Violent protests have erupted in Nigeria after they were told that their old currency is no longer valid and instead, they must use the eNaira.
By Marica Micallef
In October 2021, the Central Bank of Nigeria issued the digital iteration of the naira, named the eNaira or the central bank digital currency or CBDC.
The Nigerian people were promised that the eNaira would improve retail payments however people are still not turning to it, even though Nigeria is struggling with severe cash shortages. These cash shortages were caused by various factors. Firstly, when the government of President Muhammadu Buhari decided to replace old bank notes with new ones, with ATMs quickly drying out as a result of the slow transition and the government’s imposed withdrawal restrictions. Secondly, when the informal sector of the economy, which depends on cash, stagnated, and as the crisis grew worse, the already fragile naira lost even more ground to the dollar on the local black market for foreign exchange. In fact, Nigerians complained on Twitter about not being able to access basic necessities like fuel or food without cash as protests in the country’s cities descended into violence.
The Central Bank was sued, with even a court case which has been taken to the Supreme Court. The thing is that the Central Bank has a digital currency which is being backed by the law and the full Sovereignty of Nigeria where Nigerian people have to have a digital wallet in order to have access to the eNaira and buy their necessities. This means that the Nigerian government has taken total governmental control of the people.
After hearing that their old currency is no longer valid, in other words, that their currency was demonetized and hence, no longer a legal tender, violent protests erupted:
Was this economical process done on purpose to roll out the eNaira and have the banks encourage the Nigerians to resort to it, leading them to full State control and dependency with no other option given, having their cash removed?
According to London-based Varun Paul, CBDC market infrastructure director at institutional crypto custody platform Fireblocks, there might be a dearth of merchants who are willing to accept the enaira, adding that this is a “chicken and egg problem”.
Nigerian native Adesoji Solanke, a director at Renaissance Capital, which is a quite new markets-focused investment bank with a branch in Nigeria, said: “They want to put it out there to get people to use it, but people don’t have enough places to use it.”
Solanke also mentioned the problem of infrastructure, which entails having to have a smartphone and internet usage in order to access the digital wallet. Nigeria, which holds a population of 219 million, has only between 25 and 40 million Africans who own a smartphone.
This means that not everyone can access eNaira, which will make them not able to buy their necessities.
It seems that the Trojan Horse of the New World Order – through various means like the international bankers, has now reached Nigeria and the Nigerians, where tyrannical communism has turned the State into a superior entity to all the Nigerian people, their personal goals and their lives.