After hearing about the e-naira launch, I had some hopes for our legal tender but all that was quickly squashed when I realised that the e-naira though built on a Blockchain, was operating simply as a wallet.

Detected Flaws:
1. NOT FOREIGNER FRIENDLY: From the otps that never comes to the KYC requirements, no non-resident can be able to invest $1 because they can't pass the requirements. So it will be naira in, naira out.

2. NO TOKENOMICS, WHITEPAPER OR ROADMAP: Market the e-naira to us, where can we spend the e-naira in the coming months, how will enaira be different? Aren't we supposed to be going global? Will an exchanged be launched? Can the e-naira be linked to an ATM?

3. NO TRANSPARENCY: The beauty of the Blockchain is that it is 100% automated and transparent, but with e-naira, that's not the same. With bscscan.com and etherscan.com, one can track exactly where money is on the Blockchain, if a transaction failed, it's automatically reversed and you still see the failed transaction hash. If my e-naira gets missing, who do I call? Who do I talk to? Do I have to go to CBN? Or do I have to drop a comment on Google play store?

4. Nothing about the total supply of the e-naira: Does the government keep allocating numbers in wallets like it prints naira? How can that stop inflation? What if I buy 100,000e-naira today and tomorrow 15trillion enaira is added to circulation? Won't that crash whatever gains have been made on the e-naira? What's the guarantee another Quadrillion won't be added again

This thing is really not hard... Few things that will turn enaira and eventually the physical naira around:

1. Let there be a defined number of mintable coins. Even if they peg the total supply at 200trillion, e go finish. The lesser the supply, the higher the value of the coin. Common sense

2. Staking a.k.a fixed deposit, let them create a fixed deposit system, that's the only way to successfully encourage people not to spend their enaira. The APY can be generated from transaction fees on the Blockchain, no matter how small.

3. Let the linkage of the e-naira to a bank be optional and flexible. Let people be able to raise bank instruments in any currency from their staked e-naira balance through their linked bank account.

4. Ease of sign-up, will an investor from Malaysia or Australia need a BVN and an otp to invest ? Checkout other wallets, with a password phrase and maybe a pin, you're good to go. Email can be added for security reasons but all these verification bla bla bla needs to stop

5. Let the government forget about trying to know who owns what... When they link their wallet to their bank account, you'll know who they are. But a millionaire from South Africa definitely doesn't want anyone snooping around his identity...

6. Let's have something like a bscscan where every transaction can be tracked so we know where our tokens vanished to if something funny happens.

7. Ease to send payments in any currency to any country. Don't let the e-naira look like a dollar trap where you can enter but you can't come out.

8. Consider the ability to swap e-naira for coins like BTC, ETH etc directly from the app

I bet it, naira will appreciate tremendously if the e-naira is properly reinvented.

Note: According to enaira.gov.ng, e-naira is a digital currency built on the Hyperledger Fabric Blockchain which is an open source block chain targeting financial houses and governments.

Contributions are welcome...

Will they accept these your corrections? Will there be security to the values we investated, l mean contineud security.Even if they do, will they not invade it in the future as they invaded Odili's resident and those other high Court judges?

Isn't the Enaira just naira in digital form? I thought dis was written on thier site.

The total supply is equal to d number of naira in circulation,


As for some of the other stuff, though I agree with u, but first, let Nigerians accept & start using the Enaira first b4 talking about foreigners & stuff. Na from single step a journey of a thousand miles dey begin