Challenges of the proposed e-naira | The Guardian Nigeria News - Nigeria and World News

This digital currency will be called e-naira. Many people have applauded the FG for taking this step especially when other countries like India, China, South Africa, Ghana etc have also decided on a home-grown digital currency. Nigeria should not “carry last” as we say in our local parlance.

One, I believe that government needs to come clean and embrace reality with regards to comparing e-Naira to a cryptocurrency like Bitcoin for instance. Both are not the same and do not meet the same need. I have read many comments from people on this issue giving the reason why it is not the same. Those technical reasons are not what I am concerned with. I am just concerned with the everyday reasons on the street, why they are both not the same and why people will not receive them as same.

‘Two, The FG should not forget its relationship with the larger populace and the reason behind the ban of crypto. Many Nigerians believe that the government have continued to devise ways to monitor the financial activities of the population and that the floatation of e-Naira does not come with true intentions. This lack of trust between the government and the populace is an issue that sabotages the idea.

Many people have become rich through the speculative and volatile nature of cryptocurrencies. Some people claim to have invested one hundred dollars and today have balances of over three hundred thousand dollars within the last few years. The e-Naira does not have this attribute. I urge the FG to use local realities to solve local problems.

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