eNaira Coming Soon in Nigeria
The Central Bank of Nigeria (CBN) has unveiled guidelines for the digital currency, putting the eNaira on the path to our digital wallets. The apex bank has also hired a technical partner, Bitt Inc. The plan is to have this "new currency" on Oct 1, 2021. Once it launches, the next phase would be adoption: will the young people go long on eNaira?
Maybe, that may not matter. There is only one application I would like to see: eNaira must be used to pay these billions they are paying to the poor (more than N729 billion and counting) because as I write, I am still confused how they share that money! Possibly, eNaira will provide vital data sets to help reconciliation.
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the Federal High Court in Lagos “to compel the Federal Government to disclose details of proposed payments of N729bn to 24.3 million poor Nigerians, including the mechanisms and logistics for the payments, list of beneficiaries, and how they have been selected, and whether the payments will be made in cash or through Bank Verification Numbers or other means.”
Similarly, India is working to launch its own currency by December according to the apex bank governor, Shaktikanta Das. He said, “We are being extremely careful about it because it’s completely a new product, not just for RBI, but globally. I think by the end of the year, we should be able to — we would be in a position, perhaps — to start our first trials,” Das told CNBC.
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One of the problems the Nigerian Government has always had is reaching people like me when there money to share. But with this I how they get across effortlessly.
Anyways, we would be fine.
Good Morning.
