What do you think or know about the new Nigerian digital currency, the e-Naira recently introduced by the Central Bank of Nigeria? Does it give you any ray of hope for Nigeria on her drive to economic growth and development? Or, do you take it as one of those monetary policies of the country as none has ever succeeded in revamping the economy, given the continued nosediving of the regular currency, Naira notes?
Generally, taking a systematic assessment of global trends today, one would obviously see a great future in the e-Naira for individuals and for Nigeria as a country. Yes! To me, it is advisable for anybody who has some savings to sign up and start funding their wallets now according to their capacity, for future use.
Security Guaranteed: The truth is that one’s e-Naira account/ money is safer than the cash in one’s bank account because it is a direct liability on the CBN, while one’s regular account is a liability on one’s bank account. What does that mean? Your bank depends on the CBN for reparation as much as you do in relation to your e-Naira account. Again, the e-Naira wallet is free, comes with no charges, unlike your regular bank account.
Flash back to the ban on Cryptocurrency: Recall that the Central Bank of Nigeria (CBN), in a circular distributed to banks and financial institutions across the country on the 5th of February, 2021, banned Cryptocurrency transactions in the country, promising to come up with its own version. Why did the government of Nigeria ban Crypto trades in the country? Was it just because it was helping people to launder money or was it because it posed risks to anybody? Would it make any difference to you if the ban had been placed in order to till the soil for Nigeria’s entry into the Cryptocurrency world and establish a solid base for others who would eventually come in later to append their roots? Were Nigerians not already making huge sums of money from cryptocurrency? Perhaps you should find out? Don’t you think the proprietors and operators of the existing cryptocurrencies were spinning and raking in a lot of profits already?
Project Tomorrow: From the look of things, the e-Naira may eventually become Nigeria’s future Cryptocurrency. The e-Naira is still a new and developing baby, building up, as well as preparing and waiting for offers from established Cryptocurrencies around the world for linkages. The market is way too large and can interact perfectly with the world, but there is need to build a formidable background in order to interact competently with the established cryptocurrencies around the world. Therefore, the e-Naira would not have gone to the global market immediately. Are you still in doubt? This will surprise you in the future.
Think about it now! People are already downloading the App. It may be a good time to register/ create a wallet and start funding your e-Naira Wallet. But if you remain in doubt, then watch and see how the Nigerian digital currency unfolds. Personally, I have a strong feeling that public executives, corporations and informed individuals are already signing up to the e-Naira and are funding their wallets futuristically because one can save peacefully with the e-Naira.
– Egwuatu U. ONYEJELEM is a Monitoring and Evaluation practitioner.