Is the e-naira useful?
It's no news that the naira is useless. The value of the Dollar to the Naira keeps increasing every day and soon enough I'm certain it'll be impossible to make purchases online unless you have the majority of your funds in the USD. The price in naira would be absurd.
In addition, financial institutions make outrageous deductions every day. Holding finances in fiat is hardly important unless you have immediate expenses. Asides from that, you would be at a total loss.
You could hold naira for a week in a bank account and at the time of spending, it will not be worth its initial amount from a week ago. The decline is that much and it's rather absurd.
Hello, E-naira
As the Naira declines, you might wonder what the essence would be for a digital currency pegged to the naira. Why is the government so keen on exposing the uselessness of our currency to the entire world.
For one thing, their goal was to kick against Bitcoin and other cryptocurrencies entirely. They desire a monopoly of funds. The need to track every activity in order to highjack funds from the young and transfer them to the greedy leaders.
Asides from the obvious cons of this CBDC, I was made to understand and appreciate only one advantage of this development.
Bypassing financial institutions and dealing directly with the central bank.
Most times, a lot of these banks make deductions from individual accounts in the name of Central Bank charges. We know most times these are all lies. However, who can pick up a fight?
By eliminating these financial institutions and dealing directly with the Central Bank, a lot of intermediary charges will be reduced. Although we're still dealing with a sad currency, there's still the joy of knowing that banks might be rendered redundant soon.
I'm yet to do proper research on the effectiveness and proper use-case of this CBDC and how well the Nigerian general public is taking it, but from brief conversations, everyone's quite indifferent.
I look forward to getting better opinions and understanding what new laws will be put in place to properly limit Crypto in Nigeria. For now, I'm keeping my ears clean and my eyes open.
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This is big news. I am very much surprised about this steps that they have taken but you are right, with the value of naira and its constant devaluation, what's the essence of having a naira cryptocurrency.
Senseless but banks are stupid
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The value of naira is bad. You can't leave your money in your bank account and the value will add when you collect the money.The money will loose value and the bank will collect half of the money as bank charge, weather you do transaction with your bank or not, you must pay bank charge.
The E-naira,now waaa.
Thanks for the information
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