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eNaira About To Debut Today: Is It For The Better Or For Worse?

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On October 1st to mark the country’s 61st independence it was announced that the Nigerian Central Bank Digital Currency was going to be active soon. Today being the 25th of October 2021 is the supposed day for the eNaira to be active after the country couldn’t make it active on October 1st.

This project is under the slogan of “Same Naira , More Possibilities”. But let’s be sincere? Is there going to be more possibilities in this so called eNaira? The only improvement I see in this eNaira is just a technological advancement from the Nigerian government into digital currency, but we are so sure that this is in no way going to positively impact the Nigerian currency value. It’s just going to be a digitalized less valued currency, which I have no interest of utilizing.

The point of creating a digital currency by other countries is to increase more of cashless money use. But this digital currency will be totally controlled by the government. I don’t really know the transparency of how CBDC is going to be. But am very sure that the government won’t want to make the CBDC ledger accessible and transparent like that of other cryptocurrencies. This just gives them access to embezzle more funds Digitally without the logistics of moving money bags from one place to another. With the use of CBDC they can easily embezzle this money and no one will hold them accountable.

This action is not going to do any good to the Naira, noticed how countries with weaker currencies and more corruption easily switch to CBDC after realizing that cryptocurrency is dominating their country. This can also be an act to try and vanquish the future effect crypto might have in the country.

Being a Nigerian who has seen lots of leaders promise the country so much but end up not fulfilling one thing, it’s natural for me to be pessimistic towards the value the eNaira will add to the economy. I am certain that it’s going to be more for the worse than for the better.
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