Quite an interactive session we had with the Giant project ( eNaira ) team of the Central Bank of Nigeria. We were invited to a stakeholder meeting with the CBN yesterday, July 22nd, 2021. Attendees were given a walk through stages of the project from ground-up… Started with the introduction of eNaira CBDC, there’ll be two types of the eNaira RETAIL eNaira and WHOLESALE eNaira.
The retail is used in the same manner as bank notes to make retail payments: P2P, D2B While wholesale CBDC is uesd to enable transaction between financial institutions, central banks and entities holding accounts with Central banks.
The Bank had been conducting research in regards to central bank digital currencies since 2017 and may conduct a proof of concept before the end of this year.
Benefits to the economy, government and other stakeholders:
Include the potential to reduce cash handling costs by 5-7%, Deepen financial inclusion, reliable mechanism to distribute fiscal stimulus to citizens , reduce tax leakages etc.
potential roles for other stakeholdres were identified ( the internected nature of the payment landscape
The CBN CBDC policy objectives for eNaira…
macroeconomic management and growth
cross border payment facilitation
financial inclusion
monetary policy effectiveness
recenue and tax collection
remitances etc.
The CBN expection of the eNaira include:
Access
parity of value
acceptability
distribution
exchange etc…
The eNaira lifecycle and benefit for the fintech ecosystem…
We were made to understand that the eNaira will be public-private driven The Director of IT, at the apex bank who anchored the session revealed that the project will on an open source. The network is an open-source platform which means several developers can contribute to its code such that participating banks or organization will be allowed to run node on the network for transaction validation and participation is open to interested party that register and meet the requirements…
It is true, Nigeria is launching its own Digital currency ( eNaira ) come October 1st. Brace up, learn it and use it.
This is really a good development. The cost of printing and the circulation of fake Naira notes will be greatly reduced.
Also, transaction can easily be recorded.
Business owners will be able to save lots of revenue being lost to sales attendants due to cash handling.
Government at all levels will also be able to close revenue leakage dues to cash transaction during revenue collection.
Government, NGOs and individual will be able to eliminate middlemen who made away with grants and other benefits release by them to beneficiaries.
So much more benefits.
Hello , i get they want to launch 9ja’s e-naira but the cryptoban is still on place … How would alot of investor make use of e-naira with ban still on ground
I believe by now the ban should have been lifted
@stepharnite bcos they HV to build eNaira on other ecosystem. For example they will surely build eNaira on bantu blockchain and any other available blockchains.
U should be able to trade or swap other coin to eNaira and vise versa.
@stepharnite sure they will but for now they don’t . Bcos of this they will surely need a blockchain to integrate the eNaira on. And I wish they go for bantu
The Central Bank of Nigeria (CBN) is planning a huge redesign in the architecture of the financial system in Nigeria. Personally, I think abolition of the bureau de change is necessary for the upcoming rise of the eNaira (CBDC) . I believe that a single forex window that’ll be presented by CBDC, will eliminate the excesses of middlemen, safe the value of Naira and allow for available forex to be allocated productively using the official banking protocols.
The eNaira is so complicated and is not favourable to us. I think the eNaira is design for the rich. U need to HV a specific huge amount of money in ur account before u will be able to operate eNaira
