Updates on Nigerian CBDC
and comment on the gray lady's slatternly free speech ethics
First, I join the chorus of vomiting commentators reacting to the New York Times coming out against free speech, with some kind of supercilious commentary that I have not read and will not read that maintains (paraphrasing) “misinformation presents real problems for free speech,” as if misinformation is not protected free speech, just like hate speech (that doesn’t instigate violence, etc.). There, that was my comment. They’re working for the WEF/Neocon/globalist fascists. There is no doubt.
Second, I posed the following question to several Internet-connected GPT-4-level AIs:
Has the rollout of central bank digital currency been successful in Nigeria?
The answers from Bing GPT-4 and Perplexity.ai are reproduced below. The adoption rate of the eNaira has been abysmal, with less than 0.5% of Nigerians having used it. The message to resistors is DO NOT COMPLY! Claude was the most obedient to the narrative and has not been included.
While writing this I’ve been listening to Dark Journalist with Joseph Farrell, who makes the point that organized crime with never accept a CBDC, so some form of money will continue to exist, and Gresham’s Law — good money will be hoarded, bad money spent — will apply. I’ve linked to DJ at the bottom. Some very interesting speculations about space bonds and the developing UFO psyop.
Bing GPT-4:
The rollout of central bank digital currency (CBDC) in Nigeria has been a significant milestone for the country, but also a challenging one. The eNaira, as the CBDC is called, is a digital form of the naira that is issued by the Central Bank of Nigeria (CBN) and backed by law and the full sovereignty of Nigeria1. It is intended to bring multiple benefits, such as increasing financial inclusion, facilitating remittances, enhancing cross-border trade, and boosting the economy2.
However, the adoption rates of the eNaira have been low since its launch in October 2021. According to a report by Al Jazeera3, only 1.5 million people have downloaded the eNaira app as of May 2022, out of an estimated 200 million population. Many Nigerians are either unaware of the eNaira, distrustful of the CBN, or prefer other alternatives such as cryptocurrencies or mobile money. Some of the challenges that the eNaira faces include:
Technical issues: The eNaira app has been reported to have glitches, bugs, and slow transactions that affect its usability and reliability3. The app also requires a smartphone and internet connection, which are not accessible to everyone in Nigeria. The CBN has announced that it will introduce a USSD code option for users without smartphones, but this has not been widely publicized or implemented yet3.
Regulatory issues: The eNaira operates under a centralized system controlled by the CBN, which raises concerns about privacy, security, and transparency. The CBN has the power to monitor, freeze, or reverse transactions on the eNaira platform, which may deter some users who value anonymity and autonomy3. The CBN also has a history of imposing restrictions and bans on other forms of digital payments, such as cryptocurrencies and mobile money operators, which may undermine its credibility and trustworthiness3.
Market issues: The eNaira competes with other existing or emerging forms of digital payments in Nigeria, such as cryptocurrencies, mobile money, fintech platforms, and foreign remittance services. These alternatives may offer more advantages than the eNaira in terms of speed, cost, convenience, innovation, and diversity3. The eNaira also faces the challenge of inflation and devaluation that affect the physical naira, which may reduce its attractiveness and stability as a store of value3.
In summary, the rollout of central bank digital currency in Nigeria has been an ambitious and innovative initiative, but also a complex and difficult one. The eNaira has the potential to transform the Nigerian economy and society, but it also needs to overcome many obstacles and risks to achieve its goals. The CBN will need to address the technical, regulatory, and market issues that hinder the adoption and acceptance of the eNaira, as well as engage with various stakeholders and users to promote awareness and education about the benefits and opportunities of the eNaira.
1. cbn.gov.ng
2. imf.org
3. aljazeera.com
4. academia.edu
Perplexity.ai:
The rollout of Nigeria's central bank digital currency (CBDC), the eNaira, has been met with mixed results. Here are some observations from various sources:
Positive observations:
- The eNaira is expected to increase financial inclusion and facilitate remittances[1].
- The eNaira is expected to boost cross-border trade and make transactions easier[3].
- The Central Bank of Nigeria has been making sure that the eNaira works within the existing economy[5].
- The eNaira has been used in some 700,000 transactions worth around $18.3m since its introduction in October[6].
Negative observations:
- The IMF has noted that the launch of the eNaira is drawing substantial interest from the outside world, including from central banks, but has not commented on its success[1].
- Nigerians have taken to the streets to protest the nation's cash shortage and the implementation of the eNaira, with many demanding paper money be restored[2].
- The adoption rate of the eNaira has been abysmal, with less than 0.5% of Nigerians having used it[2].
- An International Monetary Fund working paper has concluded that the eNaira has had "disappointingly low" acceptance among the public[4].
- According to a report by Enhancing Financial Innovation & Access, only a third of Nigerians in rural areas are within proximity of financial service providers, and even for those in urban areas, the continuous fluctuations of the naira against the United States dollar still trigger recurring frustrations[3].
- Cryptocurrency adoption in Nigeria is high, with more than 50% of Nigerians having used it[2][3].
Overall, it seems that the eNaira has not been as successful as hoped, with low adoption rates and protests against it. However, it has been used in some transactions and may have potential to increase financial inclusion and facilitate remittances.
Citations:
[3] https://www.aljazeera.com/features/2022/5/23/how-has-nigerias-e-currency-fared-since-introduction
[5] https://business.cornell.edu/hub/2023/04/28/nigerias-enaira-cbdc-what-went-wrong/
Have a blessed day!