Nigerians Boycott CBDC's
July 21, 2023
"As the numbers show, less than 1 in 10,000 Nigerians uses the eNaira on a weekly basis, even though the Nigerian government is promoting it heavily, limiting cash withdrawals to $45/day, and creating a huge cash shortage in Nigeria as the CBN is not printing new bills and taking away the old ones. "
by Edward Menez
(henrymakow.com)
NIGERIANS DON'T TRUST THEIR GOVERNMENT'S CBDC
The Nigerian government became the second government in the world to release a CBDC. So far, it hasn't proven successful:
"Launched in October 2021, the eNaira became the world's second public CBDC, after the Bahamas' Sand Dollar project. Two months away from a second anniversary, the digital currency is still struggling with adoption. A recent IMF report showed that the average number of eNaira transactions is about 14,000 per week--only 1.5% of the number of wallets. This suggests that 98.5% of wallets, for any given week, have not been used even once. These numbers reflect a "disappointingly low adoption."
But it's even worse than that: There are only 13 million wallets in Nigeria for a country with over 200 million people. So only 6-7% of the population even has a wallet. And only 1.5% of those wallets are being used each week,
CBDC SPELLS WAHALA FOR NIGERIANS
The ubiquitous word all Nigerians use is "wahala", which means "problem". It's more commonly expressed in the term "no wahala", which is more of the Nigerian style. But a resident summed up why he doesn't like Nigeria's CBDC, the "eNaira": "I am not going to put my money under the full watch of the CBN (Central Bank of Nigeria), not after everything they've done to us. I can wake up and realize my money is all gone," says Tage Okogu, a crypto enthusiast based in Lagos.
Yes, the wahala of the CBDC is such that the stout-hearted Nigerian people will simply refuse to comply with the government's plea that they use it. Nigeria is very much a cash society still, but it has also become the country that has the strongest adoption rate of cryptocurrencies in Africa. Nigerians look at the eNaira as a rival to these two preferred options, and they don't like it because it is made by the Central Bank of Nigeria and the Nigerian government, which they don't trust at all.
As of now, the CBN's eNaira guideline states that "The charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021, and then revert to applicable charges." So soon there will be transaction fees, as stated.
What is the Nigerian government doing to double down on its efforts to get Nigerians to use the unwanted eNaira? They've limited cash withdrawals per day to approximately $45. https://www.bloomberg.com/news/articles/2022-12-06/nigeria-limits-cash-transactions-to-push-enaira-and-other-payments#xj4y7vzkg
FOLLOW THE NIGERIAN EXAMPLE
I think here in the West we can see the wahala that is coming for us: CBDC's and Digital IDs are being planned for imminent use:
"Ethiopia follows Canada, Nigeria, China, Finland, Germany, Japan, Norway, Sweden, South Korea, Sri Lanka and a host of other countries that have already rolled out biometric digital identities or are in the process of doing so. Some are mandatory and some still voluntary. This puts them in compliance with United Nations Agenda 2030 Sustainable Development Goal 16.9...Klaus Schwab that everyone would eventually have a digital identity and that the so-called Fourth Industrial Revolution would "lead to a fusion of our physical, biological and digital identities."
Ever since the word "bitcoin" was first defined in a white paper on Halloween Day 2008, we've been gaslighted. I believe that Bitcoin and other cryptocurrencies were made all the rage by the CIA (the real Bitcoin inventor) to encourage our acceptance of digital transactions on our phones. The last few years have led to some countries introducing CBDCs, with many others in the pipeline. And in order to prove we're who we claim to be, Digital IDs will be necessary, so they say.
We're being gaslighted. Like the frog in the pot of warm water that's slowly being heated, we're about to get boiled if we don't jump soon.
You've probably heard this advice before but pay in cash. Gather and store gold and silver. Buy tangible goods that can be traded. Don't use your phone to pay for anything. Or throw it away altogether.
The Nigerians have proven that the introduction of CBDCs can bring a big fat "L" to their government's plans of enslavement. As the numbers show, less than 1 in 10,000 Nigerians uses the eNaira on a weekly basis, even though the Nigerian government is promoting it heavily, limiting cash withdrawals to $45/day, and creating a huge cash shortage in Nigeria as the CBN is not printing new bills and taking away the old ones.
Despite all this, the Nigerian people are showing their true resiliency, and they are long-suffering and resilient people. They have great BS detectors. And they know by now not to trust their government. Don't you think we should know this by now, too? Let's all subscribe to the Nigerian motto of "NO WAHALA"!
MIO said (July 23, 2023):
The implementation of CBDC in Nigeria was a colossal failure. I don't use the enaira CBDC and no one has ever paid me or transferred money to me via enaira platform since its inception. I don't know anyone that is a user so I cannot ask or know what the experience is like. The Nigerian government coerced us into adopting digital IDs for security and privacy concerns while cutting off all unregistered mobile phone users from access to bank accounts and sim cards. If the digital ID becomes linked to enaira CBDCs, I do not know where we will stand