Comparative attrition rate of workforce: Africa today is the numero uno in generating economic emigrants to other continents. Where other immigrants to Africa come as investors, technical superiors etc, we exchange the move for international students/researchers (who eventually stayed back abroad), refugee and asylum seekers and job seekers abroad - invariably, all are seeking to receive economic help than they give. 2. Xenocentrism: xenocentrism is the opposite of ethnocentrism. While the latter encourages and promotes the use, preference and patronage of local products and services, the latter is a drive for imported goods and services. This doesn't stop at just the goods and services but also extends to the preference of dealing in the foreign currencies than the local. 3. Poor spirit of research and development: while other continents invest heavily in research and development in almost all aspects of their economy, thus leading to their growth in GDP across board, African nations only make significant efforts to improve trade! We failed to learn that modern economy is more about what's in the head than what's on the hands or beneath the foot! Many of our research institutions are moribund. It is not uncommon to see a finance department of NNPC, DISCOs, MDAs etc bustling with activities and the officials of the department looking well fed while the Research and Development department is as idle as a painted ship and the staffers appearing bland! Need I say more? 1 Like 1 Share |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by franchasng: 6:36am On Feb 04, 2022 |
FreeStuffsNG:What you proposed on family planning is good, excellent. Nigeria really needs to control her population at all cost before things get so crazy in coming years. But then, Islam (Nigerian Muslims, especially the Northern Muslims) is a big barrier to this. Nigerian Muslims wont accept this proposal, and their senators and politicians will stand against it. That is why every reasonable Nigerian from the south is asking for either total restructuring of Nigeria to function as independent regions with a weaker central government so regions can adopt whats best for them and grow at their own pace. This will reduce the outcries for complete secession. 3 Likes |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by pacespot(m): 6:45am On Feb 04, 2022 |
Jerryherd: Thank goodness you admit that there is one policy of Nigeria which favours Igbo men businesses: innoson and air peace. Coz I have been on the receiving end of battering criticisms from igbos on Twitter who antagonize my stance that Dangote did not set up a peagout assembly plant in Kaduna just to usurp innoson, that both companies can coexist to create healthy competition in the Nigeria automobile market. Igbos always see anything that seems to tilt to other people in the country as anti-igbo, but they will not see other polices of the government that favour them. 1 Like |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Blue3k(m): 6:48am On Feb 04, 2022 |
Jerryherd: Doesn't Toyota Ghanaian manufacturers have access to Nigerians because of ECOWAS free trade in this example. I think you should switch the country in the example. |
Re: Does The Eco Have A Place In The Future Of Money if the E-Naira succeeds? by Ijaya123: 6:50am On Feb 04, 2022 |
Is E-naira a currency? Jerryherd: You guys should stop spreading falsehood. E-naira is not a currency but a payment wallet, just like paga, opay, etranzact etc. 1 Like |
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